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

Icahn Enterprises L.P. (NASDAQ:IEP) gapped down before the market opened 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.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Wall Street Zen downgraded Icahn Enterprises from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Icahn Enterprises in a research report on Friday, April 10th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce”.

Icahn Enterprises Trading Down 1.7%

The company has a market cap of $5.04 billion, a price-to-earnings ratio of -14.42 and a beta of 0.83. The business’s fifty day moving average price is $7.81 and its 200 day moving average price is $7.90. The company has a debt-to-equity ratio of 2.72, a current ratio of 2.67 and a quick ratio of 2.67.

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

Icahn Enterprises Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Monday, May 18th. This represents a $2.00 annualized dividend and a dividend yield of 26.7%. Icahn Enterprises’s dividend payout ratio is presently -384.62%.

Hedge Funds Weigh In On Icahn Enterprises

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kestra Advisory Services LLC bought a new stake in Icahn Enterprises in the fourth quarter valued at approximately $35,000. Western Wealth Management LLC acquired a new position in shares of Icahn Enterprises in the 1st quarter worth approximately $47,000. Hilton Head Capital Partners LLC acquired a new position in shares of Icahn Enterprises in the 4th quarter worth approximately $80,000. Azzad Asset Management Inc. ADV bought a new stake in shares of Icahn Enterprises in the 3rd quarter valued at $88,000. Finally, Caz Investments LP boosted its stake in shares of Icahn Enterprises by 12.5% in the 2nd 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. 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 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.