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

Icahn Enterprises L.P. (NASDAQ:IEP)’s share price 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 changing hands.

Analysts Set New Price Targets

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

Icahn Enterprises Stock Performance

The company has a market capitalization of $4.74 billion, a price-to-earnings ratio of -8.32 and a beta of 0.85. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 1.34. The stock has a 50-day simple moving average of $9.73 and a 200-day simple moving average of $11.03.

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

Icahn Enterprises Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 16th. Investors of record on Monday, March 10th will be paid a $0.50 dividend. The ex-dividend date is Monday, March 10th. This represents a $2.00 dividend on an annualized basis and a yield of 22.06%. Icahn Enterprises’s dividend payout ratio (DPR) is -210.53%.

Institutional Trading of Icahn Enterprises

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB acquired a new position in shares of Icahn Enterprises in the 3rd quarter worth approximately $30,000. Mpwm Advisory Solutions LLC acquired a new position in Icahn Enterprises in the fourth quarter worth $37,000. Global Retirement Partners LLC increased its stake in Icahn Enterprises by 18.1% during the fourth 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 during the last quarter. Barclays PLC raised its holdings in shares of Icahn Enterprises by 24.3% during the third quarter. Barclays PLC now owns 7,307 shares of the conglomerate’s stock worth $100,000 after purchasing an additional 1,427 shares during the period. Finally, Caz Investments LP acquired a new stake in shares of Icahn Enterprises during the fourth quarter worth $87,000. 87.09% of the stock is owned by institutional investors.

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.