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

Steel Partners Holdings L.P. (NYSE:SPLP) shares gapped down prior to trading on Tuesday . The stock had previously closed at $42.49, but opened at $41.05. Steel Partners shares last traded at $41.70, with a volume of 1,996 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on shares of Steel Partners in a research report on Tuesday. They set a “strong-buy” rating on the stock.

Steel Partners Price Performance

The firm has a 50 day moving average of $42.01 and a 200-day moving average of $40.44. 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 stock has a market capitalization of $767.78 million, a P/E ratio of 4.11 and a beta of 1.38.

Steel Partners (NYSE:SPLP) last issued its earnings results on Friday, November 8th. The conglomerate reported $1.65 EPS for the quarter. The firm had revenue of $520.42 million during the quarter. Steel Partners had a return on equity of 21.72% and a net margin of 11.43%.

Institutional Investors Weigh In On Steel Partners

An institutional investor recently raised its position in Steel Partners stock. HighTower Advisors LLC boosted its stake in shares of Steel Partners Holdings L.P. (NYSE:SPLP) by 2.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,420 shares of the conglomerate’s stock after acquiring an additional 635 shares during the quarter. HighTower Advisors LLC owned 0.14% of Steel Partners worth $1,082,000 as of its most recent SEC filing. 50.75% of the stock is owned by institutional investors and hedge funds.

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.