Icahn Enterprises (NASDAQ:IEP) Stock Price Down 5.5% – Time to Sell?

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

Icahn Enterprises Trading Down 6.6 %

The company has a debt-to-equity ratio of 1.34, a current ratio of 4.61 and a quick ratio of 4.61. The company’s fifty day moving average is $13.29 and its 200-day moving average is $15.23. The stock has a market cap of $5.69 billion, a PE ratio of -10.48 and a beta of 0.78.

Icahn Enterprises Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 26th. Stockholders of record on Monday, November 18th will be given a $0.50 dividend. The ex-dividend date is Monday, November 18th. This represents a $2.00 annualized dividend and a dividend yield of 17.71%. Icahn Enterprises’s dividend payout ratio (DPR) is -366.97%.

Hedge Funds Weigh In On Icahn Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the business. Planning Capital Management Corp purchased a new position in Icahn Enterprises during the third quarter worth about $34,000. Northwestern Mutual Wealth Management Co. grew its holdings in Icahn Enterprises by 61.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,845 shares of the conglomerate’s stock worth $47,000 after acquiring an additional 1,083 shares in the last quarter. Barclays PLC grew its holdings in Icahn Enterprises by 24.3% during the 3rd quarter. Barclays PLC now owns 7,307 shares of the conglomerate’s stock worth $100,000 after acquiring an additional 1,427 shares in the last quarter. KPP Advisory Services LLC acquired a new position in Icahn Enterprises during the 2nd quarter worth approximately $187,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in Icahn Enterprises during the 3rd quarter worth approximately $164,000. 87.09% of the stock is owned by hedge funds and other institutional investors.

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.