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

Shares of Steel Partners Holdings L.P. (NYSE:SPLP - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $40.00, but opened at $41.45. Steel Partners shares last traded at $41.45, with a volume of 503 shares traded.

Analysts Set New Price Targets

Separately, Wall Street Zen began coverage on shares of Steel Partners in a report on Monday, May 19th. They set a "strong-buy" rating on the stock.

Steel Partners Price Performance

The stock has a market cap of $793.81 million, a price-to-earnings ratio of 4.25 and a beta of 1.28. The company has a 50 day simple moving average of $37.44 and a 200-day simple moving average of $40.19. 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 (NYSE:SPLP - Get Free Report) last posted its quarterly earnings data on Tuesday, March 11th. The conglomerate reported $3.40 earnings per share (EPS) for the quarter. The business had revenue of $497.92 million during the quarter. Steel Partners had a return on equity of 21.72% and a net margin of 11.43%.

Steel Partners Dividend Announcement

The firm also recently announced a dividend, which will be paid on Sunday, June 15th. Investors of record on Monday, June 2nd will be given a $0.375 dividend. This represents a yield of 3.84%. The ex-dividend date of this dividend is Friday, May 30th. Steel Partners's dividend payout ratio (DPR) is currently 3.32%.

Insider Buying and Selling at Steel Partners

In other Steel Partners news, President Jack L. Howard sold 25,500 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was 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 directly 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 through this link. Company insiders own 84.80% of the company's stock.

Institutional Investors Weigh In On Steel Partners

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Axxcess Wealth Management LLC acquired a new position in Steel Partners during the first quarter worth $330,000. Gamco Investors INC. ET AL grew its position in shares of Steel Partners by 4.7% in the 1st quarter. Gamco Investors INC. ET AL now owns 101,372 shares of the conglomerate's stock valued at $4,157,000 after acquiring an additional 4,508 shares during the period. HighTower Advisors LLC grew its position in shares of Steel Partners by 2.2% in the 4th 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 period. Finally, Teton Advisors Inc. increased 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 worth $553,000 after purchasing an additional 500 shares during 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.