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

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

Icahn Enterprises Price Performance

IEP stock traded down $0.30 during trading on Friday, reaching $8.85. 1,570,174 shares of the company were exchanged, compared to its average volume of 752,466. The company has a debt-to-equity ratio of 1.96, a quick ratio of 3.40 and a current ratio of 3.40. The stock’s 50 day moving average price is $8.29 and its 200 day moving average price is $8.60. Icahn Enterprises has a 52-week low of $7.27 and a 52-week high of $13.16. The company has a market cap of $5.07 billion, a P/E ratio of -7.20 and a beta of 0.80.

Icahn Enterprises Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 24th. Stockholders of record on Monday, November 17th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 22.6%. The ex-dividend date is Monday, November 17th. Icahn Enterprises’s dividend payout ratio (DPR) is currently -162.60%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on IEP shares. Zacks Research upgraded Icahn Enterprises from a “strong sell” rating to a “hold” rating in a research report on Friday, August 15th. Wall Street Zen raised Icahn Enterprises from a “sell” rating to a “hold” rating in a report on Friday, September 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Icahn Enterprises in a report on Wednesday. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce”.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Caz Investments LP lifted its stake in shares of Icahn Enterprises by 12.5% during the second quarter. Caz Investments LP now owns 11,254 shares of the conglomerate’s stock valued at $91,000 after buying an additional 1,254 shares during the period. Jump Financial LLC purchased a new stake in Icahn Enterprises in the 2nd quarter worth approximately $216,000. Bank of America Corp DE grew its stake 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 worth $686,000 after acquiring an additional 32,007 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of Icahn Enterprises by 22.1% during the 2nd quarter. First Trust Advisors LP now owns 884,514 shares of the conglomerate’s stock worth $7,116,000 after purchasing an additional 160,183 shares during the period. Institutional investors and hedge funds 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.