Icahn Enterprises (NASDAQ:IEP) Stock Price Down 6% – Time to Sell?

Icahn Enterprises L.P. (NASDAQ:IEP)’s share price traded down 6% during trading on Friday. The company traded as low as $5.77 and last traded at $5.7610. Approximately 1,323,502 shares traded hands during mid-day trading, an increase of 38% from the average daily volume of 961,289 shares. The stock had previously closed at $6.13.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered Icahn Enterprises from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 16th. One equities research analyst has rated the stock with a Sell rating. According to data from MarketBeat, Icahn Enterprises has a consensus rating of “Sell”.

Icahn Enterprises Price Performance

The company has a debt-to-equity ratio of 2.98, a current ratio of 2.87 and a quick ratio of 2.87. The stock has a market cap of $4.06 billion, a P/E ratio of -7.74 and a beta of 0.77. The company’s 50 day simple moving average is $6.79 and its 200 day simple moving average is $7.33.

Icahn Enterprises (NASDAQ:IEP) last issued its earnings results on Wednesday, August 5th. The conglomerate reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.63). The firm had revenue of $2.98 billion for 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 Announces Dividend

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 dividend of $0.50 per share. The ex-dividend date was Monday, August 17th. This represents a $2.00 dividend on an annualized basis and a yield of 35.0%. Icahn Enterprises’s payout ratio is currently -270.27%.

Institutional Trading of Icahn Enterprises

Hedge funds have recently made changes to their positions in the company. First Trust Advisors LP lifted its holdings in Icahn Enterprises by 2.7% during the 1st quarter. First Trust Advisors LP now owns 804,009 shares of the conglomerate’s stock worth $6,070,000 after buying an additional 21,373 shares during the period. Bank of America Corp DE grew its stake in Icahn Enterprises by 301.4% during 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 during the period. Next Level Private LLC bought a new stake in Icahn Enterprises in the second quarter worth approximately $289,000. Royal Bank of Canada increased its holdings in Icahn Enterprises by 6.9% in the first quarter. Royal Bank of Canada now owns 32,804 shares of the conglomerate’s stock worth $248,000 after purchasing an additional 2,125 shares in the last quarter. Finally, Gamco Investors INC. ET AL boosted its holdings in shares of Icahn Enterprises by 114.3% during the 1st quarter. Gamco Investors INC. ET AL now owns 30,000 shares of the conglomerate’s stock worth $226,000 after buying an additional 16,000 shares in the last quarter. 87.09% of the stock is owned by institutional investors and hedge funds.

About Icahn Enterprises

Icahn Enterprises L.P. (NASDAQ:IEP) is a diversified holding company managed by Icahn Capital LP. Its activities include making investments in public and private companies, pursuing activist investment strategies, and owning and operating businesses across several industries. The company is controlled by investor Carl C. Icahn, who serves as its chairman.

Its operating businesses have included petroleum refining and the production of nitrogen fertilizers through CVR Energy and CVR Partners, automotive parts distribution and repair services through Icahn Automotive, food packaging through Viskase Companies, and metal recycling through PSC Metals.