Icahn Enterprises (NASDAQ:IEP) Stock Rating Upgraded by StockNews.com

Icahn Enterprises (NASDAQ:IEP) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a report released on Saturday.

Icahn Enterprises Stock Up 0.8%

Shares of Icahn Enterprises stock opened at $9.75 on Friday. Icahn Enterprises has a twelve month low of $7.27 and a twelve month high of $17.93. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of -8.94 and a beta of 0.79. 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 business’s 50 day simple moving average is $8.86 and its 200-day simple moving average is $9.75.

Icahn Enterprises (NASDAQ:IEP) last released its quarterly earnings data on Wednesday, May 7th. The conglomerate reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.98). The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $2.63 billion. Icahn Enterprises had a negative return on equity of 8.82% and a negative net margin of 4.79%. Equities research analysts forecast that Icahn Enterprises will post -0.55 earnings per share for the current year.

Hedge Funds Weigh In On Icahn Enterprises

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IEP. Icahn Carl C lifted its stake in shares of Icahn Enterprises by 4.1% in the 4th quarter. Icahn Carl C now owns 450,788,170 shares of the conglomerate’s stock valued at $3,908,333,000 after purchasing an additional 17,581,237 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Icahn Enterprises by 26.2% in the fourth quarter. First Trust Advisors LP now owns 660,077 shares of the conglomerate’s stock worth $5,723,000 after buying an additional 137,012 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Icahn Enterprises during the 4th quarter worth $969,000. Virtu Financial LLC acquired a new position in Icahn Enterprises during the 4th quarter worth $856,000. Finally, Janney Montgomery Scott LLC boosted its stake in Icahn Enterprises by 164.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 52,759 shares of the conglomerate’s stock valued at $478,000 after purchasing an additional 32,772 shares during the period. Institutional investors own 87.09% of the company’s stock.

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.