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

Icahn Enterprises L.P. (NASDAQ:IEP)’s stock price crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $7.40 and traded as low as $6.60. Icahn Enterprises shares last traded at $6.64, with a volume of 696,960 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Icahn Enterprises in a report on Friday, October 2nd. One analyst has rated the stock with a Sell rating. According to data from MarketBeat, Icahn Enterprises has an average rating of “Sell”.

Icahn Enterprises Trading Down 1.2%

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 company’s 50 day moving average is $6.98 and its 200 day moving average is $7.40. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of -8.86 and a beta of 0.77.

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

Icahn Enterprises Announces Dividend

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 dividend of $0.50 per share. The ex-dividend date was Monday, August 17th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 30.5%. Icahn Enterprises’s payout ratio is currently -270.27%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Western Wealth Management LLC acquired a new stake in Icahn Enterprises during the first quarter valued at approximately $47,000. Ancora Advisors LLC acquired a new position in Icahn Enterprises during the second quarter worth $73,000. Paragon Capital Management Ltd bought a new position in shares of Icahn Enterprises during the second quarter valued at $74,000. Sankala Group LLC bought a new position in shares of Icahn Enterprises during the fourth quarter valued at $109,000. Finally, Kestra Advisory Services LLC boosted its position in Icahn Enterprises by 208.9% in the first quarter. Kestra Advisory Services LLC now owns 14,279 shares of the conglomerate’s stock valued at $108,000 after buying an additional 9,657 shares in the last quarter. 87.09% of the stock is owned by institutional investors.

Icahn Enterprises Company Profile

Icahn Enterprises L.P. is a diversified holding company and master limited partnership controlled by investor Carl C. Icahn. The company invests in and operates businesses across multiple industries, with activities ranging from wholly owned operating companies to investments in publicly traded and privately held securities.

Its business areas have included investment management through Icahn Capital, automotive services, energy, metals, food packaging, real estate, and home fashion. The company’s operating businesses have included automotive dealerships and parts distribution, energy and refining activities, metal recycling and processing, packaging products, and real estate investments.