Steel Partners (NYSE:SPLP) Shares Down 4.1% - Here's What Happened

Shares of Steel Partners Holdings L.P. (NYSE:SPLP - Get Free Report) were down 4.1% during mid-day trading on Friday . The company traded as low as $40.03 and last traded at $41.18. Approximately 2,640 shares traded hands during mid-day trading, an increase of 58% from the average daily volume of 1,666 shares. The stock had previously closed at $42.95.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on shares of Steel Partners in a research report on Wednesday, February 12th. They set a "strong-buy" rating on the stock.

Steel Partners Stock Performance

The firm has a market cap of $796.51 million, a PE ratio of 4.26 and a beta of 1.38. The company has a 50-day simple moving average of $41.61 and a two-hundred day simple moving average of $40.67. The company has a quick ratio of 1.16, a current ratio of 1.27 and a debt-to-equity ratio of 0.11.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. De Lisle Partners LLP grew its stake in shares of Steel Partners by 83.0% during the 3rd quarter. De Lisle Partners LLP now owns 22,877 shares of the conglomerate's stock worth $924,000 after acquiring an additional 10,377 shares during the period. HighTower Advisors LLC grew its position in shares of Steel Partners by 2.5% in the third quarter. HighTower Advisors LLC now owns 26,420 shares of the conglomerate's stock valued at $1,082,000 after purchasing an additional 635 shares in the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Steel Partners by 3.5% during the 4th quarter. Gamco Investors INC. ET AL now owns 96,864 shares of the conglomerate's stock valued at $4,123,000 after purchasing an additional 3,300 shares during the period. Finally, Teton Advisors Inc. lifted its holdings in Steel Partners by 4.0% during the 4th quarter. Teton Advisors Inc. now owns 13,000 shares of the conglomerate's stock worth $553,000 after purchasing an additional 500 shares in the last quarter. 50.75% of the stock is currently owned by hedge funds and other institutional investors.

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.