Navios Maritime Partners (NYSE:NMM) Hits New 52-Week High - Here's What Happened

Key Points

• Navios Maritime Partners reached a new 52-week high, trading as high as $92.89, while its stock has climbed above both its 50-day and 200-day moving averages.
• Analysts remain bullish: Weiss Ratings upgraded the stock to “buy,” Jefferies raised its price target to $100, and the consensus rating is “Buy” with a $100 target.
• The company reported strong quarterly results, with earnings of $4.65 per share and revenue of $410.17 million, exceeding estimates; revenue increased 25.2% year over year.

Navios Maritime Partners LP (NYSE:NMM - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $92.89 and last traded at $92.1890, with a volume of 23870 shares trading hands. The stock had previously closed at $92.19.

Analyst Ratings Changes

NMM has been the subject of several recent research reports. Weiss Ratings raised shares of Navios Maritime Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, September 8th. Jefferies Financial Group upped their target price on shares of Navios Maritime Partners from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Monday, August 24th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $100.00.

Navios Maritime Partners Price Performance

The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 6.07 and a beta of 0.99. The company has a 50 day simple moving average of $82.08 and a 200-day simple moving average of $74.42. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.57.

Navios Maritime Partners (NYSE:NMM - Get Free Report) last posted its earnings results 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 company had revenue of $410.17 million during the quarter, compared to analyst estimates of $360.83 million. Navios Maritime Partners had a return on equity of 12.24% and a net margin of 30.27%.The business's revenue was up 25.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.15 earnings per share.

Navios Maritime Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Monday, August 10th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, August 10th. Navios Maritime Partners's dividend payout ratio (DPR) is currently 1.57%.

Insider Buying and Selling at Navios Maritime Partners

In related news, insider Angeliki Frangou acquired 1,062 shares of Navios Maritime Partners stock in a transaction that occurred on Wednesday, August 12th. The stock was acquired at an average price of $79.16 per share, with a total value of $84,067.92. Following the completion of the acquisition, the insider directly owned 4,790,901 shares of the company's stock, valued at $379,247,723.16. This trade represents a 0.02% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought 39,478 shares of company stock worth $2,961,989 in the last quarter.

Institutional Trading of Navios Maritime Partners

A number of institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE raised its stake in shares of Navios Maritime Partners by 57.6% in the 1st quarter. Bank of America Corp DE now owns 199,141 shares of the shipping company's stock worth $13,438,000 after buying an additional 72,754 shares in the last quarter. Walleye Capital LLC lifted its holdings in Navios Maritime Partners by 45,274.3% in the 1st quarter. Walleye Capital LLC now owns 149,527 shares of the shipping company's stock valued at $10,090,000 after acquiring an additional 149,858 shares during the last quarter. ING Groep NV boosted its position in shares of Navios Maritime Partners by 51.7% during the 4th quarter. ING Groep NV now owns 146,500 shares of the shipping company's stock valued at $7,681,000 after purchasing an additional 49,900 shares in the last quarter. Marnell Management LLC bought a new position in shares of Navios Maritime Partners during the 4th quarter valued at about $5,027,000. Finally, Sei Investments Co. bought a new position in shares of Navios Maritime Partners during the 1st quarter valued at about $1,889,000. 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 an international owner and operator of commercial vessels. The company provides maritime transportation services through a diversified fleet that includes dry bulk carriers, containerships and tanker vessels.

Its dry bulk ships transport commodities such as iron ore, coal, grain and other bulk cargoes, while its containerships carry manufactured goods and other containerized freight. The tanker fleet transports crude oil, refined petroleum products and other liquid cargoes.

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