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 Saturday. The brokerage issued a strong-buy rating on the conglomerate’s stock.

Steel Partners Stock Down 1.0 %

NYSE SPLP opened at $40.53 on Friday. Steel Partners has a 52 week low of $33.12 and a 52 week high of $42.58. The company has a quick ratio of 1.15, a current ratio of 1.27 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $777.42 million, a P/E ratio of 4.16 and a beta of 1.36. The stock’s 50-day moving average price is $40.46 and its 200-day moving average price is $38.67.

Hedge Funds Weigh In On Steel Partners

Several large investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC raised its position in shares of Steel Partners by 2.5% during the 3rd quarter. HighTower Advisors LLC now owns 26,420 shares of the conglomerate’s stock valued at $1,082,000 after purchasing an additional 635 shares during the period. Gabelli Funds LLC increased its stake in Steel Partners by 0.3% in the 2nd quarter. Gabelli Funds LLC now owns 596,503 shares of the conglomerate’s stock worth $22,207,000 after buying an additional 1,700 shares in the last quarter. Teton Advisors Inc. raised its holdings in Steel Partners by 22.5% during the first quarter. Teton Advisors Inc. now owns 12,500 shares of the conglomerate’s stock valued at $496,000 after acquiring an additional 2,300 shares during the period. Finally, De Lisle Partners LLP lifted 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 acquiring an additional 10,377 shares in the last quarter. 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.