Steel Partners (NYSE:SPLP) Shares Gap Up – Should You Buy?

Steel Partners Holdings L.P. (NYSE:SPLP)’s stock price 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 changing hands.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on shares of Steel Partners in a research note on Monday. They set a “strong-buy” rating for the company.

Steel Partners Trading Up 6.3 %

The company has a quick ratio of 1.16, a current ratio of 1.27 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average of $40.71 and a 200 day moving average of $39.07. The stock has a market cap of $838.93 million, a PE ratio of 4.22 and a beta of 1.38.

Institutional Investors Weigh In On Steel Partners

Several large investors have recently modified their holdings of SPLP. Gabelli Funds LLC raised its holdings 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 worth $22,207,000 after acquiring an additional 1,700 shares during the last quarter. HighTower Advisors LLC increased its position in Steel Partners by 2.5% in the third quarter. HighTower Advisors LLC now owns 26,420 shares of the conglomerate’s stock worth $1,082,000 after buying an additional 635 shares during the period. Finally, De Lisle Partners LLP increased its holdings in shares of 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 purchasing an additional 10,377 shares during the period. Hedge funds and other institutional investors own 50.75% of the company’s stock.

About Steel Partners

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.