Steel Partners (NYSE:SPLP) Trading 6.6% Higher – Here’s What Happened

Steel Partners Holdings L.P. (NYSE:SPLP)’s share price traded up 6.6% during mid-day trading on Friday . The company traded as high as $40.20 and last traded at $42.00. 181 shares traded hands during trading, a decline of 90% from the average session volume of 1,875 shares. The stock had previously closed at $39.40.

Analyst Upgrades and Downgrades

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

Steel Partners Stock Up 6.6 %

The firm has a market capitalization of $805.35 million, a price-to-earnings ratio of 4.31 and a beta of 1.39. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.27 and a quick ratio of 1.16. The business has a fifty day moving average price of $42.00 and a two-hundred day moving average price of $40.28.

Steel Partners (NYSE:SPLP) last announced its quarterly earnings results on Friday, November 8th. The conglomerate reported $1.65 earnings per share for the quarter. Steel Partners had a return on equity of 21.72% and a net margin of 11.43%. The company had revenue of $520.42 million during the quarter.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Steel Partners stock. HighTower Advisors LLC raised its holdings in Steel Partners Holdings L.P. (NYSE:SPLP) by 2.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 26,420 shares of the conglomerate’s stock after acquiring an additional 635 shares during the period. HighTower Advisors LLC owned approximately 0.14% of Steel Partners worth $1,082,000 at the end of the most recent quarter. 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.