Steel Partners (NYSE:SPLP) Shares Gap Up – Should You Buy?

Steel Partners Holdings L.P. (NYSE:SPLP) shares gapped up prior to trading on Wednesday . The stock had previously closed at $37.00, but opened at $39.50. Steel Partners shares last traded at $39.50, with a volume of 1,030 shares.

Wall Street Analysts Forecast Growth

Separately, StockNews.com started coverage on Steel Partners in a research report on Saturday, January 11th. They issued a “strong-buy” rating for the company.

Steel Partners Trading Down 1.1 %

The company has a market cap of $776.69 million, a price-to-earnings ratio of 4.15 and a beta of 1.39. The company has a current ratio of 1.27, a quick ratio of 1.16 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average price of $41.84 and a 200 day moving average price of $39.99.

Institutional Trading of Steel Partners

Several hedge funds have recently made changes to their positions in SPLP. Gabelli Funds LLC lifted its holdings in shares of Steel Partners by 0.3% in the 2nd quarter. Gabelli Funds LLC now owns 596,503 shares of the conglomerate’s stock worth $22,207,000 after purchasing an additional 1,700 shares during the last quarter. De Lisle Partners LLP lifted its holdings in shares of Steel Partners by 83.0% in the 3rd quarter. De Lisle Partners LLP now owns 22,877 shares of the conglomerate’s stock worth $924,000 after purchasing an additional 10,377 shares during the last quarter. Finally, HighTower Advisors LLC lifted its holdings in shares of Steel Partners by 2.5% in the 3rd quarter. HighTower Advisors LLC now owns 26,420 shares of the conglomerate’s stock worth $1,082,000 after purchasing an additional 635 shares during the last quarter. 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.