Bank of America Corp DE Buys 72,754 Shares of Navios Maritime Partners LP $NMM

Key Points

• Bank of America increased its Navios Maritime Partners position by 57.6% in the first quarter, adding 72,754 shares to own 199,141 shares worth approximately $13.4 million. Institutional investors collectively hold 62.74% of the company.
• Navios Maritime Partners exceeded quarterly expectations, reporting $4.65 EPS versus the $4.35 consensus and $410.17 million in revenue versus $360.83 million expected. Revenue rose 25.2% year over year.
• The company announced a quarterly dividend of $0.06 per unit, equal to an annualized $0.24 and a 0.3% yield; analysts maintain a “Moderate Buy” consensus with an $85 price target, below the reported $88.60 share price.

Bank of America Corp DE lifted its position in shares of Navios Maritime Partners LP (NYSE:NMM - Free Report) by 57.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 199,141 shares of the shipping company's stock after acquiring an additional 72,754 shares during the period. Bank of America Corp DE owned approximately 0.69% of Navios Maritime Partners worth $13,438,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Royal Bank of Canada grew its holdings in shares of Navios Maritime Partners by 50.9% during 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 last quarter. Valley Wealth Managers Inc. bought a new position in shares of Navios Maritime Partners in the 1st quarter valued at $63,000. State of Wyoming acquired a new stake in shares of Navios Maritime Partners during the 4th quarter valued at $137,000. Corient Private Wealth LLC acquired a new stake in shares of Navios Maritime Partners during the 4th quarter valued at $207,000. Finally, Mariner LLC bought a new stake in Navios Maritime Partners during the 4th quarter worth $208,000. Institutional investors and hedge funds own 62.74% of the company's stock.

Insiders Place Their Bets

In other news, insider Angeliki Frangou purchased 1,208 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was bought at an average cost of $68.88 per share, for a total transaction of $83,207.04. Following the acquisition, the insider directly owned 4,757,419 shares of the company's stock, valued at $327,691,020.72. This represents a 0.03% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have bought 57,950 shares of company stock valued at $4,297,068 in the last 90 days.

Navios Maritime Partners Stock Performance

NYSE NMM opened at $88.60 on Friday. The company has a fifty day simple moving average of $76.14 and a 200 day simple moving average of $71.28. Navios Maritime Partners LP has a 12-month low of $43.02 and a 12-month high of $89.81. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.57. The company has a market cap of $2.54 billion, a P/E ratio of 5.79 and a beta of 1.02.

Navios Maritime Partners (NYSE:NMM - Get Free Report) last announced its quarterly earnings results on Thursday, August 20th. The shipping company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.35 by $0.30. The business had revenue of $410.17 million during the quarter, compared to the consensus estimate of $360.83 million. Navios Maritime Partners had a return on equity of 12.48% and a net margin of 30.27%.Navios Maritime Partners's revenue was up 25.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.15 earnings per share.

Navios Maritime Partners Announces Dividend

The business also recently announced 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 was Monday, August 10th. Navios Maritime Partners's payout ratio is presently 2.02%.

Trending Headlines about Navios Maritime Partners

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

• Positive Sentiment: Results exceeded expectations: Q2 earnings were $4.65 per common unit, ahead of the $4.35 consensus estimate, while revenue reached $410.2 million versus expectations of $360.8 million. Revenue increased 25.2% year over year, and net income was $167.9 million. Navios Maritime Partners Q2 earnings report
• Positive Sentiment: Buyback supports investor confidence: Navios Partners introduced a new program to repurchase its common units, potentially providing support for the unit price and signaling that management views the units as attractively valued. Why Navios Maritime Partners Is Up After Q2 Earnings
• Positive Sentiment: Fleet expansion: The company agreed to acquire three very large crude carriers for approximately $361 million, expanding its tanker exposure and potentially increasing future cash flow capacity. Navios Maritime Buys Three New VLCCs
• Neutral Sentiment: The fleet purchase requires significant capital and adds exposure to tanker-market rates, vessel values and broader global shipping conditions. Management’s earnings-call materials provide additional details on the acquisition and operating outlook. Navios Maritime Partners Q2 Earnings Call Transcript

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on NMM shares. Weiss Ratings cut shares of Navios Maritime Partners from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, May 28th. Jefferies Financial Group assumed coverage on shares of Navios Maritime Partners in a report on Friday, April 24th. They set a "buy" rating and a $85.00 price target on the stock. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. 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 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.

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