Icahn Enterprises (NASDAQ:IEP) Shares Gap Down - Here's What Happened

Icahn Enterprises L.P. (NASDAQ:IEP - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $9.06, but opened at $8.85. Icahn Enterprises shares last traded at $8.95, with a volume of 144,880 shares.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Icahn Enterprises from a "sell" rating to a "hold" rating in a research note on Wednesday, March 26th.

Icahn Enterprises Stock Performance

The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 1.34. The stock has a market cap of $4.31 billion, a price-to-earnings ratio of -7.57 and a beta of 0.85. The stock's fifty day moving average is $9.66 and its 200-day moving average is $10.96.

Icahn Enterprises (NASDAQ:IEP - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The conglomerate reported ($0.19) earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.36). The business had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. Icahn Enterprises had a negative return on equity of 8.82% and a negative net margin of 4.79%. On average, analysts forecast that Icahn Enterprises L.P. will post -0.55 EPS for the current year.

Icahn Enterprises Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 16th. Investors of record on Monday, March 10th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 24.24%. The ex-dividend date is Monday, March 10th. Icahn Enterprises's dividend payout ratio (DPR) is presently -210.53%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IEP. Meridian Wealth Management LLC lifted its holdings in Icahn Enterprises by 5.1% during the fourth quarter. Meridian Wealth Management LLC now owns 21,171 shares of the conglomerate's stock worth $184,000 after acquiring an additional 1,026 shares during the period. Global Retirement Partners LLC lifted its holdings in shares of Icahn Enterprises by 18.1% during the fourth quarter. Global Retirement Partners LLC now owns 7,122 shares of the conglomerate's stock valued at $62,000 after purchasing an additional 1,089 shares during the last quarter. Barclays PLC raised its stake in Icahn Enterprises by 24.3% during the third quarter. Barclays PLC now owns 7,307 shares of the conglomerate's stock valued at $100,000 after buying an additional 1,427 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Icahn Enterprises in the 3rd quarter valued at approximately $30,000. Finally, National Bank of Canada FI raised 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 worth $304,000 after buying an additional 2,500 shares during the last quarter. Institutional investors and hedge funds own 87.09% of the company's stock.

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.