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

Shares of Steel Partners Holdings L.P. (NYSE:SPLP) gapped up before the market opened on Wednesday . The stock had previously closed at $41.13, but opened at $42.50. Steel Partners shares last traded at $42.50, with a volume of 101 shares.

Analysts Set New Price Targets

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

Steel Partners Stock Up 6.3 %

The company has a market capitalization of $838.93 million, a price-to-earnings ratio of 4.22 and a beta of 1.38. The firm has a 50-day moving average price of $40.71 and a two-hundred day moving average price of $39.07. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.27 and a quick ratio of 1.16.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SPLP. De Lisle Partners LLP grew its position in Steel Partners by 83.0% during the third quarter. De Lisle Partners LLP now owns 22,877 shares of the conglomerate’s stock valued at $924,000 after buying an additional 10,377 shares during the period. HighTower Advisors LLC raised its position in 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 period. Finally, Gabelli Funds LLC increased its position in shares of Steel Partners by 0.3% in the second quarter. Gabelli Funds LLC now owns 596,503 shares of the conglomerate’s stock valued at $22,207,000 after acquiring an additional 1,700 shares during the period. Institutional investors and hedge funds 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.