Navios Maritime Partners (NYSE:NMM) Reaches New 52-Week High on Strong Earnings

Navios Maritime Partners LP (NYSE:NMM)’s share price reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $80.69 and last traded at $80.08, with a volume of 78835 shares. The stock had previously closed at $75.23.

The shipping company reported $3.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.58. Navios Maritime Partners had a return on equity of 9.17% and a net margin of 21.23%.During the same quarter last year, the business earned $1.58 EPS. Navios Maritime Partners’s revenue was up 17.4% compared to the same quarter last year.

Navios Maritime Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 11th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.24 annualized dividend and a yield of 0.3%. This is a boost from Navios Maritime Partners’s previous quarterly dividend of $0.05. Navios Maritime Partners’s payout ratio is presently 2.50%.

More Navios Maritime Partners News

Here are the key news stories impacting Navios Maritime Partners this week:

• Positive Sentiment: Navios Maritime Partners reported first-quarter EPS of $3.35, topping analyst estimates of $2.77 by $0.58 and more than doubling from $1.58 per share a year ago. Revenue also rose 17.4% year over year, which likely supported investor confidence. Article Title
• Positive Sentiment: Insider buying continued, with CEO Angeliki Frangou purchasing additional shares on May 18, May 19, and May 20. Repeated insider accumulation can be viewed as a signal of management’s confidence in the stock’s outlook. Article Title
• Positive Sentiment: The company also raised its quarterly dividend to $0.06 per share from $0.05, which can make the stock more attractive to income-focused investors. Article Title
• Neutral Sentiment: Navios Maritime Partners recently traded near its 52-week high, so some of the good news may already be reflected in the share price. Article Title

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Weiss Ratings raised shares of Navios Maritime Partners from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, March 17th. Wall Street Zen raised Navios Maritime Partners from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 21st. Finally, Jefferies Financial Group initiated coverage on Navios Maritime Partners in a research note on Friday, April 24th. They issued a “buy” rating and a $85.00 target price for the company. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Navios Maritime Partners has a consensus rating of “Buy” and a consensus price target of $85.00.

Insiders Place Their Bets

In other Navios Maritime Partners news, insider Angeliki Frangou purchased 1,289 shares of Navios Maritime Partners stock in a transaction on Monday, March 23rd. The stock was bought at an average cost of $64.87 per share, with a total value of $83,617.43. Following the transaction, the insider owned 4,678,741 shares of the company’s stock, valued at $303,509,928.67. This represents a 0.03% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have purchased 43,647 shares of company stock valued at $3,097,899.

Institutional Trading of Navios Maritime Partners

Several large investors have recently made changes to their positions in NMM. Bank of America Corp DE increased its stake in shares of Navios Maritime Partners by 57.6% in the first quarter. Bank of America Corp DE now owns 199,141 shares of the shipping company’s stock worth $13,438,000 after acquiring an additional 72,754 shares during the period. Empowered Funds LLC lifted its position in Navios Maritime Partners by 74.1% during the first quarter. Empowered Funds LLC now owns 10,911 shares of the shipping company’s stock valued at $736,000 after purchasing an additional 4,644 shares during the period. Sei Investments Co. purchased a new stake in Navios Maritime Partners in the first quarter valued at $1,889,000. Walleye Capital LLC boosted its holdings in Navios Maritime Partners by 45,274.3% in the first quarter. Walleye Capital LLC now owns 149,527 shares of the shipping company’s stock valued at $10,090,000 after purchasing an additional 149,858 shares during the last quarter. Finally, State of Wyoming grew its position in Navios Maritime Partners by 77.8% during the 1st quarter. State of Wyoming now owns 4,637 shares of the shipping company’s stock worth $313,000 after purchasing an additional 2,029 shares during the period. 62.74% of the stock is owned by hedge funds and other institutional investors.

Navios Maritime Partners Price Performance

The firm has a market cap of $2.29 billion, a PE ratio of 8.33 and a beta of 1.06. The stock has a 50 day simple moving average of $69.21 and a two-hundred day simple moving average of $61.12. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.13 and a current ratio of 1.12.

About Navios Maritime Partners

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.