Navios Maritime Partners (NYSE:NMM) Hits New 1-Year High Following Dividend Announcement

Navios Maritime Partners LP (NYSE:NMM) hit a new 52-week high during mid-day trading on Friday following a dividend announcement from the company. The stock traded as high as $82.84 and last traded at $82.12, with a volume of 33715 shares. The stock had previously closed at $79.27.

The newly announced dividend which will be paid on Thursday, August 13th. Investors of record on Monday, August 10th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Monday, August 10th. Navios Maritime Partners’s dividend payout ratio (DPR) is 2.02%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on NMM shares. Jefferies Financial Group started coverage on Navios Maritime Partners in a research note on Friday, April 24th. They issued a “buy” rating and a $85.00 target price on the stock. Weiss Ratings lowered Navios Maritime Partners from a “buy (b-)” rating to a “hold (c+)” rating in a 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 MarketBeat, Navios Maritime Partners currently has a consensus rating of “Moderate Buy” and an average target price of $85.00.

Navios Maritime Partners Stock Performance

The company has a market cap of $2.34 billion, a P/E ratio of 6.88 and a beta of 1.00. The company’s fifty day moving average is $73.26 and its 200 day moving average is $68.69. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.57.

Navios Maritime Partners (NYSE:NMM) last posted its quarterly earnings results on Thursday, May 21st. The shipping company reported $3.35 earnings per share 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 during the quarter, compared to the consensus estimate of $317.80 million. During the same period in the previous year, the firm posted $1.58 earnings per share. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis.

Insider Buying and Selling at Navios Maritime Partners

In related news, insider Angeliki Frangou bought 1,068 shares of the company’s stock in a transaction that occurred on Thursday, July 30th. The stock was bought at an average cost of $78.37 per share, for a total transaction of $83,699.16. Following the acquisition, the insider directly owned 4,782,027 shares of the company’s stock, valued at $374,767,455.99. The trade was a 0.02% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders bought 66,184 shares of company stock valued at $4,852,620.

Hedge Funds Weigh In On Navios Maritime Partners

A number of large investors have recently bought and sold shares of NMM. Royal Bank of Canada raised its holdings in 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 buying an additional 202 shares during the last quarter. Raymond James Financial Inc. grew its holdings in Navios Maritime Partners by 5.6% in the 3rd quarter. Raymond James Financial Inc. now owns 7,192 shares of the shipping company’s stock worth $324,000 after acquiring an additional 380 shares during the last quarter. Valley Wealth Managers Inc. bought a new stake in Navios Maritime Partners in the 1st quarter worth $63,000. BNP Paribas Financial Markets increased its position in shares of Navios Maritime Partners by 25.4% in the second quarter. BNP Paribas Financial Markets now owns 7,706 shares of the shipping company’s stock valued at $290,000 after acquiring an additional 1,559 shares during the period. Finally, State of Wyoming increased its position in shares of Navios Maritime Partners by 77.8% in the first quarter. State of Wyoming now owns 4,637 shares of the shipping company’s stock valued at $313,000 after acquiring an additional 2,029 shares during the period. 62.74% of the stock is owned by hedge funds and other institutional investors.

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.