Steel Partners (NYSE:SPLP) Hits New 1-Year Low – Here’s Why

Steel Partners Holdings L.P. (NYSE:SPLP) shares hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $27.95 and last traded at $30.97, with a volume of 23402 shares trading hands. The stock had previously closed at $36.64.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on Steel Partners in a research note on Wednesday. They issued a “strong-buy” rating on the stock.

Steel Partners Trading Down 17.2 %

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 stock has a market cap of $581.19 million, a P/E ratio of 3.12 and a beta of 1.01. The business’s fifty day simple moving average is $40.89 and its 200 day simple moving average is $41.12.

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

Institutional Investors Weigh In On Steel Partners

Several hedge funds and other institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC boosted its holdings in Steel Partners by 2.5% in the third quarter. HighTower Advisors LLC now owns 26,420 shares of the conglomerate’s stock valued at $1,082,000 after acquiring an additional 635 shares during the last quarter. Gamco Investors INC. ET AL lifted its position in Steel Partners by 3.5% during the 4th 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 period. Finally, Teton Advisors Inc. boosted its stake in shares of Steel Partners by 4.0% in the 4th quarter. Teton Advisors Inc. now owns 13,000 shares of the conglomerate’s stock valued at $553,000 after purchasing an additional 500 shares during the last quarter. 50.75% of the stock is owned by institutional investors and hedge funds.

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.