A.B. Krongard, a director at Icahn Enterprises (IEP), recently started a stake at the company. The initial stake was a buy of 16,723 shares. That total purchase price came to just over $836,000.
This is the second insider buy of 2020, following Director Brett Icahn picking up shares from chairman of the board Carl Icahn. Aside from that transfer, insiders at the company have been buyers of shares going back the past three years.
An industrial conglomerate, Icahn Enterprises owns a variety of businesses in energy, automotive, food packaging, metals, and real estate, among others. Despite a recent rally in shares, the stock is still down 16 percent over the past year. Profitability and revenues are also off, thanks to major declines in the energy space.
- This Industry is Exploding Faster Than It Has in 15 Years
1,700 people are moving to Central Florida every week.
And the numbers are only increasing as more and more people are banking the end of the pandemic drawing near.
And one company, which just received critical approval to list on a prestigious public exchange, could be on the verge of going on a huge run.
Action to take: With the energy space recovering, chances are shares will continue rebounding as well. That makes the recent insider buy worthwhile. Investors may like shares here, as the company is structured as a partnership, and therefore required to pay out a sizable dividend. The current yield is 15.6 percent.
For traders, the March 2021 $50 calls are slightly in-the-money. Trading with a bid/ask spread near $3.40, the options offer high double to low triple-digit returns if the current uptrend continues.