Steel Partners (NYSE:SPLP) Shares Gap Down - Here's Why

Steel Partners Holdings L.P. (NYSE:SPLP - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $40.91, but opened at $40.00. Steel Partners shares last traded at $40.00, with a volume of 181 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen assumed coverage on shares of Steel Partners in a report on Monday, May 19th. They set a "strong-buy" rating for the company.

Steel Partners Trading Down 2.2%

The firm has a market capitalization of $766.04 million, a PE ratio of 4.10 and a beta of 1.28. 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 company has a fifty day moving average of $37.54 and a 200-day moving average of $40.13.

Steel Partners Dividend Announcement

The company also recently declared a dividend, which was paid on Sunday, June 15th. Stockholders of record on Monday, June 2nd were issued 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 dividend payout ratio is 3.32%.

Insider Buying and Selling

In related news, President Jack L. Howard sold 25,500 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $24.20, for a total value of $617,100.00. Following the completion of the sale, the president now directly owns 62,149 shares in the company, valued at approximately $1,504,005.80. This represents a 29.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 84.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Steel Partners

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Axxcess Wealth Management LLC acquired a new position in Steel Partners during the first quarter valued at approximately $330,000. Gamco Investors INC. ET AL increased its position in Steel Partners by 4.7% during the first quarter. Gamco Investors INC. ET AL now owns 101,372 shares of the conglomerate's stock worth $4,157,000 after acquiring an additional 4,508 shares during the period. HighTower Advisors LLC boosted its holdings in Steel Partners by 2.2% in the 4th quarter. HighTower Advisors LLC now owns 26,997 shares of the conglomerate's stock valued at $1,149,000 after purchasing an additional 577 shares during the period. Finally, Teton Advisors Inc. increased its holdings in shares of Steel Partners by 4.0% during the 4th quarter. Teton Advisors Inc. now owns 13,000 shares of the conglomerate's stock worth $553,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 50.75% of the company's stock.

Steel Partners Company Profile

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.

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