Downgrades Steel Partners (NYSE:SPLP) to Buy

Steel Partners (NYSE:SPLPGet Rating) was downgraded by research analysts at from a “strong-buy” rating to a “buy” rating in a research note issued on Wednesday.

Steel Partners Stock Performance

Shares of NYSE SPLP opened at $43.80 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.18 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $948.27 million, a price-to-earnings ratio of 6.82 and a beta of 1.39. The stock’s fifty day simple moving average is $41.65 and its 200 day simple moving average is $42.31. Steel Partners has a 52-week low of $32.01 and a 52-week high of $47.62.

Insider Buying and Selling

In other news, President Jack L. Howard sold 12,000 shares of Steel Partners stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $23.24, for a total transaction of $278,880.00. Following the transaction, the president now owns 229,375 shares in the company, valued at $5,330,675. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 70.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Steel Partners Holdings L.P. grew its holdings in shares of Steel Partners by 7.8% during the second quarter. Steel Partners Holdings L.P. now owns 6,903,483 shares of the conglomerate’s stock valued at $289,774,000 after buying an additional 498,015 shares in the last quarter. FORVIS Wealth Advisors LLC acquired a new stake in Steel Partners during the second quarter valued at $388,000. Advisory Services Network LLC acquired a new stake in Steel Partners during the first quarter valued at $287,000. BNP Paribas Arbitrage SA acquired a new stake in Steel Partners during the first quarter valued at $122,000. Finally, HM Payson & Co. acquired a new stake in Steel Partners during the first quarter valued at $153,000. Hedge funds and other institutional investors own 88.82% of the company’s stock.

Steel Partners Company Profile

(Get Rating)

Steel Partners Holdings L.P., through its subsidiaries, engages in industrial products, energy, defense, supply chain management, logistics, banking, and youth sports businesses worldwide. It operates through Diversified Industrial, Energy, and Financial Services 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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