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

Steel Partners Holdings L.P. (NYSE:SPLP) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $39.30 and traded as high as $41.83. Steel Partners shares last traded at $41.50, with a volume of 3,629 shares.

Wall Street Analysts Forecast Growth

Separately, StockNews.com started coverage on Steel Partners in a research report on Wednesday. They issued a “strong-buy” rating on the stock.

Steel Partners Stock Performance

The company has a quick ratio of 1.16, a current ratio of 1.27 and a debt-to-equity ratio of 0.11. The firm has a 50-day simple moving average of $41.09 and a 200 day simple moving average of $39.30. The company has a market cap of $796.18 million, a price-to-earnings ratio of 4.26 and a beta of 1.38.

Hedge Funds Weigh In On Steel Partners

Hedge funds and other institutional investors have recently bought and sold shares of the company. Gabelli Funds LLC grew its position in shares of Steel Partners by 0.3% in the second quarter. Gabelli Funds LLC now owns 596,503 shares of the conglomerate’s stock valued at $22,207,000 after purchasing an additional 1,700 shares during the last quarter. De Lisle Partners LLP lifted its stake in Steel Partners by 83.0% in the 3rd quarter. De Lisle Partners LLP now owns 22,877 shares of the conglomerate’s stock valued at $924,000 after buying an additional 10,377 shares in the last quarter. Finally, HighTower Advisors LLC grew its holdings in Steel Partners by 2.5% during the 3rd quarter. HighTower Advisors LLC now owns 26,420 shares of the conglomerate’s stock valued at $1,082,000 after buying an additional 635 shares during 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.