Navios Maritime Partners (NYSE:NMM) Reaches New 52-Week High – Here’s What Happened

Navios Maritime Partners LP (NYSE:NMM)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $83.04 and last traded at $82.7950, with a volume of 50585 shares trading hands. The stock had previously closed at $81.88.

Analyst Ratings Changes

Several brokerages have issued reports on NMM. Weiss Ratings lowered Navios Maritime Partners from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 28th. Jefferies Financial Group began coverage on shares of Navios Maritime Partners in a research report on Friday, April 24th. They set a “buy” rating and a $85.00 price objective for the company. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $85.00.

Navios Maritime Partners Stock Up 1.2%

The firm’s fifty day moving average price is $74.96 and its two-hundred day moving average price is $70.49. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of 6.98 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.45 and a quick ratio of 1.45.

Navios Maritime Partners (NYSE:NMM) last released its quarterly earnings data on Thursday, May 21st. The shipping company reported $3.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.77 by $0.58. The company had revenue of $357.01 million for the quarter, compared to analysts’ expectations of $317.80 million. Navios Maritime Partners had a net margin of 25.05% and a return on equity of 10.48%. The business’s revenue was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.58 EPS.

Navios Maritime Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Monday, August 10th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Monday, August 10th. Navios Maritime Partners’s dividend payout ratio (DPR) is 2.02%.

Insider Buying and Selling

In other news, insider Angeliki Frangou acquired 1,062 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was purchased at an average price of $79.16 per share, for a total transaction of $84,067.92. Following the completion of the acquisition, the insider directly owned 4,790,901 shares in the company, valued at $379,247,723.16. The trade was a 0.02% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders purchased a total of 62,446 shares of company stock valued at $4,635,090 over the last ninety days.

Hedge Funds Weigh In On Navios Maritime Partners

A number of large investors have recently modified their holdings of the company. Royal Bank of Canada grew its position in Navios Maritime Partners by 50.9% in the 4th quarter. Royal Bank of Canada now owns 599 shares of the shipping company’s stock valued at $32,000 after purchasing an additional 202 shares during the period. Valley Wealth Managers Inc. acquired a new position in Navios Maritime Partners during the first quarter worth $63,000. State of Wyoming acquired a new position in Navios Maritime Partners during the fourth quarter worth $137,000. Corient Private Wealth LLC bought a new position in shares of Navios Maritime Partners in the fourth quarter valued at $207,000. Finally, Mariner LLC bought a new position in shares of Navios Maritime Partners in the fourth quarter valued at $208,000. 62.74% of the stock is currently owned by institutional investors.

Navios Maritime Partners Company Profile

Navios Maritime Partners L.P. (NYSE: NMM) is a dry bulk shipping company that owns and operates a fleet of Capesize, Panamax and Supramax vessels. The partnership charters its vessels under medium- and long-term contracts to a diverse group of charterers, providing seaborne transportation for major bulk cargoes such as iron ore, coal, grain and fertilizers. Through this asset-light model, Navios Maritime Partners seeks to generate stable cash flows while retaining flexibility to capitalize on market opportunities.

Formed in November 2007 and sponsored by Navios Maritime Holdings Inc, the partnership leverages the operating platform and commercial management capabilities of the Navios group.