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

Shares of Steel Partners Holdings L.P. (NYSE:SPLP) gapped up prior to trading on Thursday . The stock had previously closed at $41.39, but opened at $42.51. Steel Partners shares last traded at $41.95, with a volume of 503 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on Steel Partners in a report on Monday, March 24th. They issued a “strong-buy” rating for the company.

Steel Partners Price Performance

The company has a 50 day moving average of $41.16 and a 200 day moving average of $41.23. 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 stock has a market capitalization of $801.82 million, a price-to-earnings ratio of 4.31 and a beta of 1.37.

Steel Partners (NYSE:SPLP) last announced its quarterly earnings data on Tuesday, March 11th. The conglomerate reported $3.40 earnings per share for the quarter. Steel Partners had a net margin of 11.43% and a return on equity of 21.72%. The business had revenue of $497.92 million for the quarter.

Hedge Funds Weigh In On Steel Partners

A number of large investors have recently bought and sold shares of the stock. De Lisle Partners LLP increased its holdings 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 buying an additional 10,377 shares during the last quarter. Gamco Investors INC. ET AL grew its position in Steel Partners by 3.5% during the fourth 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 period. HighTower Advisors LLC increased its stake 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 acquiring an additional 635 shares during the last quarter. Finally, Teton Advisors Inc. raised its holdings in shares of Steel Partners by 4.0% in the 4th quarter. Teton Advisors Inc. now owns 13,000 shares of the conglomerate’s stock worth $553,000 after purchasing an additional 500 shares during the period. Hedge funds and other 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.