Steel Partners (NYSE:SPLP) Shares Gap Down – What’s Next?

Steel Partners Holdings L.P. (NYSE:SPLP)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $43.99, but opened at $43.00. Steel Partners shares last traded at $43.00, with a volume of 546 shares trading hands.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on shares of Steel Partners in a research note on Sunday, November 24th. They issued a “strong-buy” rating for the company.

Steel Partners Stock Down 6.5 %

The company has a current ratio of 1.27, a quick ratio of 1.16 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $788.49 million, a P/E ratio of 4.51 and a beta of 1.36. The stock’s 50-day simple moving average is $40.58 and its 200-day simple moving average is $38.97.

Institutional Trading of Steel Partners

Institutional investors and hedge funds have recently modified their holdings of the business. Gabelli Funds LLC boosted its position in Steel Partners by 0.3% in the second quarter. Gabelli Funds LLC now owns 596,503 shares of the conglomerate’s stock worth $22,207,000 after purchasing an additional 1,700 shares during the last quarter. De Lisle Partners LLP raised its stake in shares of Steel Partners by 83.0% during the 3rd quarter. De Lisle Partners LLP now owns 22,877 shares of the conglomerate’s stock worth $924,000 after purchasing an additional 10,377 shares during the period. Finally, HighTower Advisors LLC raised its stake in shares of Steel Partners by 2.5% during the 3rd quarter. HighTower Advisors LLC now owns 26,420 shares of the conglomerate’s stock worth $1,082,000 after purchasing an additional 635 shares during the period. 50.75% of the stock is owned by hedge funds and other institutional investors.

About Steel Partners

Steel Partners Holdings L.P., together with its subsidiaries, engages in industrial products, energy, banking, defense, supply chain management, logistics, and youth sports businesses worldwide. It operates through Diversified Industrial, Energy, Financial Services, and Supply Chain segments. The company fabricates precious metals and alloys into brazing alloys; manufactures and sells seamless stainless steel tubing coils; fasteners, adhesives, and fastening systems for the commercial low slope roofing industry, as well as specialty fasteners for the building products industry; and woven substrates of fiberglass, quartz, carbon, and aramid materials for specialty applications.