Steel Partners (NYSE:SPLP) Shares Pass Above 200-Day Moving Average - Here's Why

Key Points

• Steel Partners Holdings L.P. shares have surpassed their 200-day moving average, reaching a price of $42.00, indicating potential bullish momentum for the stock.
• Wall Street Zen has initiated coverage on Steel Partners with a "strong-buy" rating, reflecting positive analyst sentiment towards the company's future performance.
• The company recently declared a dividend of $0.375 per share, resulting in an impressive dividend yield of 384.0%.

Steel Partners Holdings L.P. (NYSE:SPLP - Get Free Report)'s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $39.81 and traded as high as $42.00. Steel Partners shares last traded at $42.00, with a volume of 2,789 shares trading hands.

Analyst Upgrades and Downgrades

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

Steel Partners Stock Performance

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

Steel Partners Announces Dividend

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

Insider Activity

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 shares were sold at an average price of $24.20, for a total value of $617,100.00. Following the transaction, the president directly owned 62,149 shares of the company's stock, valued at $1,504,005.80. This trade represents a 29.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 84.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Steel Partners

Several large investors have recently modified their holdings of SPLP. Axxcess Wealth Management LLC acquired a new stake in shares of Steel Partners during the first quarter valued at about $330,000. Teton Advisors Inc. increased its holdings in Steel Partners by 4.0% in the 4th quarter. Teton Advisors Inc. now owns 13,000 shares of the conglomerate's stock valued at $553,000 after purchasing an additional 500 shares during the last quarter. Finally, Gamco Investors INC. ET AL raised its position in Steel Partners by 3.5% in the fourth 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 during the period. Institutional investors and hedge funds own 50.75% of the company's stock.

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.

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