Icahn Enterprises (NASDAQ:IEP) Trading 8.5% Higher

Icahn Enterprises L.P. (NASDAQ:IEP)’s share price was up 8.5% during trading on Wednesday . The stock traded as high as $18.74 and last traded at $18.63. Approximately 1,171,731 shares traded hands during mid-day trading, an increase of 76% from the average daily volume of 667,292 shares. The stock had previously closed at $17.17.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Icahn Enterprises from a “hold” rating to a “buy” rating in a report on Tuesday, March 12th.

Icahn Enterprises Price Performance

The company has a fifty day moving average price of $17.55 and a two-hundred day moving average price of $17.75. The firm has a market capitalization of $7.96 billion, a PE ratio of -10.25 and a beta of 0.81. The company has a current ratio of 5.70, a quick ratio of 5.70 and a debt-to-equity ratio of 1.19.

Icahn Enterprises (NASDAQ:IEP) last released its quarterly earnings results on Wednesday, February 28th. The conglomerate reported ($0.33) EPS for the quarter, missing the consensus estimate of $0.21 by ($0.54). Icahn Enterprises had a negative net margin of 6.21% and a negative return on equity of 9.60%. The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.73 billion. Sell-side analysts forecast that Icahn Enterprises L.P. will post 0.93 earnings per share for the current year.

Icahn Enterprises Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 18th. Investors of record on Monday, March 11th were given a $1.00 dividend. The ex-dividend date was Friday, March 8th. This represents a $4.00 dividend on an annualized basis and a yield of 21.55%. Icahn Enterprises’s dividend payout ratio (DPR) is -220.99%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in IEP. Spire Wealth Management boosted its holdings in Icahn Enterprises by 100.0% during the first quarter. Spire Wealth Management now owns 2,000 shares of the conglomerate’s stock worth $34,000 after buying an additional 1,000 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Icahn Enterprises by 133.0% during the 4th quarter. Parallel Advisors LLC now owns 2,006 shares of the conglomerate’s stock worth $34,000 after acquiring an additional 1,145 shares in the last quarter. Pacific Capital Wealth Advisors Inc. acquired a new stake in shares of Icahn Enterprises in the 4th quarter worth approximately $86,000. Global Retirement Partners LLC increased its stake in Icahn Enterprises by 467.1% in the 4th quarter. Global Retirement Partners LLC now owns 5,495 shares of the conglomerate’s stock valued at $98,000 after purchasing an additional 4,526 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. raised its holdings in Icahn Enterprises by 35.1% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 8,579 shares of the conglomerate’s stock worth $147,000 after purchasing an additional 2,227 shares during the last quarter. 87.09% of the stock is owned by hedge funds and other institutional investors.

Icahn Enterprises Company Profile

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.