Summit Securities Group LLC Reduces Holdings in Icahn Enterprises L.P. (NASDAQ:IEP)

Summit Securities Group LLC lowered its stake in Icahn Enterprises L.P. (NASDAQ:IEP) by 52.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,581 shares of the conglomerate’s stock after selling 3,961 shares during the quarter. Summit Securities Group LLC’s holdings in Icahn Enterprises were worth $31,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of IEP. Geode Capital Management LLC lifted its position in shares of Icahn Enterprises by 3.1% in the third quarter. Geode Capital Management LLC now owns 408,157 shares of the conglomerate’s stock valued at $5,518,000 after acquiring an additional 12,421 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Icahn Enterprises in the 4th quarter valued at about $969,000. Virtu Financial LLC purchased a new position in Icahn Enterprises in the 4th quarter valued at about $856,000. Axxcess Wealth Management LLC acquired a new stake in shares of Icahn Enterprises during the 4th quarter worth about $447,000. Finally, Moors & Cabot Inc. grew its holdings in shares of Icahn Enterprises by 8.1% during the fourth quarter. Moors & Cabot Inc. now owns 48,355 shares of the conglomerate’s stock worth $419,000 after buying an additional 3,642 shares in the last quarter. Institutional investors and hedge funds own 87.09% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Icahn Enterprises from a “sell” rating to a “hold” rating in a research report on Wednesday, March 26th.

Icahn Enterprises Price Performance

Shares of NASDAQ:IEP opened at $9.21 on Monday. The company has a market cap of $4.81 billion, a P/E ratio of -8.45 and a beta of 0.85. The business has a fifty day simple moving average of $9.74 and a 200-day simple moving average of $11.03. Icahn Enterprises L.P. has a 52 week low of $8.53 and a 52 week high of $19.10. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 1.34.

Icahn Enterprises (NASDAQ:IEP) last posted its quarterly earnings results on Wednesday, February 26th. The conglomerate reported ($0.19) EPS for the quarter, missing the consensus estimate of $0.17 by ($0.36). The business had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.27 billion. Icahn Enterprises had a negative net margin of 4.79% and a negative return on equity of 8.82%. Equities research analysts forecast that Icahn Enterprises L.P. will post -0.55 EPS for the current year.

Icahn Enterprises Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 16th. Shareholders of record on Monday, March 10th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 21.72%. The ex-dividend date is Monday, March 10th. Icahn Enterprises’s dividend payout ratio is currently -210.53%.

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.