Steel Partners Holdings L.P. (NYSE:SPLP) Sees Large Drop in Short Interest

Steel Partners Holdings L.P. (NYSE:SPLP) was the target of a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 3,300 shares, a drop of 36.5% from the September 30th total of 5,200 shares. Based on an average daily volume of 1,700 shares, the days-to-cover ratio is presently 1.9 days. Approximately 0.1% of the company’s stock are sold short.

Steel Partners Price Performance

Shares of NYSE:SPLP opened at $40.49 on Friday. The firm’s 50 day moving average price is $40.26 and its 200 day moving average price is $38.42. The stock has a market cap of $825.71 million, a price-to-earnings ratio of 5.93 and a beta of 1.35. Steel Partners has a fifty-two week low of $33.12 and a fifty-two week high of $43.00. The company has a quick ratio of 1.15, a current ratio of 1.26 and a debt-to-equity ratio of 0.08.

Steel Partners (NYSE:SPLP) last issued its earnings results on Wednesday, August 7th. The conglomerate reported $4.85 earnings per share for the quarter. The firm had revenue of $533.16 million for the quarter. Steel Partners had a net margin of 11.04% and a return on equity of 21.44%.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on shares of Steel Partners in a research note on Wednesday. They issued a “strong-buy” rating for the company.

Institutional Trading of Steel Partners

An institutional investor recently raised its position in Steel Partners stock. Teton Advisors Inc. grew its stake in shares of Steel Partners Holdings L.P. (NYSE:SPLP) by 22.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,500 shares of the conglomerate’s stock after purchasing an additional 2,300 shares during the quarter. Teton Advisors Inc. owned approximately 0.06% of Steel Partners worth $496,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 50.75% of the company’s stock.

About Steel Partners

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.