Icahn Enterprises L.P. (NASDAQ:IEP) Shares to Pay Quarterly Dividend of $0.50

Icahn Enterprises L.P. (NASDAQ:IEP) announced a quarterly dividend on Monday, November 2nd. Investors of record on Monday, November 16th will be given a dividend of $0.50 per share by the conglomerate on Wednesday, December 23rd. This represents a $2.00 annualized dividend and a yield of 37.4%. The ex-dividend date is Monday, November 16th.

Icahn Enterprises has decreased its dividend payment by an average of 0.2% annually over the last three years. Icahn Enterprises has a dividend payout ratio of 253.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Icahn Enterprises Stock Performance

IEP traded up $0.19 during trading on Tuesday, hitting $5.35. The stock had a trading volume of 3,618,627 shares, compared to its average volume of 1,011,992. 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 company has a 50 day moving average price of $6.58 and a 200-day moving average price of $7.40. Icahn Enterprises has a one year low of $4.97 and a one year high of $9.32. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of -7.23 and a beta of 0.75.

Icahn Enterprises (NASDAQ:IEP) last posted its quarterly earnings data 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). The firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $2.04 billion. Icahn Enterprises had a negative return on equity of 17.99% and a negative net margin of 4.81%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IEP. Bank of America Corp DE increased its position in shares of Icahn Enterprises by 301.4% in the first quarter. Bank of America Corp DE now owns 108,724 shares of the conglomerate’s stock worth $821,000 after purchasing an additional 81,637 shares during the period. Next Level Private LLC bought a new stake in Icahn Enterprises during the second quarter worth about $289,000. First Trust Advisors LP lifted its position in Icahn Enterprises by 2.7% during the first quarter. First Trust Advisors LP now owns 804,009 shares of the conglomerate’s stock worth $6,070,000 after purchasing an additional 21,373 shares during the period. Oppenheimer & Co. Inc. lifted its position in Icahn Enterprises by 88.2% during the third quarter. Oppenheimer & Co. Inc. now owns 43,513 shares of the conglomerate’s stock worth $294,000 after purchasing an additional 20,395 shares during the period. Finally, MGO One Seven LLC grew its stake in Icahn Enterprises by 20.9% during the third quarter. MGO One Seven LLC now owns 110,019 shares of the conglomerate’s stock worth $743,000 after buying an additional 18,995 shares in the last quarter. Institutional investors own 87.09% of the company’s stock.

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.