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

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

Icahn Enterprises Stock Performance

The stock has a market cap of $5.69 billion, a price-to-earnings ratio of -10.48 and a beta of 0.78. The stock’s 50 day moving average is $13.29 and its two-hundred day moving average is $15.23. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 1.34.

Icahn Enterprises Cuts Dividend

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

Hedge Funds Weigh In On Icahn Enterprises

Several hedge funds have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Icahn Enterprises in the first quarter worth approximately $296,000. Western Wealth Management LLC lifted its position in Icahn Enterprises by 10.5% during the second quarter. Western Wealth Management LLC now owns 38,514 shares of the conglomerate’s stock valued at $635,000 after buying an additional 3,650 shares in the last quarter. Griffin Asset Management Inc. lifted its position in Icahn Enterprises by 10.3% during the second quarter. Griffin Asset Management Inc. now owns 37,083 shares of the conglomerate’s stock valued at $611,000 after buying an additional 3,473 shares in the last quarter. PSI Advisors LLC lifted its position in Icahn Enterprises by 3.4% during the second quarter. PSI Advisors LLC now owns 30,055 shares of the conglomerate’s stock valued at $495,000 after buying an additional 990 shares in the last quarter. Finally, Crew Capital Management Ltd. acquired a new position in Icahn Enterprises during the second quarter valued at approximately $628,000. 87.09% of the stock is currently 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.