Steel Partners (NYSE:SPLP) Stock Price Down 3.3% - Here's Why

Steel Partners Holdings L.P. (NYSE:SPLP - Get Free Report)'s stock price dropped 3.3% during trading on Monday . The stock traded as low as $39.55 and last traded at $39.55. Approximately 589 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 3,674 shares. The stock had previously closed at $40.90.

Analysts Set New Price Targets

Separately, Wall Street Zen started coverage on Steel Partners in a research report on Monday, May 19th. They set a "strong-buy" rating on the stock.

Steel Partners Stock Performance

The stock has a market cap of $804.34 million, a P/E ratio of 4.31 and a beta of 1.28. 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 firm's 50 day moving average is $38.92 and its 200 day moving average is $39.99.

Steel Partners Announces Dividend

The firm also recently declared a dividend, which was paid on Sunday, June 15th. Stockholders of record on Monday, June 2nd were paid a dividend of $0.375 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a dividend yield of 3.84%. Steel Partners's payout ratio is 3.32%.

Insider Activity at Steel Partners

In related news, President Jack L. Howard purchased 29,000 shares of the business's stock in a transaction on Wednesday, May 14th. The shares were acquired at an average price of $24.20 per share, for a total transaction of $701,800.00. Following the purchase, the president owned 143,516 shares of the company's stock, valued at $3,473,087.20. This trade represents a 25.32% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 84.80% of the stock is owned by insiders.

Institutional Trading of Steel Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Axxcess Wealth Management LLC purchased a new position in shares of Steel Partners in the first quarter worth about $330,000. Teton Advisors Inc. increased its holdings in Steel Partners by 4.0% in the 4th quarter. Teton Advisors Inc. now owns 13,000 shares of the conglomerate's stock worth $553,000 after buying an additional 500 shares during the period. HighTower Advisors LLC lifted its stake in Steel Partners by 2.2% during the 4th quarter. HighTower Advisors LLC now owns 26,997 shares of the conglomerate's stock valued at $1,149,000 after acquiring an additional 577 shares during the period. Finally, Gamco Investors INC. ET AL boosted its holdings in shares of Steel Partners by 3.5% in the 4th quarter. Gamco Investors INC. ET AL now owns 96,864 shares of the conglomerate's stock valued at $4,123,000 after acquiring an additional 3,300 shares during the last quarter. 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.