Icahn Enterprises (NASDAQ:IEP) Shares Down 3.4%

Icahn Enterprises L.P. (NASDAQ:IEP)’s share price traded down 3.4% during mid-day trading on Wednesday . The company traded as low as $12.58 and last traded at $12.63. 554,848 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 778,817 shares. The stock had previously closed at $13.07.

Analyst Ratings Changes

Separately, StockNews.com cut Icahn Enterprises from a “buy” rating to a “hold” rating in a research note on Thursday, May 9th.

Icahn Enterprises Stock Down 7.5 %

The company has a 50-day moving average of $16.31 and a two-hundred day moving average of $17.04. The company has a quick ratio of 4.85, a current ratio of 4.85 and a debt-to-equity ratio of 1.23. The company has a market capitalization of $5.45 billion, a P/E ratio of -10.57 and a beta of 0.80.

Icahn Enterprises (NASDAQ:IEP) last released its earnings results on Wednesday, August 7th. The conglomerate reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.91). Icahn Enterprises had a negative net margin of 4.97% and a negative return on equity of 8.62%. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the previous year, the business posted ($0.72) earnings per share. On average, research analysts predict that Icahn Enterprises L.P. will post -0.42 EPS for the current year.

Icahn Enterprises Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Monday, August 19th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 33.09%. The ex-dividend date is Monday, August 19th. Icahn Enterprises’s dividend payout ratio (DPR) is currently -347.83%.

Hedge Funds Weigh In On Icahn Enterprises

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets lifted its position in Icahn Enterprises by 76.4% during the first quarter. BNP Paribas Financial Markets now owns 314,888 shares of the conglomerate’s stock valued at $5,356,000 after purchasing an additional 136,418 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Icahn Enterprises by 621.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 270,995 shares of the conglomerate’s stock worth $4,610,000 after acquiring an additional 233,410 shares during the period. Jump Financial LLC purchased a new stake in Icahn Enterprises during the fourth quarter valued at $2,675,000. Raymond James Financial Services Advisors Inc. boosted its position in Icahn Enterprises by 15.3% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 133,867 shares of the conglomerate’s stock worth $2,277,000 after purchasing an additional 17,759 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in shares of Icahn Enterprises by 6.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 109,724 shares of the conglomerate’s stock valued at $1,808,000 after purchasing an additional 6,276 shares during the period. Institutional investors own 87.09% of the company’s stock.

About Icahn Enterprises

Icahn Enterprises L.P., through its subsidiaries, engages in the investment, energy, automotive, food packaging, real estate, home fashion, and pharma businesses in the United States and Internationally. The Investment segment invests its proprietary capital through various private investment funds. This segment provides investment advisory and other related services.