Steel Partners (NYSE:SPLP) Shares Down 9.7% – Here’s Why

Steel Partners Holdings L.P. (NYSE:SPLP) shares fell 9.7% on Friday . The company traded as low as $36.10 and last traded at $36.12. 654 shares traded hands during trading, a decline of 87% from the average session volume of 5,092 shares. The stock had previously closed at $40.00.

Wall Street Analysts Forecast Growth

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

Steel Partners Trading Down 9.7 %

The company has a current ratio of 1.26, a quick ratio of 1.15 and a debt-to-equity ratio of 0.08. The company has a 50 day moving average of $40.37 and a 200 day moving average of $38.51. The firm has a market cap of $736.49 million, a price-to-earnings ratio of 4.33 and a beta of 1.36.

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

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Steel Partners stock. Teton Advisors Inc. raised its position in Steel Partners Holdings L.P. (NYSE:SPLP) by 22.5% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 12,500 shares of the conglomerate’s stock after buying an additional 2,300 shares during the period. Teton Advisors Inc. owned about 0.06% of Steel Partners worth $496,000 as of its most recent filing with the SEC. 50.75% of the stock is currently owned by institutional investors and hedge funds.

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.