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

Steel Partners Holdings L.P. (NYSE:SPLP)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $40.58, but opened at $41.75. Steel Partners shares last traded at $41.75, with a volume of 100 shares traded.

Wall Street Analysts Forecast Growth

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

Steel Partners Price Performance

The stock has a fifty day simple moving average of $39.74 and a two-hundred day simple moving average of $38.29. The firm has a market cap of $851.28 million, a PE ratio of 4.52 and a beta of 1.35. The company has a current ratio of 1.26, a quick ratio of 1.15 and a debt-to-equity ratio of 0.08.

Steel Partners (NYSE:SPLP) last posted its earnings results on Wednesday, August 7th. The conglomerate reported $4.85 earnings per share for the quarter. Steel Partners had a net margin of 11.04% and a return on equity of 21.44%. The business had revenue of $533.16 million for the quarter.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Steel Partners stock. Gabelli Funds LLC raised its holdings in shares of Steel Partners Holdings L.P. (NYSE:SPLP) by 0.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 596,503 shares of the conglomerate’s stock after acquiring an additional 1,700 shares during the period. Gabelli Funds LLC owned about 2.93% of Steel Partners worth $22,207,000 at the end of the most recent reporting 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.