Icahn Enterprises (NASDAQ:IEP) Issues Earnings Results, Beats Estimates By $0.35 EPS

Icahn Enterprises (NASDAQ:IEP) released its quarterly earnings data on Wednesday. The conglomerate reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.35, Zacks reports. Icahn Enterprises had a negative return on equity of 15.65% and a negative net margin of 6.78%.The firm had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.40 billion.

Icahn Enterprises Stock Up 8.9%

Shares of NASDAQ:IEP traded up $0.73 during trading on Wednesday, hitting $8.84. 2,535,157 shares of the company’s stock traded hands, compared to its average volume of 741,547. Icahn Enterprises has a 52 week low of $7.27 and a 52 week high of $13.60. The company has a current ratio of 3.40, a quick ratio of 3.40 and a debt-to-equity ratio of 1.96. The company has a market cap of $5.07 billion, a price-to-earnings ratio of -7.17 and a beta of 0.80. The company has a 50-day moving average price of $8.26 and a 200-day moving average price of $8.59.

Hedge Funds Weigh In On Icahn Enterprises

Institutional investors have recently modified their holdings of the business. First Trust Advisors LP raised its position in Icahn Enterprises by 22.1% in the 2nd quarter. First Trust Advisors LP now owns 884,514 shares of the conglomerate’s stock valued at $7,116,000 after buying an additional 160,183 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Icahn Enterprises by 60.1% during the 2nd quarter. Bank of America Corp DE now owns 85,223 shares of the conglomerate’s stock worth $686,000 after acquiring an additional 32,007 shares during the last quarter. Jump Financial LLC acquired a new position in shares of Icahn Enterprises during the 2nd quarter worth approximately $216,000. Finally, Caz Investments LP increased its holdings in shares of Icahn Enterprises by 12.5% during the 2nd quarter. Caz Investments LP now owns 11,254 shares of the conglomerate’s stock worth $91,000 after acquiring an additional 1,254 shares during the last quarter. Institutional investors own 87.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on IEP shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Icahn Enterprises in a research report on Wednesday, October 8th. Zacks Research upgraded Icahn Enterprises from a “strong sell” rating to a “hold” rating in a research note on Friday, August 15th. Finally, Wall Street Zen upgraded Icahn Enterprises from a “sell” rating to a “hold” rating in a research note on Friday, September 5th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Icahn Enterprises currently has an average rating of “Reduce”.

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.