Icahn Enterprises (NASDAQ:IEP) Stock Passes Below 200 Day Moving Average – Time to Sell?

Icahn Enterprises L.P. (NASDAQ:IEP) shares crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $8.60 and traded as low as $8.05. Icahn Enterprises shares last traded at $8.09, with a volume of 979,661 shares.

Analyst Upgrades and Downgrades

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

Icahn Enterprises Stock Down 1.0%

The stock has a fifty day moving average price of $8.28 and a two-hundred day moving average price of $8.60. The company has a quick ratio of 3.40, a current ratio of 3.40 and a debt-to-equity ratio of 1.96. The company has a market cap of $4.64 billion, a price-to-earnings ratio of -6.58 and a beta of 0.79.

Icahn Enterprises (NASDAQ:IEP) last issued its earnings results on Monday, August 4th. The conglomerate reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.44). Icahn Enterprises had a negative return on equity of 15.65% and a negative net margin of 6.78%.The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.39 billion. As a group, sell-side analysts expect that Icahn Enterprises L.P. will post -0.55 EPS for the current year.

Icahn Enterprises Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 24th. Stockholders of record on Monday, August 18th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 24.7%. The ex-dividend date of this dividend was Monday, August 18th. Icahn Enterprises’s dividend payout ratio is presently -162.60%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in IEP. Allworth Financial LP lifted its holdings in shares of Icahn Enterprises by 408.6% in the 2nd quarter. Allworth Financial LP now owns 5,269 shares of the conglomerate’s stock valued at $42,000 after buying an additional 4,233 shares during the period. Spire Wealth Management increased its holdings in Icahn Enterprises by 57.1% in the first quarter. Spire Wealth Management now owns 5,500 shares of the conglomerate’s stock valued at $50,000 after buying an additional 2,000 shares during the last quarter. Claro Advisors LLC acquired a new stake in shares of Icahn Enterprises during the second quarter worth about $85,000. Caz Investments LP lifted its position 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 valued at $91,000 after acquiring an additional 1,254 shares during the period. Finally, Summit Securities Group LLC boosted its holdings in shares of Icahn Enterprises by 187.6% in the 1st quarter. Summit Securities Group LLC now owns 10,300 shares of the conglomerate’s stock valued at $93,000 after purchasing an additional 6,719 shares during the last quarter. 87.09% of the stock is currently owned by hedge funds and other institutional investors.

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.