Icahn Enterprises (NASDAQ:IEP) Sees Strong Trading Volume on Better-Than-Expected Earnings

Icahn Enterprises L.P. (NASDAQ:IEP) shares saw unusually-high trading volume on Wednesday after the company announced better than expected quarterly earnings. Approximately 856,762 shares were traded during trading, an increase of 17% from the previous session’s volume of 733,616 shares.The stock last traded at $8.6960 and had previously closed at $8.11.

The conglomerate reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.35. The company had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.40 billion. Icahn Enterprises had a negative net margin of 6.78% and a negative return on equity of 15.65%.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Icahn Enterprises

Several hedge funds and other institutional investors have recently made changes to their positions in the business. First Trust Advisors LP lifted its holdings in shares of Icahn Enterprises by 22.1% during the 2nd quarter. First Trust Advisors LP now owns 884,514 shares of the conglomerate’s stock valued at $7,116,000 after acquiring an additional 160,183 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Icahn Enterprises during the 2nd quarter valued at $1,382,000. Bank of America Corp DE increased its stake in 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 buying an additional 32,007 shares during the period. Axxcess Wealth Management LLC increased its stake in Icahn Enterprises by 29.9% during the 2nd quarter. Axxcess Wealth Management LLC now owns 66,965 shares of the conglomerate’s stock worth $539,000 after buying an additional 15,428 shares during the period. Finally, MGO One Seven LLC increased its stake in Icahn Enterprises by 4.5% during the 3rd quarter. MGO One Seven LLC now owns 49,318 shares of the conglomerate’s stock worth $415,000 after buying an additional 2,118 shares during the period. Institutional investors and hedge funds own 87.09% of the company’s stock.

Icahn Enterprises Price Performance

The stock has a market cap of $4.99 billion, a PE ratio of -7.08 and a beta of 0.80. 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’s 50 day moving average is $8.26 and its 200-day moving average is $8.59.

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.