Navios Maritime Partners (NYSE:NMM) Hits New 12-Month High – Here’s What Happened

Shares of Navios Maritime Partners LP (NYSE:NMM) hit a new 52-week high during trading on Thursday . The company traded as high as $92.54 and last traded at $91.8750, with a volume of 12474 shares trading hands. The stock had previously closed at $91.39.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Navios Maritime Partners in a research note on Tuesday, August 25th. Jefferies Financial Group upped their price objective on shares of Navios Maritime Partners from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, August 24th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $100.00.

Navios Maritime Partners Price Performance

The company has a debt-to-equity ratio of 0.57, a current ratio of 1.53 and a quick ratio of 1.53. The company’s 50-day moving average price is $78.82 and its 200-day moving average price is $72.94. The company has a market cap of $2.64 billion, a P/E ratio of 6.02 and a beta of 0.99.

Navios Maritime Partners (NYSE:NMM) last posted its quarterly earnings data on Thursday, August 27th. The shipping company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.35 by $0.30. The business had revenue of $410.17 million for the quarter, compared to analysts’ expectations of $360.83 million. Navios Maritime Partners had a net margin of 30.27% and a return on equity of 12.24%. The firm’s revenue was up 25.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.15 EPS.

Navios Maritime Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Monday, August 10th were issued 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 is currently 1.57%.

Insider Buying and Selling at Navios Maritime Partners

In other Navios Maritime Partners news, insider Angeliki Frangou purchased 1,062 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were acquired at an average cost of $79.16 per share, for a total transaction of $84,067.92. Following the completion of the purchase, the insider owned 4,790,901 shares of the company’s stock, valued at approximately $379,247,723.16. The trade was a 0.02% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired a total of 48,651 shares of company stock worth $3,630,100 over the last three months.

Institutional Trading of Navios Maritime Partners

A number of institutional investors have recently modified their holdings of NMM. Royal Bank of Canada increased its position in shares of Navios Maritime Partners by 50.9% in the fourth quarter. Royal Bank of Canada now owns 599 shares of the shipping company’s stock worth $32,000 after purchasing an additional 202 shares during the period. Valley Wealth Managers Inc. bought a new position in Navios Maritime Partners in the 1st quarter valued at about $63,000. State of Wyoming acquired a new position in shares of Navios Maritime Partners in the 4th quarter valued at approximately $137,000. Corient Private Wealth LLC bought a new stake in shares of Navios Maritime Partners during the 4th quarter worth approximately $207,000. Finally, Mariner LLC acquired a new stake in shares of Navios Maritime Partners during the 4th quarter worth approximately $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.