Icahn Enterprises (NASDAQ:IEP) Stock Breaks 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 $6.60 versus the $7.40 average, and last changing hands at $6.64.
• Analyst sentiment remains negative: Weiss Ratings reaffirmed a “sell (D-)” rating, while the broader consensus is also “Sell.”
• The company reported a quarterly EPS loss of $0.52, missing the $0.11 consensus estimate, despite revenue of $2.98 billion; it also maintained a $0.50 quarterly dividend, equating to a 30.1% yield.

Icahn Enterprises L.P. (NASDAQ:IEP - Get Free Report) passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $7.40 and traded as low as $6.60. Icahn Enterprises shares last traded at $6.64, with a volume of 696,960 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Icahn Enterprises in a research report on Friday, October 2nd. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Icahn Enterprises presently has a consensus rating of "Sell".

Icahn Enterprises Stock Performance

The company has a debt-to-equity ratio of 2.98, a quick ratio of 2.87 and a current ratio of 2.87. The business's fifty day moving average price is $7.01 and its two-hundred day moving average price is $7.40. The stock has a market capitalization of $4.72 billion, a P/E ratio of -8.97 and a beta of 0.77.

Icahn Enterprises (NASDAQ:IEP - Get Free Report) last announced its 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 return on equity of 17.99% and a negative net margin of 4.81%.The company had revenue of $2.98 billion during the quarter, compared to analysts' expectations of $2.04 billion.

Icahn Enterprises Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IEP. Bank of America Corp DE grew its stake in Icahn Enterprises by 301.4% in the first 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 in the last quarter. Triumph Capital Management raised 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 purchasing an additional 1,900 shares in the last quarter. Ancora Advisors LLC bought a new stake in shares of Icahn Enterprises in the 2nd quarter valued at about $73,000. Next Level Private LLC purchased a new stake in shares of Icahn Enterprises in the 2nd quarter worth approximately $289,000. Finally, Western Wealth Management LLC purchased a new stake in shares of Icahn Enterprises in the 1st quarter worth approximately $47,000. 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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