Navios Maritime Partners (NYSE:NMM) Reaches New 52-Week High - Here's Why

Key Points

• Navios Maritime Partners hit a new 52-week high, trading as high as $80.97 after closing previously at $76.82.
• The company posted strong quarterly results, with EPS of $3.35 beating estimates and revenue of $357.01 million topping expectations; revenue was also up 17.4% year over year.
• Analysts remain mixed but constructive overall: Jefferies initiated coverage with a buy rating and $85 target, while the consensus from MarketBeat is a Moderate Buy with an average price target of $85.00.

Navios Maritime Partners LP (NYSE:NMM - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $80.97 and last traded at $80.4650, with a volume of 84060 shares. The stock had previously closed at $76.82.

Analyst Ratings Changes

Several research analysts recently weighed in on NMM shares. Jefferies Financial Group started coverage on shares of Navios Maritime Partners in a research note on Friday, April 24th. They set a "buy" rating and a $85.00 price objective on the stock. 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. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Navios Maritime Partners has a consensus rating of "Moderate Buy" and an average target price of $85.00.

Navios Maritime Partners Price Performance

The company has a 50-day moving average of $72.75 and a 200-day moving average of $67.84. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.45 and a current ratio of 1.45. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of 6.64 and a beta of 1.00.

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

Navios Maritime Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were given a $0.06 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.24 dividend on an annualized basis 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 2.02%.

Insiders Place Their Bets

In other Navios Maritime Partners news, insider Angeliki Frangou acquired 1,208 shares of the stock in a transaction dated Monday, June 29th. The shares were bought at an average cost of $68.88 per share, for a total transaction of $83,207.04. Following the completion of the acquisition, the insider directly owned 4,757,419 shares of the company's stock, valued at approximately $327,691,020.72. This trade represents a 0.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders purchased 62,108 shares of company stock worth $4,513,984.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC lifted its position in Navios Maritime Partners by 74.1% during the 1st quarter. Empowered Funds LLC now owns 10,911 shares of the shipping company's stock worth $736,000 after buying an additional 4,644 shares in the last quarter. Bank of America Corp DE increased its position 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 valued at $13,438,000 after acquiring an additional 72,754 shares during the last quarter. Sei Investments Co. bought a new stake in Navios Maritime Partners during the first quarter worth about $1,889,000. Walleye Capital LLC raised its holdings in Navios Maritime Partners by 45,274.3% during the first quarter. Walleye Capital LLC now owns 149,527 shares of the shipping company's stock worth $10,090,000 after acquiring an additional 149,858 shares in the last quarter. Finally, State of Wyoming boosted its position in Navios Maritime Partners by 77.8% during the first quarter. State of Wyoming now owns 4,637 shares of the shipping company's stock valued at $313,000 after purchasing an additional 2,029 shares during the last quarter. Institutional investors own 62.74% of the company's stock.

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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