Icahn Enterprises (NASDAQ:IEP) Sees Unusually-High Trading Volume Following Dividend Announcement

Shares of Icahn Enterprises L.P. (NASDAQ:IEP) saw an uptick in trading volume on Tuesday following a dividend announcement from the company. 1,391,997 shares traded hands during mid-day trading, an increase of 39% from the average daily volume of 999,774 shares. The stock last traded at $5.0450 and had previously closed at $5.16.

The newly announced dividend which will be paid on Wednesday, December 23rd. Shareholders of record on Monday, November 16th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 39.0%. The ex-dividend date of this dividend is Monday, November 16th. Icahn Enterprises’s dividend payout ratio (DPR) is -270.27%.

Analyst Upgrades and Downgrades

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

Icahn Enterprises Stock Performance

The company has a debt-to-equity ratio of 2.98, a quick ratio of 2.87 and a current ratio of 2.87. The firm’s 50-day moving average price is $6.53 and its two-hundred day moving average price is $7.38. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of -3.33 and a beta of 0.74.

Icahn Enterprises (NASDAQ:IEP) last released its quarterly earnings data on Wednesday, November 4th. The conglomerate reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.40). The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.33 billion. Icahn Enterprises had a negative return on equity of 18.16% and a negative net margin of 9.25%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Arrow Investment Advisors LLC grew its position in Icahn Enterprises by 23.2% in the third quarter. Arrow Investment Advisors LLC now owns 32,835 shares of the conglomerate’s stock worth $222,000 after acquiring an additional 6,176 shares during the period. Chicago Partners Investment Group LLC acquired a new stake in Icahn Enterprises during the third quarter worth $70,000. MGO One Seven LLC raised its position in Icahn Enterprises by 20.9% in the third quarter. MGO One Seven LLC now owns 110,019 shares of the conglomerate’s stock valued at $743,000 after purchasing an additional 18,995 shares during the period. Oppenheimer & Co. Inc. raised its position in Icahn Enterprises by 88.2% in the third quarter. Oppenheimer & Co. Inc. now owns 43,513 shares of the conglomerate’s stock valued at $294,000 after purchasing an additional 20,395 shares during the period. Finally, Hilton Head Capital Partners LLC raised its position in Icahn Enterprises by 33.8% in the third quarter. Hilton Head Capital Partners LLC now owns 14,132 shares of the conglomerate’s stock valued at $95,000 after purchasing an additional 3,569 shares during the period. 87.09% of the stock is currently owned by institutional investors and hedge funds.

Icahn Enterprises Company Profile

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.