Icahn Enterprises (NASDAQ:IEP) Trading Down 3% – Time to Sell?

Icahn Enterprises L.P. (NASDAQ:IEP)’s stock price fell 3% during trading on Monday . The stock traded as low as $9.43 and last traded at $9.40. 327,680 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 931,386 shares. The stock had previously closed at $9.69.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Icahn Enterprises from a “hold” rating to a “sell” rating in a research note on Sunday, March 16th.

Icahn Enterprises Price Performance

The company has a debt-to-equity ratio of 1.34, a current ratio of 4.61 and a quick ratio of 4.61. The company’s 50 day simple moving average is $9.74 and its 200 day simple moving average is $11.05. The company has a market capitalization of $4.90 billion, a PE ratio of -8.58 and a beta of 0.85.

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

Icahn Enterprises Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 16th. Shareholders of record on Monday, March 10th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 21.36%. The ex-dividend date of this dividend is Monday, March 10th. Icahn Enterprises’s dividend payout ratio is currently -210.53%.

Hedge Funds Weigh In On Icahn Enterprises

Institutional investors have recently modified their holdings of the business. Meridian Wealth Management LLC acquired a new position in Icahn Enterprises in the third quarter valued at $272,000. Insigneo Advisory Services LLC grew its holdings in shares of Icahn Enterprises by 42.3% during the third quarter. Insigneo Advisory Services LLC now owns 17,501 shares of the conglomerate’s stock worth $237,000 after buying an additional 5,199 shares during the last quarter. National Bank of Canada FI increased its position in Icahn Enterprises by 12.5% in the 3rd quarter. National Bank of Canada FI now owns 22,500 shares of the conglomerate’s stock valued at $304,000 after acquiring an additional 2,500 shares during the period. MML Investors Services LLC purchased a new stake in Icahn Enterprises during the 3rd quarter valued at approximately $171,000. Finally, Barclays PLC lifted its position in Icahn Enterprises by 24.3% during the 3rd quarter. Barclays PLC now owns 7,307 shares of the conglomerate’s stock worth $100,000 after acquiring an additional 1,427 shares during the period. 87.09% of the stock is owned by institutional investors and hedge funds.

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.