Steel Partners (NYSE:SPLP) Trading Up 9.6% – Here’s Why

Steel Partners Holdings L.P. (NYSE:SPLP)’s stock price was up 9.6% during trading on Thursday . The stock traded as high as $40.93 and last traded at $40.55. Approximately 1,514 shares traded hands during mid-day trading, a decline of 18% from the average daily volume of 1,852 shares. The stock had previously closed at $37.00.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on shares of Steel Partners in a research note on Saturday, January 11th. They issued a “strong-buy” rating on the stock.

Steel Partners Stock Up 1.9 %

The company has a quick ratio of 1.16, a current ratio of 1.27 and a debt-to-equity ratio of 0.11. The firm has a market cap of $799.21 million, a price-to-earnings ratio of 4.27 and a beta of 1.39. The stock’s 50 day moving average is $41.96 and its 200 day moving average is $40.03.

Institutional Trading of Steel Partners

A number of large investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC boosted its holdings in Steel Partners by 2.5% during the third quarter. HighTower Advisors LLC now owns 26,420 shares of the conglomerate’s stock worth $1,082,000 after buying an additional 635 shares in the last quarter. De Lisle Partners LLP boosted 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 buying an additional 10,377 shares in the last quarter. Finally, Gabelli Funds LLC boosted its holdings in Steel Partners by 0.3% during the second quarter. Gabelli Funds LLC now owns 596,503 shares of the conglomerate’s stock worth $22,207,000 after buying an additional 1,700 shares in the last quarter. 50.75% of the stock is currently owned by 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.