Icahn Enterprises (IEP) Bonds Drop 1.3% During Trading

An issue of Icahn Enterprises LP (NASDAQ:IEP) debt fell 1.3% against its face value during trading on Wednesday. The high-yield debt issue has a 6.375% coupon and is set to mature on December 15, 2025. The debt is now trading at $102.50 and was trading at $101.43 last week. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.

Separately, BidaskClub raised shares of Icahn Enterprises from a “sell” rating to a “hold” rating in a research note on Thursday, January 10th.

IEP stock traded up $0.21 during midday trading on Wednesday, reaching $69.70. The company had a trading volume of 73,800 shares, compared to its average volume of 89,708. The company has a debt-to-equity ratio of 0.64, a current ratio of 5.84 and a quick ratio of 5.84. Icahn Enterprises LP has a 1 year low of $50.33 and a 1 year high of $81.88. The stock has a market cap of $12.94 billion, a PE ratio of 20.75 and a beta of 1.51.

Icahn Enterprises (NASDAQ:IEP) last announced its quarterly earnings data on Thursday, November 8th. The conglomerate reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.91 by ($1.07). Icahn Enterprises had a net margin of 5.29% and a return on equity of 4.76%. The business had revenue of $2.69 billion during the quarter.

Hedge funds have recently made changes to their positions in the stock. Signet Investment Advisory Group Inc. purchased a new stake in Icahn Enterprises during the 4th quarter valued at about $28,000. Westside Investment Management Inc. purchased a new stake in Icahn Enterprises during the 4th quarter valued at about $57,000. Tower Research Capital LLC TRC grew its position in Icahn Enterprises by 741.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 1,725 shares of the conglomerate’s stock valued at $100,000 after purchasing an additional 1,520 shares during the last quarter. Lee Financial Co purchased a new stake in shares of Icahn Enterprises during the 3rd quarter valued at about $151,000. Finally, Belpointe Asset Management LLC purchased a new stake in shares of Icahn Enterprises during the 3rd quarter valued at about $170,000. 96.76% of the stock is currently owned by institutional investors.

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About Icahn Enterprises (NASDAQ:IEP)

Icahn Enterprises L.P., through its subsidiaries, operates in investment, automotive, energy, railcar, gaming, metals, mining, food packaging, real estate, and home fashion businesses in the United States, Germany, and Internationally. Its Investment segment operates various private investment funds.

Further Reading: How Do You Calculate Return on Equity (ROE)?

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