Icahn Enterprises (NASDAQ:IEP) Sees Large Volume Increase Following Dividend Announcement

Icahn Enterprises L.P. (NASDAQ:IEP) saw strong trading volume on Tuesday following a dividend announcement from the company. 1,391,997 shares traded hands during mid-day trading, an increase of 39% from the average daily volume of 999,774 shares. The stock last traded at $5.0450 and had previously closed at $5.16.

The newly announced dividend which will be paid on Wednesday, December 23rd. Stockholders of record on Monday, November 16th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 39.0%. The ex-dividend date of this dividend is Monday, November 16th. Icahn Enterprises’s dividend payout ratio is currently -270.27%.

Wall Street Analyst Weigh In

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

Icahn Enterprises Stock Performance

The firm has a market cap of $3.65 billion, a price-to-earnings ratio of -3.33 and a beta of 0.74. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 2.98. The stock has a fifty day moving average price of $6.53 and a 200 day moving average price of $7.38.

Icahn Enterprises (NASDAQ:IEP) last posted its quarterly earnings data on Wednesday, November 4th. The conglomerate reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.40). The firm had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $2.33 billion. Icahn Enterprises had a negative return on equity of 18.16% and a negative net margin of 9.25%.

Institutional Trading of Icahn Enterprises

Several institutional investors have recently made changes to their positions in the business. Bank of America Corp DE lifted its position in shares of Icahn Enterprises by 301.4% during the 1st quarter. Bank of America Corp DE now owns 108,724 shares of the conglomerate’s stock worth $821,000 after buying an additional 81,637 shares during the period. Next Level Private LLC bought a new position in shares of Icahn Enterprises in the 2nd quarter worth $289,000. First Trust Advisors LP grew its holdings in Icahn Enterprises by 2.7% during the first quarter. First Trust Advisors LP now owns 804,009 shares of the conglomerate’s stock valued at $6,070,000 after purchasing an additional 21,373 shares during the period. Oppenheimer & Co. Inc. grew its stake in Icahn Enterprises by 88.2% in the third quarter. Oppenheimer & Co. Inc. now owns 43,513 shares of the conglomerate’s stock valued at $294,000 after acquiring an additional 20,395 shares during the period. Finally, MGO One Seven LLC lifted its stake in Icahn Enterprises by 20.9% in the third quarter. MGO One Seven LLC now owns 110,019 shares of the conglomerate’s stock valued at $743,000 after buying an additional 18,995 shares in the last quarter. 87.09% of the stock is currently owned by institutional investors and hedge funds.

Icahn Enterprises Company Profile

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.