Steel Partners (NYSE:SPLP) Shares Gap Down - What's Next?

Steel Partners Holdings L.P. (NYSE:SPLP - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $41.00, but opened at $40.00. Steel Partners shares last traded at $40.63, with a volume of 1,000 shares trading hands.

Analyst Upgrades and Downgrades

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

Steel Partners Stock Performance

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 market capitalization of $834.60 million, a PE ratio of 4.28 and a beta of 1.25. The firm's fifty day simple moving average is $39.91 and its 200 day simple moving average is $39.99.

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 was Friday, May 30th. This represents a dividend yield of 3.84%. Steel Partners's dividend payout ratio is currently 3.32%.

Insider Buying and Selling at Steel Partners

In related news, President Jack L. Howard acquired 29,000 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was purchased at an average price of $24.20 per share, with a total value of $701,800.00. Following the transaction, the president owned 143,516 shares of the company's stock, valued at approximately $3,473,087.20. This trade represents a 25.32% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 84.80% of the company's stock.

Hedge Funds Weigh In On Steel Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Gamco Investors INC. ET AL lifted its position in shares of Steel Partners by 4.7% during the 1st quarter. Gamco Investors INC. ET AL now owns 101,372 shares of the conglomerate's stock worth $4,157,000 after purchasing an additional 4,508 shares during the last quarter. HighTower Advisors LLC lifted its position in Steel Partners by 2.2% in the fourth 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 last quarter. Teton Advisors Inc. lifted its position in Steel Partners by 4.0% in the fourth quarter. Teton Advisors Inc. now owns 13,000 shares of the conglomerate's stock valued at $553,000 after acquiring an additional 500 shares during the last quarter. Finally, Axxcess Wealth Management LLC purchased a new stake in Steel Partners in the first quarter valued at $330,000. Hedge funds and other institutional investors 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.