Icahn Enterprises (NASDAQ:IEP) Issues Quarterly Earnings Results

Icahn Enterprises (NASDAQ:IEP) issued its earnings results on Wednesday. The conglomerate reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.35, Zacks reports. The business had revenue of $2.48 billion for 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 Stock Down 3.3%

NASDAQ IEP traded down $0.30 during midday trading on Friday, hitting $8.85. 1,570,174 shares of the company traded hands, compared to its average volume of 752,466. Icahn Enterprises has a 52 week low of $7.27 and a 52 week high of $13.16. The company’s 50-day simple moving average is $8.29 and its 200-day simple moving average is $8.60. The company 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 current ratio of 3.40 and a quick ratio of 3.40.

Icahn Enterprises Dividend Announcement

The business 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 dividend on an annualized basis and a yield of 22.6%. Icahn Enterprises’s dividend payout ratio is currently -162.60%.

Institutional Investors Weigh In On Icahn Enterprises

A number of institutional investors have recently added to or reduced their stakes in the stock. Caz Investments LP grew its stake in 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. Jump Financial LLC bought a new stake in shares of Icahn Enterprises in the 2nd quarter valued at about $216,000. Bank of America Corp DE grew its position in shares of 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 buying an additional 32,007 shares during the last quarter. Finally, First Trust Advisors LP grew its position in shares of Icahn Enterprises by 22.1% in the 2nd quarter. First Trust Advisors LP now owns 884,514 shares of the conglomerate’s stock worth $7,116,000 after buying an additional 160,183 shares during the last quarter. Institutional investors own 87.09% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.