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

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) gapped down before the market opened 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 traded.

Analyst Ratings Changes

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

Steel Partners Price Performance

The company has a 50-day moving average of $40.71 and a 200-day moving average of $39.80. The company has a market capitalization of $800.24 million, a price-to-earnings ratio of 4.10 and a beta of 1.25. The company has a current ratio of 1.27, a quick ratio of 1.16 and a debt-to-equity ratio of 0.11.

Steel Partners Announces Dividend

The company also recently disclosed a dividend, which was paid on Sunday, June 15th. Stockholders of record on Monday, June 2nd were issued a $0.375 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a dividend yield of 384.0%. Steel Partners's dividend payout ratio is currently 3.32%.

Insider Buying and Selling at Steel Partners

In other news, President Jack L. Howard acquired 29,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were acquired at an average cost of $24.20 per share, with a total value of $701,800.00. Following the completion of the acquisition, 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 84.80% of the company's stock.

Institutional Trading of Steel Partners

A number of hedge funds have recently modified their holdings of the stock. Axxcess Wealth Management LLC purchased a new position in Steel Partners during the first quarter worth approximately $330,000. Gamco Investors INC. ET AL boosted 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 purchasing an additional 4,508 shares in the last quarter. Finally, Teton Advisors Inc. boosted its position in Steel Partners by 4.0% during the fourth quarter. Teton Advisors Inc. now owns 13,000 shares of the conglomerate's stock worth $553,000 after purchasing an additional 500 shares in the last quarter. Hedge funds and other institutional investors 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.