Navios Maritime Partners (NYSE:NMM) Hits New 1-Year High - Should You Buy?

Key Points

• Navios Maritime Partners reached a new 52-week high of $83.04, trading near $82.80, while its consensus analyst rating is “Moderate Buy” with an $85 price target.
• The company reported strong quarterly results, posting EPS of $3.35 versus the $2.77 estimate and revenue of $357.0 million, up 17.4% year over year.
• Navios Maritime Partners pays a quarterly dividend of $0.06, equivalent to a 0.3% annualized yield, and insiders have purchased more than 62,000 shares over the past 90 days.

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

Analysts Set New Price Targets

A number of research firms have weighed in on NMM. Jefferies Financial Group initiated coverage on shares of Navios Maritime Partners in a research note on Friday, April 24th. They set a "buy" rating and a $85.00 target price on the stock. Weiss Ratings downgraded Navios Maritime Partners from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, May 28th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Navios Maritime Partners has a consensus rating of "Moderate Buy" and a consensus price target of $85.00.

Navios Maritime Partners Price Performance

The company has a 50 day moving average price of $74.96 and a 200-day moving average price of $70.49. The company 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 quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.57.

Navios Maritime Partners (NYSE:NMM - Get Free Report) last posted its earnings results on Thursday, May 21st. The shipping company reported $3.35 EPS for the quarter, topping the consensus estimate of $2.77 by $0.58. Navios Maritime Partners had a net margin of 25.05% and a return on equity of 10.48%. The business had revenue of $357.01 million for the quarter, compared to the consensus estimate of $317.80 million. During the same period last year, the company earned $1.58 EPS. The firm's revenue was up 17.4% compared to the same quarter last year.

Navios Maritime Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Investors 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 was Monday, August 10th. Navios Maritime Partners's dividend payout ratio is presently 2.02%.

Insider Buying and Selling

In related news, insider Angeliki Frangou purchased 1,208 shares of Navios Maritime Partners stock in a transaction on Monday, June 29th. The shares were purchased at an average price of $68.88 per share, for a total transaction of $83,207.04. Following the transaction, the insider owned 4,757,419 shares of the company's stock, valued at approximately $327,691,020.72. This represents a 0.03% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders bought 62,446 shares of company stock worth $4,635,090.

Hedge Funds Weigh In On Navios Maritime Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sei Investments Co. bought a new position in Navios Maritime Partners during the first quarter worth $1,889,000. Marnell Management LLC acquired a new position in Navios Maritime Partners in the fourth quarter valued at $5,027,000. ING Groep NV boosted its position in Navios Maritime Partners by 51.7% during the fourth quarter. ING Groep NV now owns 146,500 shares of the shipping company's stock valued at $7,681,000 after acquiring an additional 49,900 shares during the last quarter. SG Americas Securities LLC bought a new stake in Navios Maritime Partners during the first quarter valued at $622,000. Finally, Bank of America Corp DE grew its holdings in Navios Maritime Partners by 57.6% during the 1st 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. 62.74% of the stock is owned by institutional investors and hedge funds.

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.

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