Icahn Enterprises (NASDAQ:IEP) Stock Breaks Below 200 Day Moving Average – What’s Next?

Icahn Enterprises L.P. (NASDAQ:IEP)’s stock price passed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $7.48 and traded as low as $7.11. Icahn Enterprises shares last traded at $7.12, with a volume of 556,259 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Icahn Enterprises in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

Icahn Enterprises Trading Down 2.0%

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 firm has a market cap of $4.94 billion, a price-to-earnings ratio of -9.39 and a beta of 0.79. The firm’s fifty day moving average is $7.20 and its 200-day moving average is $7.47.

Icahn Enterprises (NASDAQ:IEP) last issued its quarterly earnings results on Wednesday, August 5th. The conglomerate reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.63). The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.04 billion. Icahn Enterprises had a negative return on equity of 17.99% and a negative net margin of 4.81%.

Icahn Enterprises Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Monday, August 17th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $2.00 annualized dividend and a yield of 28.8%. Icahn Enterprises’s dividend payout ratio (DPR) is currently -270.27%.

Hedge Funds Weigh In On Icahn Enterprises

Several institutional investors have recently added to or reduced their stakes in the business. Paragon Capital Management Ltd bought a new position in shares of Icahn Enterprises during the 2nd quarter worth approximately $74,000. Triumph Capital Management increased its stake in shares of Icahn Enterprises by 13.1% in the 2nd quarter. Triumph Capital Management now owns 16,435 shares of the conglomerate’s stock valued at $118,000 after acquiring an additional 1,900 shares in the last quarter. Ancora Advisors LLC bought a new stake in shares of Icahn Enterprises in the 2nd quarter valued at $73,000. Next Level Private LLC acquired a new position in shares of Icahn Enterprises during the 2nd quarter valued at $289,000. Finally, Western Wealth Management LLC acquired a new position in shares of Icahn Enterprises during the 1st quarter valued at $47,000. 87.09% of the stock is owned by institutional investors and hedge funds.

Icahn Enterprises Company Profile

Icahn Enterprises L.P. (NASDAQ:IEP) is a diversified holding company controlled by investor Carl C. Icahn. The company manages investments and operating businesses across several industries, with its activities spanning energy, automotive, food packaging, metals, real estate, home fashion and other sectors.

Its operating interests include CVR Energy, which is involved in petroleum refining and the marketing of transportation fuels, and CVR Partners, a producer of nitrogen fertilizers. Icahn Enterprises also owns or invests in businesses involved in automotive parts distribution and service, food packaging products, textile and home-furnishing products, and metals recycling.