Icahn Enterprises (NASDAQ:IEP) Stock Passes Below Two Hundred Day Moving Average – Here’s Why

Shares of Icahn Enterprises L.P. (NASDAQ:IEP) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $7.85 and traded as low as $7.47. Icahn Enterprises shares last traded at $7.47, with a volume of 758,021 shares.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Icahn Enterprises in a research note on Friday, April 10th. Wall Street Zen lowered Icahn Enterprises from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Icahn Enterprises has a consensus rating of “Reduce”.

Icahn Enterprises Stock Performance

The company has a market cap of $5.02 billion, a PE ratio of -14.37 and a beta of 0.83. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 2.72. The business has a fifty day moving average of $7.80 and a 200-day moving average of $7.85.

Icahn Enterprises (NASDAQ:IEP) last announced its quarterly earnings results on Wednesday, May 6th. The conglomerate reported ($0.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.81). Icahn Enterprises had a negative net margin of 3.24% and a negative return on equity of 10.27%. The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.33 billion.

Icahn Enterprises Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Monday, May 18th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 26.8%. The ex-dividend date is Monday, May 18th. Icahn Enterprises’s payout ratio is currently -384.62%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Kestra Advisory Services LLC purchased a new position in shares of Icahn Enterprises during the 4th quarter worth approximately $35,000. Western Wealth Management LLC purchased a new position in shares of Icahn Enterprises during the 1st quarter worth approximately $47,000. Azzad Asset Management Inc. ADV purchased a new position in shares of Icahn Enterprises during the 3rd quarter worth approximately $88,000. Hilton Head Capital Partners LLC purchased a new position in shares of Icahn Enterprises during the 4th quarter worth approximately $80,000. Finally, Caz Investments LP boosted its stake in Icahn Enterprises by 12.5% during 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 in the last quarter. 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 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.