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

Key Points

• Steel Partners Holdings L.P. shares experienced a notable increase, opening at $42.00 up from a previous close of $40.48, with last traded shares at $41.97.
• Wall Street analysts initiated coverage on Steel Partners, issuing a "strong-buy" rating and forecasting expected growth for the company.
• The company recently declared a dividend of $0.375 per share, which represents a yield of 3.84%, reflecting a stable financial position with a current ratio of 1.27.

Steel Partners Holdings L.P. (NYSE:SPLP - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $40.48, but opened at $42.00. Steel Partners shares last traded at $41.97, with a volume of 1,014 shares changing hands.

Analyst Upgrades and Downgrades

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

Steel Partners Trading Down 3.6%

The firm has a market capitalization of $810.12 million, a price-to-earnings ratio of 4.15 and a beta of 1.25. The company has a fifty day moving average price of $40.66 and a 200-day moving average price of $39.81. 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 firm 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 384.0%. Steel Partners's dividend payout ratio (DPR) is currently 3.32%.

Insider Activity

In other Steel Partners news, President Jack L. Howard sold 25,500 shares of the firm's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $24.20, for a total transaction of $617,100.00. Following the transaction, the president directly owned 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 84.80% of the company's stock.

Institutional Trading of Steel Partners

Several hedge funds have recently added to or reduced their stakes in the business. Axxcess Wealth Management LLC bought a new position in Steel Partners during the first quarter valued at about $330,000. Teton Advisors Inc. lifted 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 acquiring an additional 500 shares during the period. Finally, Gamco Investors INC. ET AL boosted its position 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 acquiring an additional 3,300 shares in the last quarter. 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.