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

StockNews.com assumed coverage on shares of Steel Partners (NYSE:SPLP) in a report published on Friday morning. The firm issued a strong-buy rating on the conglomerate’s stock.

Steel Partners Trading Down 2.4 %

NYSE:SPLP opened at $40.50 on Friday. The stock has a market capitalization of $825.80 million, a price-to-earnings ratio of 5.93 and a beta of 1.35. Steel Partners has a 1 year low of $33.12 and a 1 year high of $44.99. The stock has a fifty day moving average price of $38.06 and a two-hundred day moving average price of $37.97. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.15 and a current ratio of 1.26.

Steel Partners (NYSE:SPLP) last announced its quarterly earnings data on Wednesday, August 7th. The conglomerate reported $4.85 EPS for the quarter. Steel Partners had a net margin of 11.04% and a return on equity of 21.44%. The firm had revenue of $533.16 million during the quarter.

Hedge Funds Weigh In On Steel Partners

A hedge fund recently raised its stake in Steel Partners stock. Gabelli Funds LLC raised its position in Steel Partners Holdings L.P. (NYSE:SPLP) by 0.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 596,503 shares of the conglomerate’s stock after purchasing an additional 1,700 shares during the period. Gabelli Funds LLC owned about 2.93% of Steel Partners worth $22,207,000 at the end of the most recent reporting period. Institutional investors own 50.75% of the company’s stock.

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.