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 $9.53, but opened at $9.31. Icahn Enterprises shares last traded at $9.31, with a volume of 218,604 shares trading hands.

Icahn Enterprises Price Performance

The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 1.34. The stock has a market cap of $4.65 billion, a price-to-earnings ratio of -8.47 and a beta of 0.76. The company has a 50 day simple moving average of $11.94 and a 200-day simple moving average of $14.01.

Icahn Enterprises Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Monday, November 18th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $2.00 annualized dividend and a yield of 21.67%. Icahn Enterprises’s dividend payout ratio (DPR) is presently -183.49%.

Hedge Funds Weigh In On Icahn Enterprises

Several hedge funds have recently modified their holdings of IEP. Wilmington Savings Fund Society FSB bought a new stake in shares of Icahn Enterprises during the 3rd quarter worth approximately $30,000. Planning Capital Management Corp bought a new stake in Icahn Enterprises during the third quarter worth $34,000. Northwestern Mutual Wealth Management Co. lifted its stake in Icahn Enterprises by 61.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,845 shares of the conglomerate’s stock valued at $47,000 after acquiring an additional 1,083 shares during the last quarter. Barclays PLC grew its position in shares of Icahn Enterprises by 24.3% in the 3rd quarter. Barclays PLC now owns 7,307 shares of the conglomerate’s stock valued at $100,000 after acquiring an additional 1,427 shares during the period. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Icahn Enterprises during the 3rd quarter worth about $164,000. 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.