All 16 Carl Icahn Stocks Now | Current 2023 Holdings List - Sure Dividend

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All 16 Carl Icahn Stocks Now | Current 2023 Holdings List


Updated on May 25th, 2023 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 $22 billion, as of the end of the 2023 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 16 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 15 stocks based on the information disclosed in his Q1 2023 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 15 stock selections analyzed in greater detail.

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

Dividend Yield: 28.9%
Percent of Carl Icahn’s Portfolio: 67.5%

Icahn Enterprises L.P. operates in investment, energy, automotive, food packaging, metals, real estate and home fashion businesses in the United States and Internationally. The company’s Investment segment focuses on finding undervalued companies to allocate capital through its various private investment funds.

Source: Investor Presentation

Carl Icahn owns 100% of Icahn Enterprises GP, the general partner of Icahn Enterprises and Icahn Enterprises Holdings, and approximately 89% of Icahn Enterprises’ outstanding shares.

On May 10th, 2023, Icahn Enterprises reported its Q1 results for the period ending March 31st, 2023. For the quarter, revenues came in at $2.64 billion, 35.5% lower year-over-year, while the loss per unit was $0.77, versus an income per unit of 1.08 in Q1-2022. Lower revenues were due to Icahn’s investments recording weaker results compared to last year.

Units of IEP have been under pressure lately, as a short report published by Hindenburg argued that the stock is trading at an “inflated” valuation against NAV. Carl Icahn responded to a Hindenburg, criticizing the report and reassuring unitholders of the partnership’s financial health by declaring its regular $2.00 quarterly dividend.

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: 3.5%
Percent of Carl Icahn’s Portfolio: 11.7%

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

For Q1, the company reported nnet income of $195 million, or $1.94 per diluted share, on net sales of $2.3 billion for the first quarter of 2023, compared to a net income of $94 million, or 93 cents per diluted share, on net sales of $2.4 billion for the first quarter of 2022. Adjusted earnings for the first quarter of 2023 was $1.44 per diluted share compared to adjusted earnings of 2 cents per diluted share in the first quarter of 2022, primarily driven by improved crack spreads.

#3: FirstEnergy Corp. (FE)

Dividend Yield: 4.1%
Percent of Carl Icahn’s Portfolio: 4.9%

FirstEnergy Corp, through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution and Regulated Transmission segments. It owns and manages hydroelectric, coal-fired, nuclear, and natural gas, as well as renewable power generating facilities.

Its 10 electric distribution companies form one of the nation’s largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. The $23.0 billion company serves approximately six million customers.

Source: Investor Presentation

On April 27th, 2023, FirstEnergy announced its Q1 results for the period ending March 31st, 2023. For the quarter, revenues came in at $3.2 billion, 7.0% higher year-over-year, while adjusted EPS totaled $0.60, stable year-over-year.

Significant earnings drivers in the quarter include the company’s long-term regulated investment strategies, lower operating expenses, and higher investment income. These were primarily offset by the impact of mild winter temperatures, which negatively impacted usage.

Specifically, total distribution deliveries fell by 5.3% compared to last year due to lower weather-related usage in the residential and commercial sectors and nearly flat industrial sales. Residential and commercial sales fell by 8.4% and by 7.1% year-over-year, respectively, while sales to industrial customers fell by less than 1% over the same period.

Management reaffirmed its FY2023 outlook, which projects adjusted EPS between $2.44 and $2.64.

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

#4: Southwest Gas Holdings (SWX)

Dividend Yield: 4.3%
Percent of Carl Icahn’s Portfolio: 3.9%

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 their 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, Southwest Gas is actively pursuing the spin-off of Centuri, its fully owned subsidiary, to create a new independent publicly traded utility infrastructure services company. The spin-off is expected to occur in the fourth quarter of 2023 or the first quarter of 2024.

Southwest Gas Holdings reported first-quarter 2023 results on May 9th, 2023, for the period ending March 31st, 2023. SWX reported diluted earnings per share of $0.67 for Q1, compared to $1.58 per share in the year-ago quarter. Adjusted EPS also shrunk to $1.69 from $1.74 a year ago.

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

#5: Xerox Holdings (XRX)

Dividend Yield: 5.8%
Percent of Carl Icahn’s Portfolio: 3.3%

Xerox Corporation traces its lineage back to 1906 when The Haloid Photographic Company began manufacturing photographic paper and equipment. Through a series of mergers and spinoffs, the Xerox we know today was formed.

Xerox spun off its business processing unit in 2017 (now called Conduent) and now focuses on design, development, and sales of document management systems. The company produces about $7 billion in annual revenue.

Xerox reported first-quarter earnings on April 25th, 2023, and results were mixed. Revenue was up 3% year-over-year to $1.72 billion, which missed estimates by $10 million. However, adjusted earnings-per-share came to 49 cents, which was 32 cents better than expected.

Source: Investor Presentation

The company posted an adjusted operating margin of 6.9% of revenue, which was a staggering 710 basis points better than the same period a year ago.

Xerox guided for revenue for 2023 to be flat to down low-single digits in constant currency, which implies revenue of about $7 billion. In addition, the adjusted operating margin is expected to be 5.0% to 5.5% of revenue, which would be well down on Q1 results. Free cash flow is expected to be $500+ million, which, if achieved, would be a staggering 20% of the company’s market cap.

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

#6: Newell Brands (NWL)

Dividend Yield: 3.1%
Percent of Carl Icahn’s Portfolio: 1.8%

Newell has transformed itself into a consumer brands powerhouse with large acquisitions, such as its merger with Jarden as well as its purchase of Sistema. The company’s annual revenue is over $8 billion, and it has a diversified product portfolio.

Source: Investor Presentation

Newell posted first quarter earnings on April 28th, 2023, and results were mixed, and guidance was weak. The company noted an adjusted loss of six cents per share, which was three cents worse than expected.

Revenue plummeted 25% year-over-year to $1.8 billion but did fractionally beat estimates. Management noted it is making progress in its operational improvement plans and that the current economic environment for consumers is tough. Despite this, management maintained their longer-term bullishness on the company’s prospects.

Core sales are expected to fall between 14% and 10% for Q2, while normalized earnings should be somewhere between 10 cents and 18 cents. The consensus among analysts prior to this update was for 38 cents in earnings-per-share, so the guide for Q2 was extremely weak.

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

#7: Bausch Health Companies (BHC)

Dividend Yield: N/A (Bausch Health does not currently pay a quarterly dividend)
Percent of Carl Icahn’s Portfolio: 1.4%

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, and 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, surgical, and ophthalmic pharmaceutical products.

#8: Dana Inc. (DAN)

Dividend Yield: 3.0%
Percent of Carl Icahn’s Portfolio: 1.3%

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.

Sales for the first quarter of 2023 totaled $2.64 billion, compared with $2.48 billion in the same period of 2022, representing a $164 million increase driven by improved demand, cost-recovery actions, and conversion of the sales backlog, partially offset by the translation of foreign currencies.

Source: Investor Presentation

In the first quarter of 2023, Adjusted EBITDA reached $204 million, marking a significant increase from $170 million during the corresponding period in 2022. The noteworthy margin improvement of 80 basis points during this quarter was mainly attributed to several factors: a surge in sales volume, favorable adjustments in customer pricing, successful recovery measures, and reduced spending on the development of electric-vehicle products.

However, there were certain challenges that partially offset this progress, such as production inefficiencies caused by unpredictable customer demand schedules and negative impacts from exchange-rate fluctuations.

#9: Cheniere Energy (LNG)

Dividend Yield: 1.1%
Percent of Carl Icahn’s Portfolio: 1.0%

Cheniere Energy is an energy company engaged in liquefied natural gas-related businesses. It owns and operates the Sabine Pass LNG terminal in Cameron Parish, Louisiana; and the Corpus Christi LNG terminal near Corpus Christi, Texas.

The company also owns Creole Trail pipeline, a 94-mile pipeline interconnecting the Sabine Pass LNG terminal with various interstate pipelines; and operates Corpus Christi pipeline, a 21.5-mile natural gas supply pipeline.

You can see an overview of the company’s Q1 2023 financial performance and FY2023 guidance in the image below:

Source: Investor Presentation

#10: Conduent Inc. (CNDT)

Dividend Yield: N/A (Conduent does not currently pay a quarterly dividend)
Percent of Carl Icahn’s Portfolio: 0.7%

Conduent delivers technology-led business process solutions for businesses and governments globally. Conduent’s solutions and services digitally transform its clients’ operations, including delivering 43% of nutrition assistance payments in the U.S., enabling 1.3 billion customer service interactions annually.

As anticipated, the sales figure of $922 million for the first quarter experienced a decline of 4.7% compared to the previous year. This decrease can be attributed to the presence of significant deals that are poised to materialize in the second quarter and beyond, notably in the public sector, where substantial contracts are involved. It is worth noting that the company’s overall prospects remain robust across all three business segments, instilling a sense of optimism among management regarding the sales performance for the entirety of 2023.

#11: Illumina, Inc. (ILMN)

Dividend Yield: N/A (Conduent does not currently pay a quarterly dividend)
Percent of Carl Icahn’s Portfolio: 0.6%

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.

In the first quarter, consolidated revenue was $1.09 billion, up 1% from the fourth quarter of 2022, exceeding the high end of our guidance range on stronger-than-expected shipments of NovaSeq X. Consolidated revenue was down 11% year-over-year, or down 9% on a constant currency basis, net of the effects of hedging.

Management expects full-year 2023 consolidated revenue to grow 7% to 10%, including Core Illumina revenue growth of 6% to 9%, along with the following targets:

Source: Investor Presentation

#12: Crown Holdings, Inc. (CCK)

Dividend Yield: 1.0%
Percent of Carl Icahn’s Portfolio: 0.6%

Crown Holdings, Inc., together with its subsidiaries, supplies rigid packaging products in Pennsylvania and internationally. It operates through Americas Beverage, European Beverage, Asia Pacific, and Transit Packaging segments.

Net sales in the fourth quarter were $3,012 million compared to $3,054 million in the fourth quarter of 2021 reflecting higher prices and increased beverage sales unit volumes, offset by lower volumes in the Transit Packaging businesses and unfavorable foreign currency translation of $92 million.

Income from operations was $229 million in the fourth quarter compared to $303 million in the fourth quarter of 2021. Segment income in the fourth quarter of 2022 was $292 million compared to $357 million in the prior-year fourth quarter due to higher costs and higher energy prices.

#13: Sandridge Energy Inc. (SD)

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

SandRidge Energy, Inc. engages in the acquisition, development, and production of oil and natural gas primarily in the United States Mid-Continent. As of its latest filings, it had an interest in 1,471 gross producing wells.

For 2022, the company generated a net income of $23.8 million, or $0.64 per basic share, and net cash provided by operating activities of $39.8 million. Adjusted EBITDA came in at $31.2 million.

Source: Investor Presentation

Sandridge generated approximately $30.4 million of free cash flow in Q1 2023, which represents a conversion rate of approximately 98% relative to adjusted EBITDA. Production averaged 1,500MBoe in the quarter.

#14: Bausch & Lomb Corporation (BLCO)

Dividend Yield: N/A
Percent of Carl Icahn’s Portfolio: 0.4%

Bausch + Lomb Corporation operates as an eye health company worldwide. It operates through three segments: Vision Care, Ophthalmic Pharmaceuticals, and Surgical. The Vision Care segment provides contact lenses and contact lens care products.

The Ophthalmic Pharmaceuticals segment offers proprietary and generic pharmaceutical products for post-operative treatments, as well as for the treatment of eye conditions such as glaucoma and retinal diseases.

The Surgical segment provides medical device equipment, consumables, and technologies. Bausch + Lomb Corporation was spun off from Bausch Health Companies.

#15: International Flavors & Fragrances (IFF)

Dividend Yield: 4.0%
Percent of Carl Icahn’s Portfolio: 0.4%

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 2022, revenue was $12.4B pro forma.

Source: Investor Presentation

IFF reported Q1 2023 results on May 8th, 2023. Companywide net sales were down (-6%) to $3,027M from $3,226M and diluted adjusted earnings per share decreased to $0.87 from $1.69 on a year-over-year basis, impacted by foreign exchange headwinds, soft demand, inventory reduction, and lower margins, offset by price increases. Diluted GAAP earnings per share declined to a loss of ($0.04) from $0.96 because of lower sales and margins.

Nourish sales decreased (-5%) to $1,653M from $1,731 due to growth in Food Design & Flavors, offset by Ingredients. Health & Bioscience sales fell (-22%) to $513M from $661M after accounting for divestitures with growth in Cultures & Food Enzymes and Home & Personal Care, offset by Health, Grain Process, and Animal Nutrition. Scent sales increased +4% to $608M from $585M, led by double-digit growth in Fine Fragrance and Consumer Fragrances. Pharma Solutions sales increased +2% to $253M from $249M, led by growth in Core Pharma.

IFF is facing supply chain constraints and inflation headwinds but has raised prices and is holding costs down to preserve margins. IFF divested the Microbial Control and Food Preparations businesses. They are selling the Savory Solutions and Flavor Specialty Ingredients business. IFF revised revenue guidance growth to 5% to ~$12.3B in 2023.

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

#16: Herc Holdings (HRI)

Dividend Yield: 2.5%
Percent of Carl Icahn’s Portfolio: 0.2%

Herc Holdings is an equipment rental supplier in the United States and internationally. It rents aerial, earth-moving, material handling, trucks and trailers, air compressors, compaction, and lighting equipment.

You can see an overview of the company’s financial performance in Q1-2023 below:

Source: Investor Presentation

The company also provides ProSolutions providing services, including power generation, climate control, remediation and restoration, pump, trench shoring, and studio and production equipment. It also offers ProContractor professional-grade tools.

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:

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