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

Shares of Steel Partners Holdings L.P. (NYSE:SPLP) gapped up prior to trading on Friday . The stock had previously closed at $39.39, but opened at $41.50. Steel Partners shares last traded at $41.50, with a volume of 106 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen started coverage on shares of Steel Partners in a research report on Monday, May 19th. They set a “strong-buy” rating for the company.

Steel Partners Stock Up 4.1%

The company has a market capitalization of $820 million, a P/E ratio of 4.21 and a beta of 1.25. 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 50 day moving average price of $40.14 and a 200 day moving average price of $39.88.

Steel Partners Dividend Announcement

The business also recently announced a dividend, which was paid on Sunday, June 15th. Investors of record on Monday, June 2nd were given a dividend of $0.375 per share. This represents a yield of 3.84%. The ex-dividend date was Friday, May 30th. Steel Partners’s dividend payout ratio is currently 3.32%.

Insider Transactions at Steel Partners

In other Steel Partners news, President Jack L. Howard purchased 29,000 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was purchased at an average cost of $24.20 per share, for a total transaction of $701,800.00. Following the acquisition, the president owned 143,516 shares in the company, valued at approximately $3,473,087.20. The trade was a 25.32% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 84.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Steel Partners

Several large investors have recently made changes to their positions in the company. Gamco Investors INC. ET AL boosted its stake in Steel Partners by 4.7% during the 1st quarter. Gamco Investors INC. ET AL now owns 101,372 shares of the conglomerate’s stock valued at $4,157,000 after purchasing an additional 4,508 shares during the last quarter. HighTower Advisors LLC boosted its stake in Steel Partners by 2.2% during the 4th quarter. HighTower Advisors LLC now owns 26,997 shares of the conglomerate’s stock valued at $1,149,000 after purchasing an additional 577 shares during the last quarter. Teton Advisors Inc. boosted its stake in Steel Partners by 4.0% during 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. Finally, Axxcess Wealth Management LLC acquired a new position in Steel Partners during the 1st quarter valued at about $330,000. 50.75% of the stock is currently 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.