Steel Partners (NYSE:SPLP) Shares Gap Down - Should You Sell?

Key Points

• Steel Partners Holdings L.P. shares gapped down from a previous close of $40.50 to open at $39.39, with the stock trading down 2.7% on Monday.
• Wall Street Zen initiated coverage on Steel Partners, issuing a "strong-buy" rating for the company.
• The company recently declared a dividend of $0.375 with a high dividend yield of 384.0%, while insider purchasing of shares by President Jack L. Howard indicates confidence in the firm's prospects.

Steel Partners Holdings L.P. (NYSE:SPLP - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $40.50, but opened at $39.39. Steel Partners shares last traded at $39.39, with a volume of 116 shares changing hands.

Analysts Set New Price Targets

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

Steel Partners Stock Performance

The company has a market cap of $840.08 million, a PE ratio of 4.31 and a beta of 1.30. The firm has a fifty day simple moving average of $40.72 and a 200-day simple moving average of $39.81. The company has a quick ratio of 1.16, a current ratio of 1.27 and a debt-to-equity ratio of 0.11.

Steel Partners Announces Dividend

The firm also recently declared a dividend, which was paid on Sunday, June 15th. Investors of record on Monday, June 2nd were paid a dividend of $0.375 per share. The ex-dividend date was Friday, May 30th. This represents a yield of 384.0%. Steel Partners's dividend payout ratio is currently 3.79%.

Insider Transactions at Steel Partners

In other news, President Jack L. Howard bought 29,000 shares of Steel Partners stock in a transaction dated Wednesday, May 14th. The stock was bought 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 approximately $3,473,087.20. The trade was a 25.32% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 84.80% of the company's stock.

Institutional Investors Weigh In On Steel Partners

Several hedge funds have recently modified their holdings of SPLP. Axxcess Wealth Management LLC purchased a new stake in Steel Partners during the first quarter worth approximately $330,000. Teton Advisors Inc. increased its stake in shares of Steel Partners by 4.0% in the fourth 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 last quarter. Finally, Gamco Investors INC. ET AL raised its stake 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 purchasing an additional 3,300 shares in the last quarter. 50.75% of the stock is owned by institutional investors and hedge funds.

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.