Icahn Enterprises (IEP) Bonds Trading 1% Lower

An issue of Icahn Enterprises LP (NASDAQ:IEP) bonds fell 1% as a percentage of their face value during trading on Thursday. The debt issue has a 6.75% coupon and will mature on February 1, 2024. The debt is now trading at $102.00 and was trading at $102.72 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its share price.

IEP has been the topic of several analyst reports. ValuEngine lowered Icahn Enterprises from a “hold” rating to a “sell” rating in a report on Tuesday, November 14th. BidaskClub upgraded shares of Icahn Enterprises from a “hold” rating to a “buy” rating in a report on Thursday, October 19th. Finally, UBS boosted their price objective on shares of Icahn Enterprises from $39.00 to $42.00 and gave the company a “sell” rating in a report on Wednesday, November 8th. Three research analysts have rated the stock with a sell rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $51.50.

Shares of Icahn Enterprises LP (IEP) traded up $0.56 during trading hours on Thursday, reaching $52.56. 156,347 shares of the company’s stock were exchanged, compared to its average volume of 92,096. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.76 and a quick ratio of 2.76. The stock has a market capitalization of $8,670.59, a price-to-earnings ratio of 4.42 and a beta of 1.73. Icahn Enterprises LP has a one year low of $47.06 and a one year high of $64.37.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 20th. Shareholders of record on Monday, November 13th were paid a dividend of $1.50 per share. The ex-dividend date was Friday, November 10th. This represents a $6.00 dividend on an annualized basis and a yield of 11.42%. Icahn Enterprises’s dividend payout ratio (DPR) is presently 13.04%.

Institutional investors have recently made changes to their positions in the company. Ffcm LLC acquired a new position in shares of Icahn Enterprises during the second quarter worth about $112,000. Global X Management Co. LLC grew its position in shares of Icahn Enterprises by 4.2% during the second quarter. Global X Management Co. LLC now owns 2,420 shares of the conglomerate’s stock worth $125,000 after buying an additional 97 shares in the last quarter. Moloney Securities Asset Management LLC acquired a new position in shares of Icahn Enterprises during the third quarter worth about $202,000. Virtu KCG Holdings LLC acquired a new position in shares of Icahn Enterprises during the second quarter worth about $221,000. Finally, The Manufacturers Life Insurance Company grew its position in shares of Icahn Enterprises by 10.0% during the second quarter. The Manufacturers Life Insurance Company now owns 4,738 shares of the conglomerate’s stock worth $244,000 after buying an additional 431 shares in the last quarter. 97.46% of the stock is owned by institutional investors and hedge funds.

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About Icahn Enterprises

Icahn Enterprises L.P. (Icahn Enterprises) is a holding company. The Company’s segments include Automotive, Energy, Metals, Railcar, Gaming, Food Packaging, Mining, Real Estate and Home Fashion. The Company’s Investment segment includes various private investment funds. The Company operates its Automotive segment through its ownership in Federal-Mogul Holdings Corporation and IEH Auto Parts Holding LLC.

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