Steel Partners (NYSE:SPLP) Shares Down 4.1% - Time to Sell?

On Friday, Steel Partners Holdings L.P. (NYSE:SPLP) saw its shares decrease by 4.1% during trading. The stock price hit a low of $40.03 and was last seen at $41.18. Trading volume reached approximately 2,640 shares during the midday session, which is a significant increase of 58% compared to the average daily volume of 1,666 shares. The closing price the day before was $42.95.

Recent Analyst Ratings

In separate news, StockNews.com initiated coverage on Steel Partners with a report released on Wednesday. They assigned a "strong-buy" rating to the stock, suggesting potential confidence in its future performance.

Stock Performance Metrics

Steel Partners' financial health can be gauged by several key metrics. The company has a current ratio of 1.27, a quick ratio of 1.16, and a very low debt-to-equity ratio of 0.11. The stock’s 50-day moving average is reported at $41.68 whereas the 200-day moving average stands at $40.56. Currently, the market capitalization of Steel Partners is $805.56 million, with a price-to-earnings ratio of 4.31 and a beta of 1.38, indicating how much the stock price fluctuates compared to the market.

Hedge Fund Activity

Recently, various hedge funds have shown interest in Steel Partners. Teton Advisors Inc. increased their position by 4.0% in the fourth quarter, now owning 13,000 shares valued at $553,000 after buying an additional 500 shares. Similarly, HighTower Advisors LLC raised their stake by 2.2%, holding 26,997 shares worth $1,149,000 after acquiring 577 shares. Gamco Investors INC. ET AL also expanded their holdings by 3.5%, reaching a total of 96,864 shares valued at $4,123,000 following a purchase of 3,300 shares. Additionally, De Lisle Partners LLP significantly raised their holdings by 83.0%, acquiring 10,377 shares in the third quarter. It’s worth noting that 50.75% of Steel Partners stock is currently owned by hedge funds and other institutional investors.

What Steel Partners Does

Steel Partners Holdings L.P. operates across various sectors, providing an array of products and services. Its business segments include Diversified Industrial, Energy, Financial Services, and Supply Chain Management. The company is involved in manufacturing unique items such as precious metals and alloys, seamless stainless steel tubing coils, and specialized fasteners for multiple industries.

Final Thoughts

While Steel Partners experienced a drop in its stock value recently, the strong-buy rating from analysts and growing hedge fund investments suggest that there may be an opportunity for recovery ahead. Observers will be keen to see how the stock performs in the upcoming weeks and whether investors should consider holding or selling their shares.

Steel, Investing, Stock