Icahn Enterprises (NASDAQ:IEP) Share Price Crosses Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Icahn Enterprises shares fell below their 200-day moving average, trading as low as $7.11 versus the $7.48 average, and last changing hands at $7.12.
• Analyst sentiment remains negative: Weiss Ratings reaffirmed a “sell (D-)” rating, while the stock’s sole tracked analyst rating is also Sell. The company recently reported a quarterly loss of $0.52 per share, missing estimates by $0.63.
• Despite the weak performance, Icahn Enterprises declared a quarterly dividend of $0.50 per share, equivalent to an annualized $2.00 payout and a yield of approximately 28.1%; its payout ratio is deeply negative at -270.27%.

Shares of Icahn Enterprises L.P. (NASDAQ:IEP - Get Free Report) crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $7.48 and traded as low as $7.11. Icahn Enterprises shares last traded at $7.12, with a volume of 556,259 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Icahn Enterprises in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Icahn Enterprises presently has an average rating of "Sell".

Icahn Enterprises Price Performance

The firm has a market capitalization of $5.06 billion, a P/E ratio of -9.62 and a beta of 0.79. The firm has a 50 day moving average price of $7.21 and a 200-day moving average price of $7.48. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 2.98.

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

Icahn Enterprises Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Monday, August 17th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 28.1%. Icahn Enterprises's payout ratio is currently -270.27%.

Institutional Trading of Icahn Enterprises

Several institutional investors have recently added to or reduced their stakes in the company. Triumph Capital Management increased its holdings in shares of Icahn Enterprises by 13.1% in the 2nd quarter. Triumph Capital Management now owns 16,435 shares of the conglomerate's stock valued at $118,000 after acquiring an additional 1,900 shares during the period. Royal Bank of Canada boosted its stake in Icahn Enterprises by 6.9% during the 1st quarter. Royal Bank of Canada now owns 32,804 shares of the conglomerate's stock worth $248,000 after purchasing an additional 2,125 shares during the period. Cetera Investment Advisers grew its position in Icahn Enterprises by 12.3% during the 1st quarter. Cetera Investment Advisers now owns 24,008 shares of the conglomerate's stock worth $181,000 after purchasing an additional 2,622 shares during the last quarter. Western Wealth Management LLC purchased a new position in Icahn Enterprises during the 1st quarter worth $47,000. Finally, PFG Investments LLC increased its stake in Icahn Enterprises by 45.2% in the first quarter. PFG Investments LLC now owns 25,447 shares of the conglomerate's stock valued at $192,000 after purchasing an additional 7,921 shares during the period. Institutional investors own 87.09% of the company's stock.

Icahn Enterprises Company Profile

Icahn Enterprises L.P. NASDAQ: IEP is a diversified holding company controlled by investor Carl C. Icahn. The company manages investments and operating businesses across several industries, with its activities spanning energy, automotive, food packaging, metals, real estate, home fashion and other sectors.

Its operating interests include CVR Energy, which is involved in petroleum refining and the marketing of transportation fuels, and CVR Partners, a producer of nitrogen fertilizers. Icahn Enterprises also owns or invests in businesses involved in automotive parts distribution and service, food packaging products, textile and home-furnishing products, and metals recycling.

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