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

Steel Partners Holdings L.P. (NYSE:SPLP) was the recipient of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 1,900 shares, a drop of 26.9% from the March 15th total of 2,600 shares. Based on an average daily volume of 1,500 shares, the days-to-cover ratio is currently 1.3 days. Approximately 0.1% of the company’s stock are short sold.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on Steel Partners in a research report on Thursday. They set a “strong-buy” rating for the company.

Hedge Funds Weigh In On Steel Partners

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Teton Advisors Inc. lifted its stake in Steel Partners by 4.0% in the fourth quarter. Teton Advisors Inc. now owns 13,000 shares of the conglomerate’s stock valued at $553,000 after acquiring an additional 500 shares during the last quarter. HighTower Advisors LLC lifted its stake in Steel Partners by 2.2% in the 4th quarter. HighTower Advisors LLC now owns 26,997 shares of the conglomerate’s stock valued at $1,149,000 after purchasing an additional 577 shares during the last quarter. Finally, Gamco Investors INC. ET AL increased its position in Steel Partners by 3.5% during the fourth quarter. Gamco Investors INC. ET AL now owns 96,864 shares of the conglomerate’s stock worth $4,123,000 after buying an additional 3,300 shares during the last quarter. 50.75% of the stock is owned by institutional investors.

Steel Partners Stock Performance

Shares of SPLP stock opened at $33.67 on Friday. The firm has a market cap of $644.72 million, a PE ratio of 3.45 and a beta of 1.01. Steel Partners has a 12 month low of $27.95 and a 12 month high of $48.45. The company’s fifty day simple moving average is $40.07 and its 200-day simple moving average is $40.84. The company has a quick ratio of 1.16, a current ratio of 1.27 and a debt-to-equity ratio of 0.11.

Steel Partners (NYSE:SPLP) last announced its quarterly earnings data on Tuesday, March 11th. The conglomerate reported $3.40 earnings per share for the quarter. Steel Partners had a return on equity of 21.72% and a net margin of 11.43%. The company had revenue of $497.92 million during the quarter.

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.