Steel Partners (NYSE:SPLP) Rating Lowered to Buy at StockNews.com

Steel Partners (NYSE:SPLPGet Rating) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Wednesday.

Steel Partners Price Performance

SPLP opened at $43.80 on Wednesday. The stock has a fifty day simple moving average of $41.62 and a two-hundred day simple moving average of $42.30. The company has a current ratio of 1.18, a quick ratio of 1.04 and a debt-to-equity ratio of 0.32. The company has a market cap of $948.27 million, a price-to-earnings ratio of 6.82 and a beta of 1.39. Steel Partners has a 12-month low of $32.01 and a 12-month high of $47.62.

Insider Activity

In other news, President Jack L. Howard sold 12,000 shares of the firm’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $23.24, for a total transaction of $278,880.00. Following the completion of the transaction, the president now directly owns 229,375 shares in the company, valued at $5,330,675. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 70.20% of the company’s stock.

Hedge Funds Weigh In On Steel Partners

Several institutional investors and hedge funds have recently modified their holdings of the stock. Steel Partners Holdings L.P. increased its holdings in shares of Steel Partners by 7.8% during the second quarter. Steel Partners Holdings L.P. now owns 6,903,483 shares of the conglomerate’s stock valued at $289,774,000 after acquiring an additional 498,015 shares in the last quarter. FORVIS Wealth Advisors LLC bought a new position in shares of Steel Partners during the second quarter valued at $388,000. Advisory Services Network LLC bought a new position in shares of Steel Partners during the first quarter valued at $287,000. BNP Paribas Arbitrage SA bought a new position in shares of Steel Partners during the first quarter valued at $122,000. Finally, HM Payson & Co. bought a new position in shares of Steel Partners during the first quarter valued at $153,000. 88.82% of the stock is currently owned by institutional investors.

About Steel Partners

(Get Rating)

Steel Partners Holdings L.P., through its subsidiaries, engages in industrial products, energy, defense, supply chain management, logistics, banking, and youth sports businesses worldwide. It operates through Diversified Industrial, Energy, and Financial Services 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.

Recommended Stories

Receive News & Ratings for Steel Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steel Partners and related companies with MarketBeat.com's FREE daily email newsletter.