Icahn Enterprises (NASDAQ:IEP) Stock Price Down 3% – What’s Next?

Icahn Enterprises L.P. (NASDAQ:IEP)’s stock price dropped 3% on Monday . The stock traded as low as $9.43 and last traded at $9.40. Approximately 327,680 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 931,386 shares. The stock had previously closed at $9.69.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut shares of Icahn Enterprises from a “hold” rating to a “sell” rating in a research note on Sunday, March 16th.

Icahn Enterprises Price Performance

The firm has a 50-day simple moving average of $9.72 and a two-hundred day simple moving average of $11.07. The company has a market capitalization of $4.92 billion, a price-to-earnings ratio of -8.63 and a beta of 0.85. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 1.34.

Icahn Enterprises (NASDAQ:IEP) last announced its quarterly earnings results on Wednesday, February 26th. The conglomerate reported ($0.19) earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.36). Icahn Enterprises had a negative net margin of 4.79% and a negative return on equity of 8.82%. The company had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. As a group, analysts predict that Icahn Enterprises L.P. will post -0.55 earnings per share for the current fiscal year.

Icahn Enterprises Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 16th. Shareholders of record on Monday, March 10th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.00 dividend on an annualized basis and a yield of 21.25%. Icahn Enterprises’s payout ratio is -210.53%.

Institutional Investors Weigh In On Icahn Enterprises

A number of institutional investors have recently modified their holdings of IEP. Icahn Carl C boosted its position in Icahn Enterprises by 4.1% during the fourth quarter. Icahn Carl C now owns 450,788,170 shares of the conglomerate’s stock worth $3,908,333,000 after purchasing an additional 17,581,237 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Icahn Enterprises by 26.2% during the 4th quarter. First Trust Advisors LP now owns 660,077 shares of the conglomerate’s stock valued at $5,723,000 after buying an additional 137,012 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Icahn Enterprises in the 4th quarter valued at $969,000. Virtu Financial LLC purchased a new stake in Icahn Enterprises in the 4th quarter worth $856,000. Finally, Axxcess Wealth Management LLC purchased a new position in Icahn Enterprises during the fourth quarter valued at $447,000. 87.09% of the stock is currently owned by institutional investors and hedge funds.

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.