Steel Partners (NYSE:SPLP) Stock Price Down 8.3% – Here’s What Happened

Steel Partners Holdings L.P. (NYSE:SPLP)’s stock price fell 8.3% during mid-day trading on Tuesday . The stock traded as low as $41.13 and last traded at $41.13. 505 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 5,476 shares. The stock had previously closed at $44.85.

Wall Street Analyst Weigh In

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

Steel Partners Price Performance

The firm has a market cap of $788.87 million, a price-to-earnings ratio of 4.60 and a beta of 1.38. The company has a current ratio of 1.27, a quick ratio of 1.16 and a debt-to-equity ratio of 0.11. The stock’s fifty day moving average price is $40.72 and its 200-day moving average price is $39.06.

Institutional Trading of Steel Partners

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Gabelli Funds LLC boosted its stake in Steel Partners by 0.3% during the second 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 during the period. HighTower Advisors LLC boosted 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 worth $1,082,000 after purchasing an additional 635 shares during the period. Finally, De Lisle Partners LLP raised its position in 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 purchasing an additional 10,377 shares during the period. 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.