Icahn Enterprises (NASDAQ:IEP) Shares Gap Down – Here’s What Happened

Icahn Enterprises L.P. (NASDAQ:IEP) gapped down before the market opened on Monday . The stock had previously closed at $8.75, but opened at $8.28. Icahn Enterprises shares last traded at $8.0770, with a volume of 530,427 shares traded.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Icahn Enterprises in a research report on Tuesday, November 11th. Zacks Research raised shares of Icahn Enterprises from a “strong sell” rating to a “hold” rating in a research note on Friday, August 15th. Finally, Wall Street Zen raised shares of Icahn Enterprises from a “sell” rating to a “hold” rating in a research report on Friday, September 5th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Icahn Enterprises Stock Performance

The firm has a market capitalization of $4.79 billion, a P/E ratio of -6.49 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. The firm has a 50-day moving average price of $8.32 and a two-hundred day moving average price of $8.60.

Icahn Enterprises (NASDAQ:IEP) last posted its quarterly earnings results on Wednesday, November 5th. The conglomerate reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.35. Icahn Enterprises had a negative net margin of 6.78% and a negative return on equity of 15.65%. The firm had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.40 billion. On average, analysts forecast that Icahn Enterprises L.P. will post -0.55 EPS for the current fiscal year.

Icahn Enterprises Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 24th. Stockholders of record on Monday, November 17th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 25.1%. Icahn Enterprises’s dividend payout ratio (DPR) is -253.16%.

Institutional Trading of Icahn Enterprises

Large investors have recently modified their holdings of the company. Allworth Financial LP increased its holdings in Icahn Enterprises by 408.6% during the 2nd quarter. Allworth Financial LP now owns 5,269 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 4,233 shares during the period. Summit Securities Group LLC lifted its holdings in shares of Icahn Enterprises by 187.6% in the 1st quarter. Summit Securities Group LLC now owns 10,300 shares of the conglomerate’s stock worth $93,000 after buying an additional 6,719 shares during the period. Azzad Asset Management Inc. ADV bought a new position in shares of Icahn Enterprises during the 3rd quarter worth $88,000. WMG Financial Advisors LLC purchased a new position in shares of Icahn Enterprises during the first quarter valued at $95,000. Finally, Claro Advisors LLC purchased a new position in shares of Icahn Enterprises during the second quarter valued at $85,000. Hedge funds and other institutional investors 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.