StockNews.com Initiates Coverage on Steel Partners (NYSE:SPLP)

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

Steel Partners Stock Performance

Steel Partners stock opened at $42.25 on Thursday. Steel Partners has a fifty-two week low of $33.12 and a fifty-two week high of $48.45. The stock’s 50 day simple moving average is $41.30 and its two-hundred day simple moving average is $39.50. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.16 and a current ratio of 1.27. The stock has a market cap of $810.57 million, a price-to-earnings ratio of 4.33 and a beta of 1.38.

Hedge Funds Weigh In On Steel Partners

A number of institutional investors have recently added to or reduced their stakes in SPLP. De Lisle Partners LLP increased its stake 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 in the last quarter. HighTower Advisors LLC grew its stake in shares of Steel Partners by 2.5% in the 3rd 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 last quarter. Finally, Gabelli Funds LLC increased its position in Steel Partners by 0.3% during the 2nd quarter. Gabelli Funds LLC now owns 596,503 shares of the conglomerate’s stock valued at $22,207,000 after buying an additional 1,700 shares in the last quarter. 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.