Icahn Enterprises (NASDAQ:IEP) Sees Strong Trading Volume

Icahn Enterprises L.P. (NASDAQ:IEP) shares saw unusually-high trading volume on Wednesday . Approximately 350,690 shares were traded during mid-day trading, a decline of 48% from the previous session’s volume of 673,624 shares.The stock last traded at $16.31 and had previously closed at $16.74.

Analyst Ratings Changes

Separately, StockNews.com cut Icahn Enterprises from a “buy” rating to a “hold” rating in a research note on Thursday, May 9th.

Icahn Enterprises Trading Down 4.1 %

The stock has a market cap of $7.25 billion, a P/E ratio of -14.56 and a beta of 0.80. The firm’s 50 day simple moving average is $16.73 and its two-hundred day simple moving average is $17.54. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.17.

Icahn Enterprises (NASDAQ:IEP) last posted its earnings results on Wednesday, May 8th. The conglomerate reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.25 by ($0.34). The company had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.79 billion. Icahn Enterprises had a negative net margin of 4.30% and a negative return on equity of 7.04%. As a group, equities research analysts predict that Icahn Enterprises L.P. will post 0.53 earnings per share for the current fiscal year.

Institutional Trading of Icahn Enterprises

Several hedge funds have recently bought and sold shares of the company. Spire Wealth Management boosted its position in shares of Icahn Enterprises by 100.0% during the first quarter. Spire Wealth Management now owns 2,000 shares of the conglomerate’s stock worth $34,000 after buying an additional 1,000 shares during the period. Parallel Advisors LLC increased its holdings in shares of Icahn Enterprises by 133.0% during the fourth quarter. Parallel Advisors LLC now owns 2,006 shares of the conglomerate’s stock valued at $34,000 after purchasing an additional 1,145 shares during the period. Pacific Capital Wealth Advisors Inc. bought a new stake in shares of Icahn Enterprises during the fourth quarter valued at about $86,000. Newbridge Financial Services Group Inc. lifted its holdings in Icahn Enterprises by 35.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 8,579 shares of the conglomerate’s stock worth $147,000 after purchasing an additional 2,227 shares during the period. Finally, Vima LLC bought a new position in Icahn Enterprises in the 4th quarter valued at about $167,000. 87.09% of the stock is currently owned by institutional investors.

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.