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

Steel Partners Holdings L.P. (NYSE:SPLP - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $39.55, but opened at $41.00. Steel Partners shares last traded at $41.00, with a volume of 100 shares changing hands.

Wall Street Analyst Weigh In

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

Steel Partners Stock Performance

The firm has a market capitalization of $804.34 million, a price-to-earnings ratio of 4.31 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.16 and a current ratio of 1.27. The stock's fifty day moving average is $39.04 and its two-hundred day moving average is $40.01.

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 issued a $0.375 dividend. This represents a yield of 3.84%. The ex-dividend date was Friday, May 30th. Steel Partners's dividend payout ratio is currently 3.32%.

Insider Transactions at Steel Partners

In other news, President Jack L. Howard sold 25,500 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $24.20, for a total transaction of $617,100.00. Following the transaction, the president owned 62,149 shares of the company's stock, valued at approximately $1,504,005.80. This trade represents a 29.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 84.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Axxcess Wealth Management LLC acquired a new position in shares of Steel Partners during the first quarter worth approximately $330,000. Teton Advisors Inc. grew 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 purchasing an additional 500 shares in the last quarter. HighTower Advisors LLC raised its stake in shares of Steel Partners by 2.2% during the fourth quarter. HighTower Advisors LLC now owns 26,997 shares of the conglomerate's stock valued at $1,149,000 after purchasing an additional 577 shares in the last quarter. Finally, Gamco Investors INC. ET AL raised 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 worth $4,123,000 after buying an additional 3,300 shares in the last quarter. 50.75% of the stock is owned by institutional investors and hedge funds.

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.