Icahn Enterprises (NASDAQ:IEP) Shares Gap Down – What’s Next?

Icahn Enterprises L.P. (NASDAQ:IEP)’s share price gapped down prior to trading on Monday . The stock had previously closed at $8.19, but opened at $7.77. Icahn Enterprises shares last traded at $7.59, with a volume of 561,656 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have commented on IEP. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Icahn Enterprises in a research note on Friday, April 10th. Wall Street Zen lowered shares of Icahn Enterprises from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Reduce”.

Icahn Enterprises Price Performance

The company has a debt-to-equity ratio of 2.72, a quick ratio of 2.67 and a current ratio of 2.67. The firm has a market cap of $5.13 billion, a price-to-earnings ratio of -14.68 and a beta of 0.83. The company’s fifty day moving average is $7.83 and its two-hundred day moving average is $7.91.

Icahn Enterprises (NASDAQ:IEP) last posted its earnings results on Wednesday, May 6th. The conglomerate reported ($0.71) earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.81). Icahn Enterprises had a negative net margin of 3.24% and a negative return on equity of 10.27%. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.33 billion.

Icahn Enterprises Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Monday, May 18th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 26.2%. The ex-dividend date is Monday, May 18th. Icahn Enterprises’s dividend payout ratio is -384.62%.

Institutional Investors Weigh In On Icahn Enterprises

Institutional investors have recently modified their holdings of the stock. Gamco Investors INC. ET AL raised its stake in Icahn Enterprises by 114.3% during the first quarter. Gamco Investors INC. ET AL now owns 30,000 shares of the conglomerate’s stock worth $226,000 after acquiring an additional 16,000 shares during the period. Cetera Investment Advisers lifted its stake in Icahn Enterprises by 12.3% in the first quarter. Cetera Investment Advisers now owns 24,008 shares of the conglomerate’s stock valued at $181,000 after buying an additional 2,622 shares during the last quarter. First Trust Advisors LP lifted its stake in Icahn Enterprises by 2.7% in the first quarter. First Trust Advisors LP now owns 804,009 shares of the conglomerate’s stock valued at $6,070,000 after buying an additional 21,373 shares during the last quarter. Kestra Advisory Services LLC lifted its stake in Icahn Enterprises by 208.9% in the first quarter. Kestra Advisory Services LLC now owns 14,279 shares of the conglomerate’s stock valued at $108,000 after buying an additional 9,657 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV acquired a new stake in shares of Icahn Enterprises in the first quarter valued at approximately $140,000. Institutional investors and hedge funds own 87.09% of the company’s stock.

About Icahn Enterprises

Icahn Enterprises L.P. (NASDAQ: IEP) is a diversified holding company based in New York City. Controlled by veteran investor Carl C. Icahn, the partnership makes strategic investments and owns wholly or partially controlled subsidiaries across a broad range of industries. With a flexible capital structure, Icahn Enterprises seeks to generate long-term value through active ownership, asset optimization and operational improvements.

The company reports its activities through five principal business segments.