Icahn Enterprises (NASDAQ:IEP) Shares Gap Up to $10.80

Shares of Icahn Enterprises L.P. (NASDAQ:IEP) gapped up prior to trading on Monday . The stock had previously closed at $10.80, but opened at $11.46. Icahn Enterprises shares last traded at $11.44, with a volume of 317,424 shares changing hands.

Icahn Enterprises Stock Up 7.9 %

The firm’s 50-day moving average price is $15.21 and its 200 day moving average price is $16.42. The company has a current ratio of 4.85, a quick ratio of 4.85 and a debt-to-equity ratio of 1.23. The company has a market capitalization of $6.02 billion, a price-to-earnings ratio of -11.61 and a beta of 0.77.

Icahn Enterprises (NASDAQ:IEP) last released its earnings results on Wednesday, August 7th. The conglomerate reported ($0.72) earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.91). Icahn Enterprises had a negative return on equity of 8.62% and a negative net margin of 4.97%. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the previous year, the company earned ($0.72) earnings per share. On average, sell-side analysts forecast that Icahn Enterprises L.P. will post -0.42 EPS for the current fiscal year.

Icahn Enterprises Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Monday, August 19th will be paid a $1.00 dividend. The ex-dividend date is Monday, August 19th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 29.96%. Icahn Enterprises’s payout ratio is currently -347.83%.

Hedge Funds Weigh In On Icahn Enterprises

A number of institutional investors have recently added to or reduced their stakes in the stock. Spire Wealth Management increased its holdings in shares of 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 lifted its holdings in shares of Icahn Enterprises by 133.0% during the fourth quarter. Parallel Advisors LLC now owns 2,006 shares of the conglomerate’s stock worth $34,000 after purchasing an additional 1,145 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Icahn Enterprises by 61.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,845 shares of the conglomerate’s stock valued at $47,000 after buying an additional 1,083 shares during the last quarter. Newbridge Financial Services Group Inc. lifted its position in shares of Icahn Enterprises by 35.1% in the 4th 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 period. Finally, Vima LLC acquired a new stake in shares of Icahn Enterprises during the fourth quarter worth $167,000. 87.09% of the stock is currently 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.