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

Steel Partners Holdings L.P. (NYSE:SPLP)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $42.95, but opened at $40.03. Steel Partners shares last traded at $41.08, with a volume of 515 shares traded.

Analysts Set New Price Targets

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

Steel Partners Stock Down 3.8 %

The firm’s 50 day moving average is $41.78 and its two-hundred day moving average is $40.56. The stock has a market cap of $792.34 million, a price-to-earnings ratio of 4.24 and a beta of 1.38. The company has a current ratio of 1.27, a quick ratio of 1.16 and a debt-to-equity ratio of 0.11.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Steel Partners stock. HighTower Advisors LLC increased its holdings in shares of Steel Partners Holdings L.P. (NYSE:SPLP) by 2.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 26,997 shares of the conglomerate’s stock after purchasing an additional 577 shares during the quarter. HighTower Advisors LLC owned 0.14% of Steel Partners worth $1,149,000 as of its most recent filing with the SEC. 50.75% of the stock is currently owned by institutional investors.

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.