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

Steel Partners Holdings L.P. (NYSE:SPLP) shares gapped down before the market opened on Tuesday . The stock had previously closed at $41.94, but opened at $40.89. Steel Partners shares last traded at $41.26, with a volume of 1,027 shares.

Analyst Upgrades and Downgrades

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

Steel Partners Stock Down 1.6 %

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 business has a fifty day simple moving average of $41.15 and a two-hundred day simple moving average of $41.24. The company has a market capitalization of $786.84 million, a price-to-earnings ratio of 4.23 and a beta of 1.37.

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

Hedge Funds Weigh In On Steel Partners

Several hedge funds have recently added to or reduced their stakes in the company. HighTower Advisors LLC grew its holdings in Steel Partners by 2.5% during the 3rd 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 period. Gamco Investors INC. ET AL increased its holdings in Steel Partners by 3.5% in the fourth quarter. Gamco Investors INC. ET AL now owns 96,864 shares of the conglomerate’s stock valued at $4,123,000 after purchasing an additional 3,300 shares during the last quarter. Finally, Teton Advisors Inc. lifted its stake in 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 period. Institutional investors own 50.75% of the company’s stock.

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.