Icahn Enterprises (NASDAQ:IEP) Announces Quarterly Earnings Results, Beats Estimates By $0.35 EPS

Icahn Enterprises (NASDAQ:IEP) announced its quarterly earnings data on Wednesday. The conglomerate reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.35, Zacks reports. Icahn Enterprises had a negative net margin of 6.78% and a negative return on equity of 15.65%. The firm had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.40 billion.

Icahn Enterprises Trading Down 3.3%

NASDAQ:IEP traded down $0.30 on Friday, reaching $8.85. The company’s stock had a trading volume of 1,570,174 shares, compared to its average volume of 752,466. Icahn Enterprises has a 1-year low of $7.27 and a 1-year high of $13.16. The business’s 50-day moving average price is $8.29 and its two-hundred day moving average price is $8.60. The firm has a market cap of $5.07 billion, a PE ratio of -7.20 and a beta of 0.80. The company has a debt-to-equity ratio of 1.96, a quick ratio of 3.40 and a current ratio of 3.40.

Icahn Enterprises Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 24th. Shareholders of record on Monday, November 17th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, November 17th. This represents a $2.00 annualized dividend and a yield of 22.6%. Icahn Enterprises’s payout ratio is currently -162.60%.

Hedge Funds Weigh In On Icahn Enterprises

Several institutional investors and hedge funds have recently modified their holdings of the business. First Trust Advisors LP lifted its holdings in shares of Icahn Enterprises by 22.1% in the second quarter. First Trust Advisors LP now owns 884,514 shares of the conglomerate’s stock valued at $7,116,000 after purchasing an additional 160,183 shares in the last quarter. Bank of America Corp DE raised its position in Icahn Enterprises by 60.1% in the 2nd quarter. Bank of America Corp DE now owns 85,223 shares of the conglomerate’s stock valued at $686,000 after buying an additional 32,007 shares during the last quarter. Jump Financial LLC bought a new stake in Icahn Enterprises in the 2nd quarter valued at approximately $216,000. Finally, Caz Investments LP raised its holdings in shares of Icahn Enterprises by 12.5% in the second quarter. Caz Investments LP now owns 11,254 shares of the conglomerate’s stock valued at $91,000 after purchasing an additional 1,254 shares during the last quarter. 87.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Wall Street Zen raised Icahn Enterprises from a “sell” rating to a “hold” rating in a research note on Friday, September 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Icahn Enterprises in a research note on Wednesday. Finally, Zacks Research upgraded Icahn Enterprises from a “strong sell” rating to a “hold” rating in a research report on Friday, August 15th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce”.

Icahn Enterprises Company Profile

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.