Icahn Enterprises (NASDAQ:IEP) Lowered to “Sell” at BidaskClub

BidaskClub lowered shares of Icahn Enterprises (NASDAQ:IEP) from a hold rating to a sell rating in a research note released on Thursday morning, BidAskClub reports.

Separately, UBS Group cut their price objective on Icahn Enterprises from $56.00 to $55.00 and set a sell rating for the company in a research note on Thursday, August 29th.

Shares of NASDAQ IEP traded up $0.28 during midday trading on Thursday, hitting $67.88. 147,724 shares of the company’s stock traded hands, compared to its average volume of 81,794. Icahn Enterprises has a 1 year low of $50.33 and a 1 year high of $79.37. The company has a debt-to-equity ratio of 0.76, a current ratio of 6.54 and a quick ratio of 6.54. The firm has a fifty day moving average of $71.04 and a 200 day moving average of $72.39.

Icahn Enterprises (NASDAQ:IEP) last released its quarterly earnings results on Tuesday, August 6th. The conglomerate reported ($2.37) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by ($2.69). Icahn Enterprises had a net margin of 1.86% and a negative return on equity of 10.95%. The business had revenue of $2.20 billion for the quarter.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Tuesday, August 13th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Monday, August 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 11.79%.

Several large investors have recently made changes to their positions in the stock. OLD Second National Bank of Aurora boosted its stake in Icahn Enterprises by 92.3% in the 2nd quarter. OLD Second National Bank of Aurora now owns 702 shares of the conglomerate’s stock worth $51,000 after purchasing an additional 337 shares during the period. Bremer Bank National Association bought a new position in Icahn Enterprises in the 1st quarter worth approximately $58,000. Meridian Wealth Management LLC bought a new position in Icahn Enterprises in the 1st quarter worth approximately $69,000. US Bancorp DE boosted its stake in Icahn Enterprises by 26.2% in the 2nd quarter. US Bancorp DE now owns 1,003 shares of the conglomerate’s stock worth $73,000 after purchasing an additional 208 shares during the period. Finally, BlackRock Inc. bought a new position in Icahn Enterprises in the 2nd quarter worth approximately $81,000. Institutional investors own 96.84% of the company’s stock.

About Icahn Enterprises

Icahn Enterprises L.P., through its subsidiaries, operates in investment, energy, automotive, food packaging, metals, real estate, home fashion, and mining businesses in the United States and Internationally. Its Investment segment operates various private investment funds. The company's Automotive segment is involved in the retail and wholesale distribution of automotive parts in the aftermarket, as well as offers automotive repair and maintenance services.

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