Icahn Enterprises (NASDAQ:IEP) Hits New 12-Month Low – Time to Sell?

Icahn Enterprises L.P. (NASDAQ:IEP) reached a new 52-week low on Monday. The stock traded as low as $5.68 and last traded at $5.6950, with a volume of 35,461 shares. The stock had previously closed at $5.76.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered Icahn Enterprises from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 16th. One research analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

Icahn Enterprises Price Performance

The company’s 50-day moving average is $6.76 and its 200-day moving average is $7.31. The firm has a market cap of $4.06 billion, a price-to-earnings ratio of -7.71 and a beta of 0.77. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 2.98.

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

Icahn Enterprises Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Monday, August 17th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 35.0%. The ex-dividend date was Monday, August 17th. Icahn Enterprises’s dividend payout ratio (DPR) is -270.27%.

Institutional Trading of Icahn Enterprises

Several institutional investors and hedge funds have recently made changes to their positions in IEP. First Trust Advisors LP boosted its position in Icahn Enterprises by 2.7% during the 1st quarter. First Trust Advisors LP now owns 804,009 shares of the conglomerate’s stock valued at $6,070,000 after buying an additional 21,373 shares during the period. Bank of America Corp DE raised its holdings in Icahn Enterprises by 301.4% in the first quarter. Bank of America Corp DE now owns 108,724 shares of the conglomerate’s stock worth $821,000 after buying an additional 81,637 shares during the last quarter. Next Level Private LLC bought a new stake in shares of Icahn Enterprises in the 2nd quarter worth $289,000. Royal Bank of Canada raised its position in Icahn Enterprises by 6.9% in the 1st quarter. Royal Bank of Canada now owns 32,804 shares of the conglomerate’s stock worth $248,000 after buying an additional 2,125 shares during the last quarter. Finally, Gamco Investors INC. ET AL grew its holdings in shares of Icahn Enterprises by 114.3% in the first quarter. Gamco Investors INC. ET AL now owns 30,000 shares of the conglomerate’s stock worth $226,000 after acquiring an additional 16,000 shares during the period. Hedge funds and other institutional investors own 87.09% of the company’s stock.

About Icahn Enterprises

Icahn Enterprises L.P. (NASDAQ:IEP) is a diversified holding company managed by Icahn Capital LP. Its activities include making investments in public and private companies, pursuing activist investment strategies, and owning and operating businesses across several industries. The company is controlled by investor Carl C. Icahn, who serves as its chairman.

Its operating businesses have included petroleum refining and the production of nitrogen fertilizers through CVR Energy and CVR Partners, automotive parts distribution and repair services through Icahn Automotive, food packaging through Viskase Companies, and metal recycling through PSC Metals.