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All 12 Carl Icahn Stocks Now | Current 2024 Holdings List


Updated on May 20th, 2024 by Nikolaos Sismanis

To invest in great businesses, you have to find them first. Carl Icahn is an expert at this, with an equity investment portfolio worth more than $11.9 billion as of the end of the 2024 first quarter.

Carl Icahn’s portfolio is filled with quality stocks. You can ‘cheat’ from Carl Icahn stocks to find picks for your portfolio. That’s because institutional investors are required to periodically show their holdings in a 13F filing.

You can see all 12 Carl Icahn stocks (along with relevant financial metrics like dividend yields and price-to-earnings ratios) by clicking on the link below:

 

Click here to instantly download your free spreadsheet of all Carl Icahn stocks now, along with important investing metrics.

Notes: 13F filing performance is different than fund performance. See how we calculate 13F filing performance here.

This article analyzes Carl Icahn’s 12 stocks based on the information disclosed in his Q1 2024 13F filing.

Table of Contents

You can skip to a specific section with the table of contents below. Stocks are listed by percentage of the total portfolio, from highest to lowest.

Carl Icahn & Dividend Stocks

Carl Icahn has grown his wealth by investing in and acquiring businesses with strong competitive advantages, trading at fair or better prices.

Most investors know Carl Icahn looks for attractive stocks, but few know the degree to which he invests in dividend stocks:

Keep reading this article to see Carl Icahn’s 12 stock selections analyzed in greater detail.

#1: Icahn Enterprises L.P. (IEP)

Dividend Yield: 23.8%
Percent of Carl Icahn’s Portfolio: 61.9%

Icahn Enterprises L.P. is a diversified holding company founded and chaired by billionaire investor Carl Icahn.

Icahn Enterprises typically takes significant stakes in companies and often seeks to influence their management and strategic direction to unlock shareholder value. Carl Icahn is well-known for his activist investing approach, where he actively engages with the management of companies he invests in, advocating for changes to improve profitability and shareholder returns.

The company’s portfolio includes investments in companies such as CVR Energy, amongst others. Icahn Enterprises also has an interest in real estate through its subsidiary, Icahn Enterprises Real Estate LP.

Source: Investor Presentation

Carl Icahn owns 100% of Icahn Enterprises GP, the general partner of Icahn Enterprises and Icahn Enterprises Holdings, and approximately 90% of Icahn Enterprises’ outstanding shares.

On August 4th, 2023, Icahn Enterprises slashed its distribution by 50% to a quarterly rate of $1.00.

On May 8th, 2024, the partnership reported its Q1 results for the period ending March 31st, 2024. For the quarter, revenues came in at $2.5 billion, 5.3% lower year-over-year, while the loss per unit was $0.09, versus a loss per unit of $0.75 in Q1-2023. Lower revenues were due to Icahn’s investments recording weaker results compared to last year.

The company employs a complex accounting method by realizing revenues through its investment funds, not its subsidiaries’ actual sales. Consequently, the company posts net losses in operating activities and only profits from its “investment activities” segment of its cash flows. The partnership does not specifically report investment income per share.

The partnership’s recent distribution cuts may have proven Hindenburg’s earlier short report, which argued that the stock is trading at an “inflated” valuation against NAV, to be right.

Click here to download our most recent Sure Analysis report on IEP (preview of page 1 of 3 shown below):

#2: CVR Energy Inc. (CVI)

Dividend Yield: 6.8%
Percent of Carl Icahn’s Portfolio: 17.8%

CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing businesses, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 37% of the common units of CVR Partners.

Source: Investor Presentation

First quarter 2024 EBITDA was $203 million, compared to first quarter 2023 EBITDA of $401 million. Adjusted EBITDA for the first quarter of 2024 was $99 million, compared to Adjusted EBITDA of $334 million in the first quarter of 2023.

Adjusted earnings for the first quarter of 2024 was 4 cents per diluted share compared to adjusted earnings of $1.44 per diluted share in the first quarter of 2023.

Overall, CVR Partners posted solid operating results in Q1 driven by higher ammonia sales volumes attributable to favorable weather conditions, steady nitrogen fertilizer demand for the spring pre-planting season, and improved nitrogen fertilizer pricing.

#3: Southwest Gas Holdings (SWX)

Dividend Yield:  3.2%
Percent of Carl Icahn’s Portfolio: 7.8%

Southwest Gas Holdings Inc. is a holding company that operates in two business segments: Natural Gas Operations and Utility Infrastructure Services. The Natural Gas business, Southwest Gas Corp., purchases, distributes, and transports natural gas in Arizona, California, and Nevada and serves over 2 million customers.

The corporation also owns and operates an interstate pipeline through its subsidiary, Paiute Pipeline Company. Paiute also runs a peak-shaving LNG storage facility. The Utility business, Centuri Group Inc., delivers a multitude of energy solutions to North America’s gas and electric providers. Centuri operates across the U.S. and Canada.

Source: Investor Presentation

On February 14th, 2023, SouthWest completed the sale of MountainWest and used the proceeds to reduce debt. Furthermore, in April 2024, Southwest Gas completed the IPO of Centuri, now CTRI on the NYSE, and received net proceeds of $329 million. Southwest continues to own 81% of CTRI. Southwest may sell the remaining shares or distribute them to SWX shareholders with its remaining stake.

In January 2024, Bill Fehrman joined Centuri as President and CEO. Bill previously worked as President and CEO of Berkshire Hathaway Energy.

Southwest Gas Holdings reported first quarter 2024 results on May 8 th, 2024, for the period ending March 31st, 2024. SWX reported diluted earnings per share of $1.22 for Q1 compared to $0.67 per share in the year-ago quarter. Adjusted EPS declined by 23% to $1.37 from $1.77 a year ago.

Leadership reaffirmed its 2024 guidance, seeing full-year net income of $228 million to $238 million and $830 million of capex. Between 2024 and 2026, Southwest expects annual adjusted net income growth of 10% to 12%, capex of $2.4 billion, and annual utility rate base growth of 6.5% to 7.5%.

Click here to download our most recent Sure Analysis report on SWX (preview of page 1 of 3 shown below):

#4: International Flavors & Fragrances Inc. (IFF)

Dividend Yield: 1.6%
Percent of Carl Icahn’s Portfolio: 3.3%

International Flavors & Fragrances Inc. is a global manufacturer and seller of flavors and fragrances. The company has made two large acquisitions, Frutarom (2018) and DuPont Nutrition and Biosciences, in a short period. IFF now reports four segments: Nourish (~53% of revenue), Health & Biosciences (~17% of revenue), Scent (~23% of revenue), and Pharma Solutions (~7% of revenue).

The company sells flavors, scents, fragrances, enzymes & cultures, and binders & polymers globally for cosmetics, detergents, soaps, perfumes, prepared foods, beverages, dairy, pharmaceuticals, confectioners, and more. In 2023, revenue was $11.5B pro forma.

Source: Investor Presentation

The company poted a decent Q1-2024, though total revenues did decline by 4.3% year-0ver-year to $2.9 billion. Let’s look at each of the company’s segments on an individual basis.

In the Nourish segment, first-quarter sales reached $1.50 billion, showing a 3% increase in currency-neutral sales, mainly driven by strong growth in Flavors but partially offset by weakness in Functional Ingredients. Despite a low-single-digit decline compared to the previous year, Functional Ingredients saw sequential improvement and returned to volume growth. Adjusted operating EBITDA stood at $216 million with a margin of 14.4%, showing a 13% increase on a comparable basis, driven by volume growth and productivity gains.

The Health & Biosciences segment reported first-quarter sales of $531 million, marking a 6% increase in currency-neutral sales, primarily fueled by growth in Cultures & Food Enzymes, Grain Processing, Home & Personal Care, and Animal Nutrition. Adjusted operating EBITDA was $159 million with a margin of 29.9%, showing a 21% improvement on a comparable basis, led by volume growth and productivity gains.

In the Scent segment, first-quarter sales reached $645 million, showing a notable 16% increase in currency-neutral sales. This was led by strong double-digit growth in Consumer Fragrance and a mid-single-digit increase in Fine Fragrance, with contributions from both volume and price.

Adjusted operating EBITDA stood at $157 million with a margin of 24.3%, showing a substantial 55% increase on a comparable basis, primarily driven by volume growth and productivity gains.

The Pharma Solutions segment reported first-quarter sales of $227 million, showing an 11% decrease in currency-neutral sales primarily due to temporary customer destocking.

Adjusted operating EBITDA was $46 million with a margin of 20.3%, showing a 22% decline on a comparable basis, primarily due to lower volumes outweighing productivity gains.

Click here to download our most recent Sure Analysis report on IFF (preview of page 1 of 3 shown below):

#5: Bausch Health Companies (BHC)

Bausch Health Companies was formerly known as Valeant Pharmaceuticals and changed its name to Bausch Health Companies Inc. in July 2018. Bausch Health manufactures and markets a range of pharmaceutical, medical device, and over-the-counter (OTC) products, primarily in the therapeutic areas of eye health, gastroenterology, and dermatology.

The company operates through five segments: Salix, International, Solta Medical, Diversified Products, and Bausch + Lomb. The Salix segment provides gastroenterology products in the U.S., while the International segment offers Solta products, branded and generic pharmaceutical products, OTC products, medical device products, and Bausch + Lomb products in Canada, Europe, Asia, Latin America, Africa, and the Middle East.

The Solta Medical segment offers medical devices. The Diversified Products segment offers pharmaceutical products in the areas of neurology and other therapeutic classes, as well as generic, dermatological, and dentistry products in the United States.

Lastly, the Bausch + Lomb segment offers products with a focus on vision care and surgical and ophthalmic pharmaceutical products.

#6: Dana Inc. (DAN)

Dividend Yield: 2.9%
Percent of Carl Icahn’s Portfolio: 1.9%

Dana Incorporated provides power-conveyance and energy-management solutions for vehicles and machinery in North America, Europe, South America, and the Asia Pacific. It operates in four segments: Light Vehicle Drive Systems, Commercial Vehicle Drive and Motion Systems, Off-Highway Drive and Motion Systems, and Power Technologies.

Dana posted Adjusted EBITDA for the first quarter of 2024 was $223 million, compared with $204 million for the same period in 2023. Company-wide efficiency improvements continue to offset the margin impact of inflation and spending on development for electric vehicle products.

Source: Investor Presentation

Net income attributable to Dana was $3 million, or $0.02 per share, compared with $28 million, or $0.19 per share, in the first quarter of 2023.

During the first quarter of 2024, Dana entered into a definitive agreement to sell its European Off-Highway non-core hydraulics business for approximately $40 million. This business is classified as held for sale, and a $29 million loss was recognized to adjust the carrying value of net assets to fair value, less estimated costs to sell.

#7: Conduent Inc. (CNDT)

Dividend Yield: N/A (Conduent does not currently pay a quarterly dividend)
Percent of Carl Icahn’s Portfolio: 1.9%

Conduent Inc. is a business process services and solutions company headquartered in Florham Park, New Jersey, USA. Established in 2017 as a spin-off from Xerox Corporation, Conduent specializes in providing a diverse range of services, including business process outsourcing, digital platforms, and technology solutions.

With a focus on industries such as healthcare, transportation, government, and financial services, the company offers services such as transaction processing, customer experience management, and automation. Conduent plays a crucial role in facilitating efficient business operations and digital interactions for its clients across various sectors.

Adjusted revenue for Q4 was $953 million, and $3.7 billion for the full year. Adjusted EBITDA was $103 million and $378 million for Q4 and full year, respectively, and the company’s adjusted EBITDA margin was 10.8% and 10.2%, respectively.

Management projects that 2024 is going to be difficult. They also expect that there will be a lot of divestiture activity.

8: American Electric Power Company, Inc. (AEP)

Dividend Yield: 3.8%
Percent of Carl Icahn’s Portfolio: 1.0%

American Electric Power Company, Inc. (AEP) holds a significant position within the expansive landscape of the U.S. energy sector. As one of the foremost electric utility companies, AEP extends its services across 11 states, impacting the lives and businesses of millions.

Operating comprehensively in the electricity supply chain, AEP is involved in the generation, transmission, and distribution of power. The company’s diversified portfolio encompasses coal, natural gas, renewables, and nuclear power, reflecting adaptability to evolving energy dynamics.

Notably, AEP has strategically prioritized sustainability, which is evident in its investments in renewable energy projects such as wind and solar.

American Electric Power released its first-quarter 2024 earnings, reporting GAAP earnings of $1 billion or $1.91 per share, compared to $397 million or $0.77 per share in the first quarter of 2023.

Operating earnings for the same period were $670 million or $1.27 per share, up from $572 million or $1.11 per share in the first quarter of 2023. Operating earnings, a non-GAAP measure, exclude special items, with the variance between GAAP and operating earnings largely attributed to an adjustment for transitioning to a standalone rate making for deferred taxes.

Ben Fowke, interim CEO and president, emphasized AEP’s solid quarterly earnings despite mild weather conditions, highlighting the company’s investments in a modern, reliable grid to serve customers and communities while maintaining affordability. He noted a 10.5% year-over-year growth in commercial load, driven by strategic economic development efforts supporting growth in communities.

AEP’s transmission network attracted significant investment from data centers and commercial/industrial customers, particularly in Indiana, Ohio, and Texas. Fowke outlined progress in executing a robust capital plan, with significant investments planned for grid hardening and renewable energy expansion.

Additionally, he mentioned the sale of New Mexico solar assets and ongoing efforts to conclude the AEP Energy retail and AEP OnSite Partners distributed resources businesses sale process. Fowke highlighted AEP’s commitment to cost management and outlined steps, including a voluntary workforce reduction program, to mitigate inflation and interest rate impacts, ensuring affordability for customers amid infrastructure investments.

Click here to download our most recent Sure Analysis report on AEP (preview of page 1 of 3 shown below):


#9 JetBlue Airways Corporation (JBLU)

Established in 1998 by David Neeleman, JetBlue took flight in 2000 and swiftly rose to prominence, becoming one of the nation’s largest carriers. With its iconic blue livery and renowned customer service, JetBlue operates a robust network, offering over 1,000 daily flights to more than 100 destinations across the Americas, spanning the United States, the Caribbean, and Latin America.

JetBlue has earned a reputation for its comfortable cabins, generous legroom, and complimentary snacks and beverages, setting it apart in the competitive airline landscape. The airline primarily utilizes Airbus aircraft, notably the A320 and A321 models. In recent years, JetBlue has expanded its offerings, introducing Mint, its premium transcontinental service featuring lie-flat seats and other upscale amenities.

Despite its low-cost model, JetBlue prioritizes customer satisfaction and has amassed numerous accolades for its service excellence and reliability. The company is currently benefiting from growing travel volumes. However, it has consistently failed to generate meaningful profits in recent years.

This is an entirely new position in Carl Icahn’s portfolio.

#10: Sandridge Energy Inc. (SD)

Dividend Yield: 3.2%
Percent of Carl Icahn’s Portfolio: 0.6%

SandRidge Energy, headquartered in Oklahoma City, Oklahoma, is a prominent American oil and natural gas exploration and production company. Since its establishment in 1984, it has been a key player in the energy sector, primarily concentrating on exploring, developing, and producing oil and natural gas properties, particularly in the Mid-Continent region of the United States.

The company has historically focused on various unconventional resource plays, including the Mississippi Lime, the Mid-Continent region, and the Gulf of Mexico. It has implemented advanced drilling and completion techniques to extract hydrocarbons from these areas efficiently.

However, SandRidge Energy has faced notable challenges and undergone significant changes. In 2016, the company filed for bankruptcy amidst a downturn in oil prices and substantial debts. Following its restructuring, SandRidge emerged with a reduced debt burden and a renewed strategic focus.

Post-bankruptcy, SandRidge Energy has primarily operated in Oklahoma, prioritizing cost efficiency and operational excellence. It has strategically divested non-core assets and concentrated on its core-producing areas.

#11: Bausch & Lomb Corporation (BLCO)

Dividend Yield: N/A
Percent of Carl Icahn’s Portfolio: 0.5%

Bausch + Lomb Corporation (BLCO) is a renowned American eye health company headquartered in Bridgewater, New Jersey. With a rich history dating back to 1853, it has established itself as a leading provider of eye health products and services globally.

Specializing in a wide range of eye care solutions, Bausch + Lomb offers products such as contact lenses, lens care products, pharmaceuticals, and surgical devices. Its comprehensive portfolio caters to various eye care needs, including vision correction, eye health maintenance, and surgical procedures.

Over the years, Bausch + Lomb has earned a reputation for innovation and quality in the eye care industry. The company has pioneered advancements in contact lens technology, intraocular lenses, and pharmaceuticals for ocular conditions. Revenues amounted to $2.5 billion in fiscal 2023.

#12: Illumina, Inc. (ILMN)

Dividend Yield: N/A (Conduent does not currently pay a quarterly dividend)
Percent of Carl Icahn’s Portfolio: 0.5%

Illumina is an esteemed company dedicated to genetic sequencing and associated technologies. Renowned as a foremost provider of cutting-edge DNA sequencing platforms and services, Illumina holds a pivotal position in the realm of genomics and personalized medicine.

By harnessing its exceptional sequencing systems, Illumina has played a vital role in propelling genomics research to new heights. Their contributions span a wide range of fields, including genome-wide association studies, cancer genomics, investigations into infectious diseases, and explorations of reproductive health.

Illumina’s revolutionary technologies have not only enabled remarkable discoveries but have also deepened our comprehension of intricate biological processes.

Illumina delivered higher-than-expected consolidated revenue of approximately $1.08 billion in the first quarter.

Core Illumina revenue reached approximately $1.06 billion, exceeding expectations. Despite this positive start, caution remains due to ongoing global economic challenges, which are impacting customer purchasing decisions. Evidently, NovaSeq X placements were lower than in the first quarter of 2023, influenced by the macro environment.

Three regions experienced year-over-year declines: America by 4%, EMEA by 3%, and Greater China by 14%. However, Europe saw a 7% increase in revenue compared to the previous year. Still, a decline is anticipated in the second quarter due to strong shipments in the same period last year.

Non-GAAP net income was $14 million or $0.09 per diluted share.

For fiscal 2024, management expects results to be very similar to 2023. While some macro headlines are encouraging, the company hasn’t yet seen that translate to increased investment in its industry, which is not reflected in management’s guidance.

Source: Investor Presentation

Final Thoughts

You can see more high-quality dividend stocks in the following Sure Dividend databases:

Alternatively, another great place to look for high-quality business is inside the portfolios of other highly successful investors.

To that end, Sure Dividend has created the following stock databases:

You might also be looking to create a highly customized dividend income stream to pay for life’s expenses.

The following two lists provide useful information on high dividend stocks and stocks that pay monthly dividends:

Lastly, you can see the articles below for analysis on other major investment firms/asset managers:

Thanks for reading this article. Please send any feedback, corrections, or questions to support@suredividend.com.



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