Icahn Enterprises (NASDAQ:IEP) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Icahn Enterprises (NASDAQ:IEP) from a hold rating to a sell rating in a research report report published on Wednesday, Zacks.com reports.

According to Zacks, “ICAHN ENTERPRISES L.P., formerly American Real Estate Partners, L.P., is a diversified holding company engaged in a variety of businesses. Their businesses currently include investment management, metals, real estate and home fashion. Icahn Enterprises L.P. is a Delaware master limited partnership. “

IEP has been the topic of several other reports. TheStreet downgraded Icahn Enterprises from a c- rating to a d rating in a research report on Friday, May 8th. BidaskClub raised Icahn Enterprises from a strong sell rating to a sell rating in a research report on Wednesday, July 22nd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the company’s stock. Icahn Enterprises has a consensus rating of Hold and a consensus target price of $56.00.

Shares of IEP stock opened at $49.81 on Wednesday. The firm has a market capitalization of $10.67 billion, a price-to-earnings ratio of -5.08 and a beta of 1.24. The company has a debt-to-equity ratio of 0.87, a current ratio of 5.04 and a quick ratio of 5.04. The business has a fifty day moving average of $48.88 and a 200 day moving average of $53.65. Icahn Enterprises has a 1 year low of $34.00 and a 1 year high of $79.37.

Icahn Enterprises (NASDAQ:IEP) last announced its quarterly earnings results on Friday, May 8th. The conglomerate reported ($6.34) earnings per share for the quarter, missing the consensus estimate of ($0.79) by ($5.55). The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $2.18 billion. Icahn Enterprises had a negative return on equity of 18.89% and a negative net margin of 22.90%. As a group, equities research analysts expect that Icahn Enterprises will post -7.65 earnings per share for the current year.

Large investors have recently bought and sold shares of the company. Jane Street Group LLC grew its position in shares of Icahn Enterprises by 11.4% during the 1st quarter. Jane Street Group LLC now owns 57,611 shares of the conglomerate’s stock valued at $2,790,000 after acquiring an additional 5,873 shares during the period. Centaurus Financial Inc. grew its position in shares of Icahn Enterprises by 32.3% during the 1st quarter. Centaurus Financial Inc. now owns 11,384 shares of the conglomerate’s stock valued at $551,000 after acquiring an additional 2,778 shares during the period. Wells Fargo & Company MN grew its position in shares of Icahn Enterprises by 12.6% during the 1st quarter. Wells Fargo & Company MN now owns 98,694 shares of the conglomerate’s stock valued at $4,779,000 after acquiring an additional 11,023 shares during the period. Advisor Group Holdings Inc. acquired a new stake in shares of Icahn Enterprises during the 1st quarter valued at about $1,255,000. Finally, Royal Bank of Canada grew its position in shares of Icahn Enterprises by 38.9% during the 1st quarter. Royal Bank of Canada now owns 40,485 shares of the conglomerate’s stock valued at $1,960,000 after acquiring an additional 11,342 shares during the period. Hedge funds and other institutional investors own 97.95% of the company’s stock.

About Icahn Enterprises

Icahn Enterprises L.P., through its subsidiaries, operates in investment, energy, automotive, food packaging, metals, real estate, home fashion, and mining businesses in the United States and Internationally. Its Investment segment operates various private investment funds. The company's Automotive segment is involved in the retail and wholesale distribution of automotive parts in the aftermarket, as well as offers automotive repair and maintenance services.

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