Steel Partners (NYSE:SPLP) Shares Gap Up – Time to Buy?

Shares of Steel Partners Holdings L.P. (NYSE:SPLP) gapped up before the market opened on Wednesday . The stock had previously closed at $37.00, but opened at $39.50. Steel Partners shares last traded at $39.50, with a volume of 1,030 shares.

Analyst Ratings Changes

Separately, StockNews.com assumed coverage on Steel Partners in a research report on Saturday. They set a “strong-buy” rating on the stock.

Steel Partners Stock Up 6.8 %

The company has a quick ratio of 1.16, a current ratio of 1.27 and a debt-to-equity ratio of 0.11. The business has a fifty day simple moving average of $41.82 and a two-hundred day simple moving average of $39.99. The company has a market capitalization of $757.81 million, a price-to-earnings ratio of 4.05 and a beta of 1.39.

Institutional Investors Weigh In On Steel Partners

A number of institutional investors have recently added to or reduced their stakes in the stock. De Lisle Partners LLP raised its stake 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 during the last quarter. HighTower Advisors LLC raised its stake in shares of Steel Partners by 2.5% in the third quarter. HighTower Advisors LLC now owns 26,420 shares of the conglomerate’s stock valued at $1,082,000 after acquiring an additional 635 shares during the last quarter. Finally, Gabelli Funds LLC raised its stake in shares of Steel Partners by 0.3% in the second quarter. Gabelli Funds LLC now owns 596,503 shares of the conglomerate’s stock valued at $22,207,000 after acquiring an additional 1,700 shares during the last quarter. 50.75% of the stock is owned by institutional investors and hedge funds.

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.