Icahn Enterprises (NASDAQ:IEP) Shares Gap Down – Here’s Why

Icahn Enterprises L.P. (NASDAQ:IEP) shares gapped down prior to trading on Monday . The stock had previously closed at $12.48, but opened at $11.81. Icahn Enterprises shares last traded at $11.80, with a volume of 225,000 shares.

Icahn Enterprises Stock Down 7.4 %

The firm has a market cap of $5.83 billion, a P/E ratio of -10.58 and a beta of 0.78. The firm’s 50-day moving average price is $13.25 and its 200 day moving average price is $15.27. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.61 and a quick ratio of 4.85.

Icahn Enterprises Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Monday, November 18th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 17.30%. The ex-dividend date of this dividend is Monday, November 18th. Icahn Enterprises’s dividend payout ratio is presently -366.97%.

Institutional Investors Weigh In On Icahn Enterprises

Several institutional investors and hedge funds have recently made changes to their positions in IEP. Crew Capital Management Ltd. acquired a new stake in shares of Icahn Enterprises during the second quarter worth $628,000. Tempus Wealth Planning LLC acquired a new stake in shares of Icahn Enterprises in the 3rd quarter worth approximately $418,000. Meridian Wealth Management LLC bought a new position in shares of Icahn Enterprises in the third quarter valued at approximately $272,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Icahn Enterprises during the first quarter valued at approximately $296,000. Finally, Valeo Financial Advisors LLC bought a new stake in Icahn Enterprises during the third quarter worth approximately $203,000. 87.09% of the stock is owned by institutional investors and hedge funds.

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.