Icahn Enterprises (NASDAQ:IEP) Hits New 52-Week Low - What's Next?

Key Points

• Icahn Enterprises fell to a new 52-week low of $4.97 during Monday trading, closing last at $5.1150 versus $5.19 previously. The stock remains below its 50-day and 200-day moving averages of $6.62 and $7.42.
• Analyst sentiment is bearish: Weiss Ratings downgraded the shares to “sell (e+),” and the sole tracked equities analyst rates the stock Sell.
• The company reported a quarterly loss of $0.52 per share, missing estimates by $0.63, despite revenue of $2.98 billion exceeding expectations. Icahn Enterprises also posted negative net margin and return on equity, while institutional investors own 87.09% of the stock.

Icahn Enterprises L.P. (NASDAQ:IEP - Get Free Report) reached a new 52-week low during mid-day trading on Monday. The stock traded as low as $4.97 and last traded at $5.1150, with a volume of 822,794 shares trading hands. The stock had previously closed at $5.19.

Analyst Ratings Changes

Separately, Weiss Ratings cut shares of Icahn Enterprises from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, October 16th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat, the stock currently has an average rating of "Sell".

Icahn Enterprises Stock Performance

The company has a 50 day simple moving average of $6.62 and a 200-day simple moving average of $7.42. The company has a debt-to-equity ratio of 2.98, a current ratio of 2.87 and a quick ratio of 2.87. The stock has a market cap of $3.67 billion, a P/E ratio of -6.98 and a beta of 0.75.

Icahn Enterprises (NASDAQ:IEP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The conglomerate reported ($0.52) earnings per share for the quarter, missing analysts' consensus estimates of $0.11 by ($0.63). Icahn Enterprises had a negative net margin of 4.81% and a negative return on equity of 17.99%. The firm had revenue of $2.98 billion for the quarter, compared to analysts' expectations of $2.04 billion.

Institutional Investors Weigh In On Icahn Enterprises

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Chicago Partners Investment Group LLC purchased a new stake in Icahn Enterprises during the 3rd quarter valued at $70,000. MGO One Seven LLC raised its position in Icahn Enterprises by 20.9% during the 3rd quarter. MGO One Seven LLC now owns 110,019 shares of the conglomerate's stock valued at $743,000 after purchasing an additional 18,995 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in shares of Icahn Enterprises by 88.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 43,513 shares of the conglomerate's stock worth $294,000 after buying an additional 20,395 shares during the last quarter. Hilton Head Capital Partners LLC lifted its stake in Icahn Enterprises by 33.8% in the third quarter. Hilton Head Capital Partners LLC now owns 14,132 shares of the conglomerate's stock worth $95,000 after acquiring an additional 3,569 shares during the period. Finally, Mountain Hill Investment Partners Corp. boosted its holdings in Icahn Enterprises by 20.0% in the third quarter. Mountain Hill Investment Partners Corp. now owns 12,000 shares of the conglomerate's stock valued at $81,000 after acquiring an additional 2,000 shares in the last quarter. Institutional investors own 87.09% of the company's stock.

About Icahn Enterprises

Icahn Enterprises L.P. NASDAQ: IEP is a diversified holding company managed by Icahn Capital LP. Its activities include making investments in public and private companies, pursuing activist investment strategies, and owning and operating businesses across several industries. The company is controlled by investor Carl C. Icahn, who serves as its chairman.

Its operating businesses have included petroleum refining and the production of nitrogen fertilizers through CVR Energy and CVR Partners, automotive parts distribution and repair services through Icahn Automotive, food packaging through Viskase Companies, and metal recycling through PSC Metals.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.