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

Steel Partners Holdings L.P. (NYSE:SPLP)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $42.95, but opened at $40.03. Steel Partners shares last traded at $41.08, with a volume of 515 shares traded.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on shares of Steel Partners in a report on Wednesday. They set a “strong-buy” rating for the company.

Steel Partners Stock Down 4.9 %

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 simple moving average of $41.72 and a two-hundred day simple moving average of $40.56. The company has a market cap of $783.04 million, a PE ratio of 4.19 and a beta of 1.38.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Teton Advisors Inc. raised its position in shares of Steel Partners by 4.0% in the fourth quarter. Teton Advisors Inc. now owns 13,000 shares of the conglomerate’s stock valued at $553,000 after buying an additional 500 shares during the last quarter. HighTower Advisors LLC grew its stake in Steel Partners by 2.2% in the 4th quarter. HighTower Advisors LLC now owns 26,997 shares of the conglomerate’s stock worth $1,149,000 after acquiring an additional 577 shares during the period. Gamco Investors INC. ET AL raised its holdings in Steel Partners by 3.5% in the 4th quarter. Gamco Investors INC. ET AL now owns 96,864 shares of the conglomerate’s stock valued at $4,123,000 after acquiring an additional 3,300 shares during the last quarter. Finally, De Lisle Partners LLP lifted 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. 50.75% of the stock is currently owned by hedge funds and other institutional investors.

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.