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

Steel Partners Holdings L.P. (NYSE:SPLP) gapped up prior to trading on Thursday . The stock had previously closed at $41.50, but opened at $45.00. Steel Partners shares last traded at $45.00, with a volume of 551 shares changing hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on shares of Steel Partners in a research note on Wednesday. They issued a “strong-buy” rating on the stock.

Steel Partners Price Performance

The firm has a market capitalization of $824.96 million, a price-to-earnings ratio of 4.41 and a beta of 1.38. The business’s fifty day simple moving average is $41.12 and its 200 day simple moving average is $39.32. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.27 and a quick ratio of 1.16.

Institutional Trading of Steel Partners

A number of institutional investors and hedge funds have recently modified their holdings of SPLP. De Lisle Partners LLP lifted its holdings in 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 in the last quarter. HighTower Advisors LLC raised its stake in Steel Partners by 2.5% in the third quarter. HighTower Advisors LLC now owns 26,420 shares of the conglomerate’s stock valued at $1,082,000 after purchasing an additional 635 shares in the last quarter. Finally, Gabelli Funds LLC lifted its holdings 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 acquiring an additional 1,700 shares during the last quarter. 50.75% of the stock is 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.