Icahn Enterprises (NASDAQ:IEP) Shares Cross 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 $6.66 versus the $7.65 average, and last changing hands at $6.74.
• Analysts maintain a bearish outlook: Weiss Ratings reiterated a “sell (D-)” rating, and the stock has a consensus rating of “Sell.” The company also missed quarterly earnings expectations, reporting a loss of $0.52 per share versus the projected $0.11 profit.
• Despite the weak performance, Icahn Enterprises announced a quarterly dividend of $0.50 per share, equivalent to $2.00 annually and a stated 29.7% yield; its payout ratio is deeply negative at -270.27%.

Icahn Enterprises L.P. (NASDAQ:IEP - Get Free Report)'s stock price passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $7.65 and traded as low as $6.66. Icahn Enterprises shares last traded at $6.74, with a volume of 1,572,114 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Icahn Enterprises in a research note on Wednesday, July 8th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Sell".

Icahn Enterprises Price Performance

The business's fifty day simple moving average is $7.38 and its 200-day simple moving average is $7.65. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 2.98. The firm has a market cap of $4.79 billion, a P/E ratio of -9.11 and a beta of 0.79.

Icahn Enterprises (NASDAQ:IEP - Get Free Report) last released its quarterly earnings data 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Monday, August 17th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 29.7%. The ex-dividend date of this dividend is Monday, August 17th. Icahn Enterprises's payout ratio is -270.27%.

Institutional Investors Weigh In On Icahn Enterprises

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IEP. Kestra Advisory Services LLC bought a new stake in Icahn Enterprises in the fourth quarter valued at $35,000. Western Wealth Management LLC purchased a new position in Icahn Enterprises during the 1st quarter valued at $47,000. Ancora Advisors LLC bought a new position in Icahn Enterprises in the 2nd quarter worth $73,000. Hilton Head Capital Partners LLC bought a new position in Icahn Enterprises in the 4th quarter worth $80,000. Finally, Caz Investments LP lifted its position in shares of Icahn Enterprises by 12.5% in the 2nd quarter. Caz Investments LP now owns 11,254 shares of the conglomerate's stock worth $91,000 after purchasing an additional 1,254 shares during the period. 87.09% of the stock is currently owned by institutional investors.

Icahn Enterprises Company Profile

Icahn Enterprises L.P. NASDAQ: IEP is a diversified holding company based in New York City. Controlled by veteran investor Carl C. Icahn, the partnership makes strategic investments and owns wholly or partially controlled subsidiaries across a broad range of industries. With a flexible capital structure, Icahn Enterprises seeks to generate long-term value through active ownership, asset optimization and operational improvements.

The company reports its activities through five principal business segments.

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.

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