Icahn Enterprises (NASDAQ:IEP) Shares Gap Down – Here’s What Happened

Shares of Icahn Enterprises L.P. (NASDAQ:IEP) gapped down before the market opened on Tuesday . The stock had previously closed at $9.06, but opened at $8.85. Icahn Enterprises shares last traded at $8.95, with a volume of 144,880 shares trading hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Icahn Enterprises from a “sell” rating to a “hold” rating in a research report on Wednesday, March 26th.

Icahn Enterprises Price Performance

The company has a debt-to-equity ratio of 1.34, a current ratio of 4.61 and a quick ratio of 4.61. The company has a fifty day moving average price of $9.71 and a 200 day moving average price of $11.00. The company has a market capitalization of $4.77 billion, a P/E ratio of -8.38 and a beta of 0.85.

Icahn Enterprises (NASDAQ:IEP) last released its quarterly earnings results on Wednesday, February 26th. The conglomerate reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.36). The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. Icahn Enterprises had a negative return on equity of 8.82% and a negative net margin of 4.79%. On average, sell-side analysts forecast that Icahn Enterprises L.P. will post -0.55 EPS for the current fiscal year.

Icahn Enterprises Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 16th. Shareholders of record on Monday, March 10th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 21.91%. The ex-dividend date of this dividend is Monday, March 10th. Icahn Enterprises’s dividend payout ratio is presently -210.53%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IEP. Meridian Wealth Management LLC raised its holdings in Icahn Enterprises by 5.1% during the fourth quarter. Meridian Wealth Management LLC now owns 21,171 shares of the conglomerate’s stock valued at $184,000 after buying an additional 1,026 shares in the last quarter. Global Retirement Partners LLC boosted its stake in shares of Icahn Enterprises by 18.1% in the 4th quarter. Global Retirement Partners LLC now owns 7,122 shares of the conglomerate’s stock valued at $62,000 after purchasing an additional 1,089 shares in the last quarter. Barclays PLC increased its holdings in Icahn Enterprises by 24.3% during the 3rd quarter. Barclays PLC now owns 7,307 shares of the conglomerate’s stock valued at $100,000 after purchasing an additional 1,427 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Icahn Enterprises during the third quarter worth approximately $30,000. Finally, National Bank of Canada FI boosted its holdings in Icahn Enterprises by 12.5% in the third quarter. National Bank of Canada FI now owns 22,500 shares of the conglomerate’s stock valued at $304,000 after acquiring an additional 2,500 shares during the last quarter. 87.09% of the stock is owned by institutional investors and hedge funds.

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.