Icahn Enterprises (NASDAQ:IEP) Stock Crosses Below Two Hundred Day Moving Average - Here's Why

Icahn Enterprises L.P. (NASDAQ:IEP - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $7.45 and traded as low as $6.74. Icahn Enterprises shares last traded at $6.75, with a volume of 966,473 shares changing hands.

Analysts Set New Price Targets

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

Icahn Enterprises Stock Down 1.6%

The firm has a market cap of $4.80 billion, a price-to-earnings ratio of -9.12 and a beta of 0.79. The stock has a 50-day moving average of $7.13 and a 200-day moving average of $7.45. 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 issued 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 during the quarter, compared to analyst estimates of $2.04 billion. Icahn Enterprises had a negative return on equity of 17.99% and a negative net margin of 4.81%.

Icahn Enterprises Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Monday, August 17th were given a $0.50 dividend. The ex-dividend date was Monday, August 17th. This represents a $2.00 annualized dividend and a yield of 29.6%. Icahn Enterprises's dividend payout ratio (DPR) is currently -270.27%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IEP. Triumph Capital Management increased its stake in shares of Icahn Enterprises by 13.1% in the second 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 during the period. Royal Bank of Canada boosted its position in shares of Icahn Enterprises by 6.9% during the first quarter. Royal Bank of Canada now owns 32,804 shares of the conglomerate's stock worth $248,000 after buying an additional 2,125 shares during the period. Cetera Investment Advisers grew its holdings in Icahn Enterprises by 12.3% in the 1st quarter. Cetera Investment Advisers now owns 24,008 shares of the conglomerate's stock worth $181,000 after buying an additional 2,622 shares in the last quarter. Western Wealth Management LLC bought a new position in Icahn Enterprises in the 1st quarter worth approximately $47,000. Finally, PFG Investments LLC increased its position in Icahn Enterprises by 45.2% in the 1st quarter. PFG Investments LLC now owns 25,447 shares of the conglomerate's stock valued at $192,000 after acquiring 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. 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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