Icahn Enterprises (NASDAQ:IEP) Stock Price Crosses Below 200 Day Moving Average – Here’s Why

Icahn Enterprises L.P. (NASDAQ:IEP) shares passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $7.65 and traded as low as $6.66. Icahn Enterprises shares last traded at $6.74, with a volume of 1,572,114 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Icahn Enterprises in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Icahn Enterprises currently has an average rating of “Sell”.

Icahn Enterprises Price Performance

The company’s 50-day moving average price is $7.37 and its two-hundred day moving average price is $7.64. 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 market capitalization of $4.85 billion, a P/E ratio of -9.22 and a beta of 0.79.

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

Icahn Enterprises Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Monday, August 17th will be paid a $0.50 dividend. The ex-dividend date is Monday, August 17th. This represents a $2.00 annualized dividend and a dividend yield of 29.3%. Icahn Enterprises’s dividend payout ratio is -270.27%.

Hedge Funds Weigh In On Icahn Enterprises

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC bought a new stake in shares of Icahn Enterprises during the 4th quarter worth approximately $35,000. Western Wealth Management LLC acquired a new position in shares of Icahn Enterprises in the first quarter valued at approximately $47,000. Ancora Advisors LLC acquired a new position in Icahn Enterprises in the 2nd quarter valued at approximately $73,000. Hilton Head Capital Partners LLC bought a new position in Icahn Enterprises during the 4th quarter worth $80,000. Finally, Caz Investments LP lifted its stake in shares of Icahn Enterprises by 12.5% in the second 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 period. 87.09% of the stock is owned by institutional investors and hedge funds.

About Icahn Enterprises

Icahn Enterprises L.P. (NASDAQ: IEP) is a diversified holding company based in New York City. Controlled by veteran investor Carl C. Icahn, the partnership makes strategic investments and owns wholly or partially controlled subsidiaries across a broad range of industries. With a flexible capital structure, Icahn Enterprises seeks to generate long-term value through active ownership, asset optimization and operational improvements.

The company reports its activities through five principal business segments.