Steel Partners (NYSE:SPLP) Shares Gap Up – Here’s Why

Steel Partners Holdings L.P. (NYSE:SPLP) shares gapped up prior to trading on Tuesday . The stock had previously closed at $40.03, but opened at $42.19. Steel Partners shares last traded at $41.20, with a volume of 1,150 shares.

Wall Street Analyst Weigh In

Separately, StockNews.com assumed coverage on Steel Partners in a report on Tuesday, February 4th. They issued a “strong-buy” rating on the stock.

Steel Partners Stock Performance

The firm has a market capitalization of $790.22 million, a price-to-earnings ratio of 4.23 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 firm has a 50 day moving average price of $41.78 and a 200-day moving average price of $40.53.

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

Hedge Funds Weigh In On Steel Partners

An institutional investor recently raised its position in Steel Partners stock. HighTower Advisors LLC lifted its stake in shares of Steel Partners Holdings L.P. (NYSE:SPLP) by 2.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,997 shares of the conglomerate’s stock after purchasing an additional 577 shares during the quarter. HighTower Advisors LLC owned about 0.14% of Steel Partners worth $1,149,000 at the end of the most recent quarter. Institutional investors own 50.75% of the company’s stock.

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.