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

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

Icahn Enterprises Trading Up 0.8%

Icahn Enterprises stock opened at $9.75 on Friday. The company’s fifty day simple moving average is $8.86 and its 200-day simple moving average is $9.79. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 1.34. Icahn Enterprises has a 12 month low of $7.27 and a 12 month high of $17.93. The stock has a market cap of $5.32 billion, a P/E ratio of -8.94 and a beta of 0.79.

Icahn Enterprises (NASDAQ:IEP) last posted its quarterly earnings results on Wednesday, May 7th. The conglomerate reported ($0.79) EPS for the quarter, missing the consensus estimate of $0.19 by ($0.98). Icahn Enterprises had a negative net margin of 4.79% and a negative return on equity of 8.82%. The company had revenue of $2 billion for the quarter, compared to analysts’ expectations of $2.63 billion. As a group, sell-side analysts forecast that Icahn Enterprises will post -0.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Icahn Enterprises

Several institutional investors and hedge funds have recently modified their holdings of IEP. Mpwm Advisory Solutions LLC bought a new stake in Icahn Enterprises in the fourth quarter worth $37,000. Spire Wealth Management boosted its holdings in Icahn Enterprises by 57.1% in the first quarter. Spire Wealth Management now owns 5,500 shares of the conglomerate’s stock worth $50,000 after purchasing an additional 2,000 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in Icahn Enterprises by 18.1% in the fourth quarter. Global Retirement Partners LLC now owns 7,122 shares of the conglomerate’s stock worth $62,000 after purchasing an additional 1,089 shares in the last quarter. Barclays PLC boosted its holdings in Icahn Enterprises by 24.3% in the third quarter. Barclays PLC now owns 7,307 shares of the conglomerate’s stock worth $100,000 after purchasing an additional 1,427 shares in the last quarter. Finally, Caz Investments LP bought a new stake in Icahn Enterprises in the fourth quarter worth $87,000. 87.09% of the stock is currently owned by hedge funds and other 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.