Steel Partners (NYSE:SPLP) Shares Down 8.3% – Here’s Why

Steel Partners Holdings L.P. (NYSE:SPLP)’s stock price was down 8.3% on Tuesday . The company traded as low as $41.13 and last traded at $41.13. Approximately 505 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 5,476 shares. The stock had previously closed at $44.85.

Analyst Upgrades and Downgrades

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

Steel Partners Stock Performance

The stock has a market capitalization of $788.87 million, a price-to-earnings ratio of 4.60 and a beta of 1.38. The firm has a fifty day moving average of $40.72 and a 200 day moving average of $39.06. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.27 and a quick ratio of 1.16.

Hedge Funds Weigh In On Steel Partners

Several institutional investors and hedge funds have recently modified their holdings of the business. HighTower Advisors LLC increased its position in shares of 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 buying an additional 635 shares in the last quarter. Gabelli Funds LLC lifted its holdings in 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 purchasing an additional 1,700 shares in the last quarter. Finally, De Lisle Partners LLP grew its position in shares of Steel Partners by 83.0% in 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.