Icahn Enterprises (NASDAQ:IEP) Share Price Crosses Below 200-Day Moving Average - Here's Why

Key Points

• Icahn Enterprises shares fell below their 200-day moving average, trading as low as $6.60 versus the $7.37 average, and last changing hands at $6.65.
• Analyst sentiment remained negative: Weiss Ratings reaffirmed a “sell (D-)” rating, while MarketBeat reported an average rating of “Sell.” The company also posted a quarterly loss of $0.52 per share, missing expectations by $0.63.
• The company paid a quarterly dividend of $0.50 per share, equivalent to a $2.00 annualized dividend and a roughly 30.1% yield, despite a negative payout ratio of -270.27%.

Icahn Enterprises L.P. (NASDAQ:IEP - Get Free Report) shares passed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $7.37 and traded as low as $6.60. Icahn Enterprises shares last traded at $6.65, with a volume of 673,504 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Icahn Enterprises in a report on Friday, October 2nd. One investment analyst has rated the stock with a Sell rating. According to MarketBeat.com, the company currently has an average rating of "Sell".

Icahn Enterprises Trading Up 0.2%

The business's 50 day simple moving average is $6.89 and its two-hundred day simple moving average is $7.37. The stock has a market cap of $4.73 billion, a P/E ratio of -8.99 and a beta of 0.77. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 2.98.

Icahn Enterprises (NASDAQ:IEP - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The conglomerate reported ($0.52) EPS 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 during the quarter, compared to the consensus estimate of $2.04 billion.

Icahn Enterprises Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Monday, August 17th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 30.1%. The ex-dividend date of this dividend was Monday, August 17th. Icahn Enterprises's dividend payout ratio is presently -270.27%.

Hedge Funds Weigh In On Icahn Enterprises

Several large investors have recently bought and sold shares of IEP. Sanders Morris Harris LLC bought a new position in Icahn Enterprises in the 3rd quarter valued at approximately $119,000. Paragon Capital Management Ltd acquired a new stake in Icahn Enterprises during the 2nd quarter worth approximately $74,000. Triumph Capital Management grew its holdings in Icahn Enterprises by 13.1% during the 2nd quarter. Triumph Capital Management now owns 16,435 shares of the conglomerate's stock worth $118,000 after acquiring an additional 1,900 shares during the last quarter. Ancora Advisors LLC bought a new stake in Icahn Enterprises during the 2nd quarter worth approximately $73,000. Finally, Next Level Private LLC bought a new stake in Icahn Enterprises during the 2nd quarter worth approximately $289,000. 87.09% of the stock is currently owned by institutional investors.

About Icahn Enterprises

Icahn Enterprises L.P. is a diversified holding company and master limited partnership controlled by investor Carl C. Icahn. The company invests in and operates businesses across multiple industries, with activities ranging from wholly owned operating companies to investments in publicly traded and privately held securities.

Its business areas have included investment management through Icahn Capital, automotive services, energy, metals, food packaging, real estate, and home fashion. The company's operating businesses have included automotive dealerships and parts distribution, energy and refining activities, metal recycling and processing, packaging products, and real estate investments.

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