Icahn Enterprises (NASDAQ:IEP) Sees Strong Trading Volume – Should You Buy?

Shares of Icahn Enterprises L.P. (NASDAQ:IEP) saw strong trading volume on Tuesday. Approximately 1,391,997 shares traded hands during 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.

Analysts Set New Price Targets

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 investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the company presently has an average rating of “Sell”.

Icahn Enterprises Stock Up 1.8%

The company has a debt-to-equity ratio of 2.98, a current ratio of 2.87 and a quick ratio of 2.87. The stock has a 50 day moving average price of $6.58 and a 200-day moving average price of $7.40. The stock has a market capitalization of $3.74 billion, a P/E ratio of -7.14 and a beta of 0.75.

Icahn Enterprises (NASDAQ:IEP) last issued its earnings results on Wednesday, August 5th. The conglomerate reported ($0.52) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.63). Icahn Enterprises had a negative net margin of 4.81% and a negative return on equity of 17.99%. The company had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.04 billion.

Institutional Investors Weigh In On Icahn Enterprises

A number of large investors have recently made changes to their positions in the business. First Trust Advisors LP raised its holdings in shares of 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 acquiring an additional 21,373 shares in the last quarter. MGO One Seven LLC boosted its holdings 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 acquiring an additional 18,995 shares in the last quarter. Bank of America Corp DE increased its position in Icahn Enterprises by 301.4% during the 1st quarter. Bank of America Corp DE now owns 108,724 shares of the conglomerate’s stock valued at $821,000 after purchasing an additional 81,637 shares during the period. Oppenheimer & Co. Inc. increased its position in Icahn Enterprises by 88.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 43,513 shares of the conglomerate’s stock valued at $294,000 after purchasing an additional 20,395 shares during the period. Finally, Next Level Private LLC purchased a new position in Icahn Enterprises during the 2nd quarter valued at $289,000. 87.09% of the stock is currently owned by institutional investors.

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.