StockNews.com Initiates Coverage on Steel Partners (NYSE:SPLP)

Stock analysts at StockNews.com assumed coverage on shares of Steel Partners (NYSE:SPLP) in a research note issued to investors on Tuesday. The brokerage set a “strong-buy” rating on the conglomerate’s stock.

Steel Partners Stock Performance

Shares of SPLP stock opened at $41.75 on Tuesday. The stock has a market cap of $851.41 million, a price-to-earnings ratio of 6.11 and a beta of 1.35. The stock has a 50-day moving average of $39.74 and a 200-day moving average of $38.29. The company has a current ratio of 1.26, a quick ratio of 1.15 and a debt-to-equity ratio of 0.08. Steel Partners has a 1-year low of $33.12 and a 1-year high of $43.51.

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

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Steel Partners stock. Gabelli Funds LLC boosted its stake in shares of Steel Partners Holdings L.P. (NYSE:SPLP) by 0.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 596,503 shares of the conglomerate’s stock after buying an additional 1,700 shares during the quarter. Gabelli Funds LLC owned approximately 2.93% of Steel Partners worth $22,207,000 as of its most recent SEC filing. 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.