Steel Partners (NYSE:SPLP) Shares Gap Down – Time to Sell?

Steel Partners Holdings L.P. (NYSE:SPLP) shares gapped down before the market opened on Tuesday . The stock had previously closed at $42.49, but opened at $41.05. Steel Partners shares last traded at $41.70, with a volume of 1,996 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com initiated coverage on Steel Partners in a report on Tuesday. They issued a “strong-buy” rating on the stock.

Steel Partners Stock Performance

The firm has a market capitalization of $767.78 million, a P/E ratio of 4.11 and a beta of 1.38. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.27 and a quick ratio of 1.16. The stock’s 50 day moving average is $42.01 and its two-hundred day moving average is $40.44.

Steel Partners (NYSE:SPLP) last issued its earnings results on Friday, November 8th. The conglomerate reported $1.65 earnings per share (EPS) for the quarter. The firm had revenue of $520.42 million for the quarter. Steel Partners had a return on equity of 21.72% and a net margin of 11.43%.

Hedge Funds Weigh In On Steel Partners

A hedge fund recently raised its stake in Steel Partners stock. HighTower Advisors LLC increased its holdings in shares of Steel Partners Holdings L.P. (NYSE:SPLP) by 2.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,420 shares of the conglomerate’s stock after buying an additional 635 shares during the quarter. HighTower Advisors LLC owned 0.14% of Steel Partners worth $1,082,000 as of its most recent SEC filing. 50.75% of the stock is currently 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.