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

Steel Partners Holdings L.P. (NYSE:SPLP) saw a significant drop in short interest in 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. Currently, 0.1% of the company’s stock are short sold. Based on an average daily volume of 1,700 shares, the days-to-cover ratio is currently 1.9 days.

Hedge Funds Weigh In On Steel Partners

An institutional investor recently raised its position in Steel Partners stock. Gabelli Funds LLC boosted its position in Steel Partners Holdings L.P. (NYSE:SPLP) by 0.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 596,503 shares of the conglomerate’s stock after buying an additional 1,700 shares during the period. Gabelli Funds LLC owned approximately 2.93% of Steel Partners worth $22,207,000 as of its most recent SEC filing. 50.75% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on shares of Steel Partners in a report on Wednesday. They set a “strong-buy” rating on the stock.

Steel Partners Stock Performance

NYSE:SPLP opened at $40.49 on Friday. The firm’s fifty day moving average price is $40.26 and its 200 day moving average price is $38.42. Steel Partners has a 1-year low of $33.12 and a 1-year high of $43.00. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.26 and a quick ratio of 1.15. The firm has a market cap of $825.71 million, a price-to-earnings ratio of 5.93 and a beta of 1.35.

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

Steel Partners Company Profile

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.