CVR Partners, LP (NYSE:UAN) Shares Sold by Zazove Associates LLC

Key Points

• Zazove Associates LLC significantly reduced its holdings in CVR Partners, LP by 91.8%, selling 71,300 shares and leaving it with only 6,400 shares worth approximately $481,000.
• CVR Partners announced a dividend of $3.89 per share, which is a substantial increase from the previous $2.26, representing a remarkable dividend yield of 1,601.0%.
• Wall Street analysts upgraded CVR Partners from a "buy" to a "strong-buy" rating, indicating increased confidence in the company's stock outlook.

Zazove Associates LLC cut its holdings in shares of CVR Partners, LP (NYSE:UAN - Free Report) by 91.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,400 shares of the basic materials company's stock after selling 71,300 shares during the period. Zazove Associates LLC's holdings in CVR Partners were worth $481,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Icahn Carl C increased its stake in shares of CVR Partners by 4.5% during the fourth quarter. Icahn Carl C now owns 4,066,192 shares of the basic materials company's stock worth $308,868,000 after purchasing an additional 174,192 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of CVR Partners during the fourth quarter worth about $480,000. De Lisle Partners LLP increased its stake in shares of CVR Partners by 10.8% during the first quarter. De Lisle Partners LLP now owns 50,633 shares of the basic materials company's stock worth $3,805,000 after purchasing an additional 4,916 shares in the last quarter. Novem Group purchased a new stake in shares of CVR Partners during the fourth quarter worth about $243,000. Finally, MGO One Seven LLC purchased a new stake in shares of CVR Partners during the fourth quarter worth about $243,000. 43.83% of the stock is currently owned by institutional investors and hedge funds.

CVR Partners Price Performance

NYSE UAN traded up $1.91 during trading hours on Friday, hitting $91.19. 28,033 shares of the company's stock traded hands, compared to its average volume of 29,127. CVR Partners, LP has a 52-week low of $62.94 and a 52-week high of $98.99. The company has a market capitalization of $1.56 billion, a PE ratio of 10.96 and a beta of 1.07. The company has a debt-to-equity ratio of 1.80, a current ratio of 3.45 and a quick ratio of 2.40. The firm's 50-day moving average is $89.64 and its 200-day moving average is $81.87.

CVR Partners (NYSE:UAN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The basic materials company reported $3.67 EPS for the quarter. CVR Partners had a net margin of 15.27% and a return on equity of 29.35%. The firm had revenue of $168.56 million for the quarter.

CVR Partners Increases Dividend

The firm also recently announced a dividend, which will be paid on Monday, August 18th. Shareholders of record on Tuesday, August 12th will be issued a dividend of $3.89 per share. This is a boost from CVR Partners's previous dividend of $2.26. The ex-dividend date is Monday, August 11th. This represents a yield of 1,601.0%. CVR Partners's dividend payout ratio (DPR) is currently 187.02%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of CVR Partners from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th.

About CVR Partners

CVR Partners, LP, together with its subsidiaries, engages in the production and sale of nitrogen fertilizer products in the United States. The company offers ammonia products for agricultural and industrial customers; and urea ammonium nitrate products to agricultural customers, as well as retailers and distributors.