Icahn Enterprises (NASDAQ:IEP) Reaches New 1-Year Low – What’s Next?

Icahn Enterprises L.P. (NASDAQ:IEP)’s share price reached a new 52-week low on Monday. The stock traded as low as $6.51 and last traded at $6.5150, with a volume of 651,882 shares changing hands. The stock had previously closed at $6.65.

Analysts Set New Price Targets

Separately, Weiss Ratings cut Icahn Enterprises from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday. One analyst has rated the stock with a Sell rating. According to MarketBeat.com, the stock currently has an average rating of “Sell”.

Icahn Enterprises Stock Down 0.9%

The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 2.98. The company has a 50 day moving average of $6.84 and a 200-day moving average of $7.35.

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). Icahn Enterprises had a negative return on equity of 17.99% and a negative net margin of 4.81%. The firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $2.04 billion.

Icahn Enterprises Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Monday, August 17th were paid a $0.50 dividend. The ex-dividend date was Monday, August 17th. This represents a $2.00 annualized dividend and a dividend yield of 31.2%. Icahn Enterprises’s dividend payout ratio is -270.27%.

Hedge Funds Weigh In On Icahn Enterprises

A number of hedge funds have recently bought and sold shares of IEP. Western Wealth Management LLC acquired a new position in shares of Icahn Enterprises during the 1st quarter worth approximately $47,000. Ancora Advisors LLC bought a new position in shares of Icahn Enterprises during the second quarter worth approximately $73,000. Paragon Capital Management Ltd acquired a new stake in shares of Icahn Enterprises in the second quarter valued at approximately $74,000. Kestra Advisory Services LLC raised its position in shares of Icahn Enterprises by 208.9% in the first quarter. Kestra Advisory Services LLC now owns 14,279 shares of the conglomerate’s stock valued at $108,000 after buying an additional 9,657 shares in the last quarter. Finally, Triumph Capital Management raised its position in shares of Icahn Enterprises by 13.1% in the second quarter. Triumph Capital Management now owns 16,435 shares of the conglomerate’s stock valued at $118,000 after buying an additional 1,900 shares in the last quarter. 87.09% of the stock is 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.