Icahn Enterprises (NASDAQ:IEP) Stock Price Down 5.5% – Here’s Why

Icahn Enterprises L.P. (NASDAQ:IEP)’s share price was down 5.5% during mid-day trading on Tuesday . The stock traded as low as $11.37 and last traded at $11.42. Approximately 348,904 shares changed hands during trading, a decline of 61% from the average daily volume of 889,302 shares. The stock had previously closed at $12.09.

Icahn Enterprises Trading Down 2.6 %

The firm has a market capitalization of $5.55 billion, a PE ratio of -10.11 and a beta of 0.78. The company’s 50-day moving average price is $13.33 and its 200-day moving average price is $15.16. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.61 and a current ratio of 4.61.

Icahn Enterprises Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 26th. Stockholders of record on Monday, November 18th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 18.15%. Icahn Enterprises’s dividend payout ratio (DPR) is -183.49%.

Institutional Trading of Icahn Enterprises

A number of institutional investors have recently added to or reduced their stakes in the stock. Prime Capital Investment Advisors LLC boosted its holdings in Icahn Enterprises by 6.4% during the third quarter. Prime Capital Investment Advisors LLC now owns 14,203 shares of the conglomerate’s stock worth $192,000 after buying an additional 855 shares in the last quarter. PSI Advisors LLC boosted its holdings in Icahn Enterprises by 3.4% during the second quarter. PSI Advisors LLC now owns 30,055 shares of the conglomerate’s stock worth $495,000 after buying an additional 990 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Icahn Enterprises by 61.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,845 shares of the conglomerate’s stock worth $47,000 after buying an additional 1,083 shares in the last quarter. Barclays PLC boosted its holdings in Icahn Enterprises by 24.3% during the third quarter. Barclays PLC now owns 7,307 shares of the conglomerate’s stock worth $100,000 after buying an additional 1,427 shares in the last quarter. Finally, United Advisor Group LLC boosted its holdings in Icahn Enterprises by 7.7% during the third quarter. United Advisor Group LLC now owns 28,930 shares of the conglomerate’s stock worth $391,000 after buying an additional 2,079 shares in the last quarter. Hedge funds and other institutional investors 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.