StockNews.com Initiates Coverage on Steel Partners (NYSE:SPLP)

StockNews.com started coverage on shares of Steel Partners (NYSE:SPLP) in a report released on Monday. The firm set a “strong-buy” rating on the conglomerate’s stock.

Steel Partners Stock Down 8.3 %

Steel Partners stock opened at $41.13 on Monday. The company has a 50 day moving average of $40.71 and a 200-day moving average of $39.07. The company has a quick ratio of 1.16, a current ratio of 1.27 and a debt-to-equity ratio of 0.11. Steel Partners has a twelve month low of $33.12 and a twelve month high of $48.45. The stock has a market capitalization of $788.88 million, a PE ratio of 4.22 and a beta of 1.38.

Hedge Funds Weigh In On Steel Partners

A number of large investors have recently modified their holdings of the business. De Lisle Partners LLP raised its holdings in Steel Partners by 83.0% during the third quarter. De Lisle Partners LLP now owns 22,877 shares of the conglomerate’s stock worth $924,000 after acquiring an additional 10,377 shares in the last quarter. HighTower Advisors LLC increased its position 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 last quarter. Finally, Gabelli Funds LLC raised its stake in shares of Steel Partners by 0.3% during the 2nd 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 in the last quarter. 50.75% of the stock is currently owned by institutional investors and hedge funds.

Steel Partners Company Profile

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.