Icahn Enterprises (NASDAQ:IEP) Sees Strong Trading Volume – Should You Buy?

Shares of Icahn Enterprises L.P. (NASDAQ:IEP) saw unusually-strong trading volume on Tuesday . Approximately 717,803 shares were traded during trading, a decline of 16% from the previous session’s volume of 856,761 shares.The stock last traded at $13.81 and had previously closed at $15.49.

Icahn Enterprises Trading Down 13.8 %

The business has a 50-day moving average price of $13.54 and a two-hundred day moving average price of $15.72. The stock has a market capitalization of $6.02 billion, a P/E ratio of -11.48 and a beta of 0.77. The company has a current ratio of 4.85, a quick ratio of 4.85 and a debt-to-equity ratio of 1.23.

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 analysts’ consensus estimates of $0.19 by ($0.91). The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.24 billion. Icahn Enterprises had a negative net margin of 4.97% and a negative return on equity of 8.62%. During the same quarter in the previous year, the company posted ($0.72) earnings per share. On average, analysts expect that Icahn Enterprises L.P. will post -0.42 EPS for the current fiscal year.

Icahn Enterprises Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Monday, August 19th were given a dividend of $1.00 per share. The ex-dividend date was 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 -347.83%.

Hedge Funds Weigh In On Icahn Enterprises

A number of institutional investors have recently modified their holdings of IEP. Wealth Enhancement Advisory Services LLC acquired a new position in Icahn Enterprises in the 3rd quarter worth about $164,000. PSI Advisors LLC increased its holdings in Icahn Enterprises by 4.8% in the 3rd quarter. PSI Advisors LLC now owns 31,510 shares of the conglomerate’s stock worth $426,000 after purchasing an additional 1,455 shares in the last quarter. Tempus Wealth Planning LLC acquired a new position in Icahn Enterprises in the 3rd quarter worth about $418,000. Griffin Asset Management Inc. increased its holdings in Icahn Enterprises by 7.8% in the 3rd quarter. Griffin Asset Management Inc. now owns 39,970 shares of the conglomerate’s stock worth $540,000 after purchasing an additional 2,887 shares in the last quarter. Finally, Valeo Financial Advisors LLC acquired a new position in Icahn Enterprises in the 3rd quarter worth about $203,000. Institutional investors and hedge funds own 87.09% of the company’s stock.

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.