Icahn Enterprises (NASDAQ:IEP) Downgraded by BidaskClub

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BidaskClub downgraded shares of Icahn Enterprises (NASDAQ:IEP) from a hold rating to a sell rating in a research note released on Thursday, BidAskClub reports.

Separately, UBS Group decreased their price objective on shares of Icahn Enterprises from $56.00 to $55.00 and set a sell rating for the company in a research report on Thursday, August 29th.

NASDAQ:IEP opened at $67.88 on Thursday. Icahn Enterprises has a one year low of $50.33 and a one year high of $79.37. The company has a quick ratio of 6.54, a current ratio of 6.54 and a debt-to-equity ratio of 0.76. The firm’s fifty day moving average is $70.85 and its two-hundred day moving average is $72.38.

Icahn Enterprises (NASDAQ:IEP) last posted its quarterly earnings results on Tuesday, August 6th. The conglomerate reported ($2.37) EPS for the quarter, missing the consensus estimate of $0.32 by ($2.69). Icahn Enterprises had a net margin of 1.86% and a negative return on equity of 10.95%. The business had revenue of $2.20 billion during the quarter.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Tuesday, August 13th will be given a $2.00 dividend. The ex-dividend date of this dividend is Monday, August 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 11.79%.

Several institutional investors have recently modified their holdings of IEP. OLD Second National Bank of Aurora raised its position in shares of Icahn Enterprises by 92.3% in the second quarter. OLD Second National Bank of Aurora now owns 702 shares of the conglomerate’s stock worth $51,000 after acquiring an additional 337 shares during the period. Bremer Bank National Association acquired a new position in shares of Icahn Enterprises during the 1st quarter worth about $58,000. Meridian Wealth Management LLC acquired a new position in shares of Icahn Enterprises during the 1st quarter worth about $69,000. US Bancorp DE raised its position in shares of Icahn Enterprises by 26.2% during the 2nd quarter. US Bancorp DE now owns 1,003 shares of the conglomerate’s stock worth $73,000 after purchasing an additional 208 shares during the last quarter. Finally, BlackRock Inc. acquired a new position in shares of Icahn Enterprises during the 2nd quarter worth about $81,000. Institutional investors and hedge funds own 96.84% of the company’s stock.

About Icahn Enterprises

Icahn Enterprises L.P., through its subsidiaries, operates in investment, energy, automotive, food packaging, metals, real estate, home fashion, and mining businesses in the United States and Internationally. Its Investment segment operates various private investment funds. The company's Automotive segment is involved in the retail and wholesale distribution of automotive parts in the aftermarket, as well as offers automotive repair and maintenance services.

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