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

Steel Partners Holdings L.P. (NYSE:SPLP - Get Free Report) 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 traded.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen initiated coverage on shares of Steel Partners in a research note on Monday, May 19th. They issued a "strong-buy" rating on the stock.

Steel Partners Price Performance

The company has a current ratio of 1.27, a quick ratio of 1.16 and a debt-to-equity ratio of 0.11. The business's fifty day moving average is $37.62 and its 200 day moving average is $40.11. The company has a market cap of $781.84 million, a P/E ratio of 4.19 and a beta of 1.28.

Steel Partners Dividend Announcement

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

Insider Activity

In other news, President Jack L. Howard sold 25,500 shares of Steel Partners stock in a transaction dated 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 transaction, the president now owns 62,149 shares in the company, valued at $1,504,005.80. This trade represents a 29.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 84.80% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. HighTower Advisors LLC lifted its position in shares of Steel Partners by 2.2% during the fourth quarter. HighTower Advisors LLC now owns 26,997 shares of the conglomerate's stock worth $1,149,000 after acquiring an additional 577 shares in the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Steel Partners by 3.5% during the 4th quarter. Gamco Investors INC. ET AL now owns 96,864 shares of the conglomerate's stock valued at $4,123,000 after purchasing an additional 3,300 shares during the period. Teton Advisors Inc. raised its stake 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 valued at $553,000 after purchasing an additional 500 shares during the period. Finally, Axxcess Wealth Management LLC purchased a new stake in Steel Partners during the 1st quarter worth about $330,000. 50.75% of the stock is currently owned by hedge funds and other institutional investors.

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.