Icahn Enterprises (NASDAQ:IEP) Reaches New 52-Week Low - Here's What Happened

Key Points

• Icahn Enterprises hit a new 52-week low, with shares down 4.6% and trading near $4.59.
• The company reported a quarterly loss of $0.31 per share, missing the $0.09 profit analysts expected, despite revenue exceeding estimates; net margin and return on equity were negative.
• Analyst sentiment is bearish, with a consensus “Sell” rating. The company declared a $0.50 quarterly dividend, equivalent to a reported 43.1% yield.

Icahn Enterprises L.P. (NASDAQ:IEP - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Friday. The stock traded as low as $4.70 and last traded at $4.5850, with a volume of 543,262 shares changing hands. The stock had previously closed at $4.86.

Wall Street Analyst Weigh In

IEP has been the subject of a number of research analyst reports. Wall Street Zen cut shares of Icahn Enterprises from a "hold" rating to a "sell" rating in a research report on Saturday, November 7th. Weiss Ratings lowered shares of Icahn Enterprises from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, October 16th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the company presently has a consensus rating of "Sell".

Icahn Enterprises Stock Down 4.6%

The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 4.07. The company has a market cap of $3.51 billion, a price-to-earnings ratio of -3.01 and a beta of 0.74. The stock has a fifty day moving average price of $6.31 and a two-hundred day moving average price of $7.29.

Icahn Enterprises (NASDAQ:IEP - Get Free Report) last released its quarterly earnings results on Tuesday, November 3rd. The conglomerate reported ($0.31) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.40). Icahn Enterprises had a negative net margin of 9.25% and a negative return on equity of 20.22%. The business had revenue of $3.17 billion during the quarter, compared to analyst estimates of $2.33 billion.

Icahn Enterprises Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 23rd. Stockholders of record on Monday, November 16th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 43.1%. The ex-dividend date is Monday, November 16th. Icahn Enterprises's dividend payout ratio is presently -129.87%.

Institutional Investors Weigh In On Icahn Enterprises

A number of large investors have recently modified their holdings of IEP. First Trust Advisors LP grew its holdings in shares of Icahn Enterprises by 21.3% during the 3rd quarter. First Trust Advisors LP now owns 1,073,997 shares of the conglomerate's stock valued at $7,249,000 after purchasing an additional 188,889 shares during the last quarter. Bank of America Corp DE raised its holdings in Icahn Enterprises by 301.4% during the 1st quarter. Bank of America Corp DE now owns 108,724 shares of the conglomerate's stock worth $821,000 after purchasing an additional 81,637 shares during the last quarter. MGO One Seven LLC boosted its position in Icahn Enterprises by 20.9% during the third quarter. MGO One Seven LLC now owns 110,019 shares of the conglomerate's stock valued at $743,000 after acquiring an additional 18,995 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Icahn Enterprises by 88.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 43,513 shares of the conglomerate's stock valued at $294,000 after purchasing an additional 20,395 shares in the last quarter. Finally, Next Level Private LLC acquired a new stake in shares of Icahn Enterprises during the 2nd quarter worth approximately $289,000. Institutional investors and hedge funds own 87.09% of the company's stock.

Icahn Enterprises Company Profile

Icahn Enterprises L.P. is a diversified holding company that invests in and operates businesses across several industries. Its activities include energy, automotive services, food packaging, real estate and home fashion, alongside its investment operations. The company conducts much of its business through subsidiaries and other controlled entities, including operations serving customers in the United States and international markets. Its roots date to 1987, when it was formed as American Real Estate Partners; it adopted the Icahn Enterprises name in 2007.

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