Steel Partners (NYSE:SPLP) Stock Price Up 9.6% – Here’s What Happened

Shares of Steel Partners Holdings L.P. (NYSE:SPLP) shot up 9.6% on Thursday . The company traded as high as $40.93 and last traded at $40.55. 1,514 shares changed hands during mid-day trading, a decline of 18% from the average session volume of 1,852 shares. The stock had previously closed at $37.00.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on Steel Partners in a report on Saturday, January 11th. They set a “strong-buy” rating on the stock.

Steel Partners Stock Down 1.1 %

The firm has a market capitalization of $776.69 million, a price-to-earnings ratio of 4.15 and a beta of 1.39. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.16 and a current ratio of 1.27. The business’s 50 day moving average is $41.84 and its 200-day moving average is $39.99.

Hedge Funds Weigh In On Steel Partners

Several large investors have recently made changes to their positions in SPLP. De Lisle Partners LLP increased its position in Steel Partners by 83.0% in the 3rd quarter. De Lisle Partners LLP now owns 22,877 shares of the conglomerate’s stock worth $924,000 after buying an additional 10,377 shares during the period. HighTower Advisors LLC grew 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 worth $1,082,000 after acquiring an additional 635 shares during the last quarter. Finally, Gabelli Funds LLC increased its position 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 acquiring an additional 1,700 shares during the period. Institutional investors and hedge funds 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.