Steel Partners (NYSE:SPLP) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of Steel Partners (NYSE:SPLP) in a research report issued on Wednesday. The firm set a “strong-buy” rating on the conglomerate’s stock.

Steel Partners Stock Performance

SPLP stock opened at $41.50 on Wednesday. The company has a market capitalization of $796.18 million, a P/E ratio of 4.26 and a beta of 1.38. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.27 and a quick ratio of 1.16. The business has a 50-day moving average price of $41.09 and a 200 day moving average price of $39.30. Steel Partners has a 1-year low of $33.12 and a 1-year high of $48.45.

Hedge Funds Weigh In On Steel Partners

A number of large investors have recently added to or reduced their stakes in SPLP. De Lisle Partners LLP raised its holdings in Steel Partners by 83.0% in the third 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 in the last quarter. Gabelli Funds LLC increased its holdings in shares of Steel Partners by 0.3% during 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 in the last quarter. Finally, HighTower Advisors LLC increased its holdings in shares of Steel Partners by 2.5% during 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 in the last quarter. 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.