Steel Partners (NYSE:SPLP) Shares Gap Up to $37.75

Steel Partners Holdings L.P. (NYSE:SPLP) gapped up before the market opened on Thursday . The stock had previously closed at $37.75, but opened at $39.00. Steel Partners shares last traded at $39.25, with a volume of 429 shares trading hands.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on Steel Partners in a research report on Friday. They issued a “strong-buy” rating for the company.

Steel Partners Trading Up 4.6 %

The firm’s 50 day simple moving average is $38.13 and its two-hundred day simple moving average is $10,068.71. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.10. The stock has a market cap of $805.41 million, a P/E ratio of 5.78 and a beta of 1.30.

Steel Partners (NYSE:SPLP) last issued its earnings results on Wednesday, May 8th. The conglomerate reported $1.50 EPS for the quarter. The company had revenue of $476.35 million during the quarter. Steel Partners had a return on equity of 16.61% and a net margin of 8.27%.

Hedge Funds Weigh In On Steel Partners

A hedge fund recently raised its stake in Steel Partners stock. HighTower Advisors LLC raised its position in Steel Partners Holdings L.P. (NYSE:SPLP) by 2.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,065 shares of the conglomerate’s stock after purchasing an additional 522 shares during the quarter. HighTower Advisors LLC owned about 0.11% of Steel Partners worth $1,023,000 as of its most recent filing with the Securities and Exchange Commission. 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.