Navios Maritime Partners (NYSE:NMM) Upgraded by Zacks Investment Research to Strong-Buy

Navios Maritime Partners (NYSE:NMMGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The firm presently has a $34.00 price objective on the shipping company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 13.30% from the stock’s current price.

According to Zacks, “Navios Maritime Partners L.P. is an international owner and operator of dry cargo vessels. It engages in the seaborne transportation services of drybulk commodities including iron ore, coal, grains, fertilizers and chartering of its vessels under medium to long-term charters. Navios Maritime Partners L.P. is headquartered in Piraeus, Greece. “

Other equities research analysts also recently issued research reports about the company. StockNews.com assumed coverage on Navios Maritime Partners in a research note on Thursday, March 31st. They set a “buy” rating for the company. Jefferies Financial Group started coverage on shares of Navios Maritime Partners in a research report on Wednesday, April 27th. They issued a “buy” rating on the stock.

Shares of NMM opened at $30.01 on Tuesday. Navios Maritime Partners has a 52-week low of $20.52 and a 52-week high of $37.16. The stock’s 50-day simple moving average is $32.50 and its 200 day simple moving average is $29.16. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.57 and a current ratio of 0.57. The stock has a market capitalization of $906.21 million, a price-to-earnings ratio of 1.16 and a beta of 2.16.

Navios Maritime Partners (NYSE:NMMGet Rating) last announced its quarterly earnings results on Thursday, February 17th. The shipping company reported $4.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.07 by ($1.04). The firm had revenue of $268.15 million during the quarter, compared to analysts’ expectations of $284.96 million. Navios Maritime Partners had a return on equity of 25.60% and a net margin of 72.38%. On average, research analysts forecast that Navios Maritime Partners will post 17.52 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN lifted its position in Navios Maritime Partners by 6,215.3% in the second quarter. Wells Fargo & Company MN now owns 21,409 shares of the shipping company’s stock valued at $632,000 after purchasing an additional 21,070 shares during the last quarter. Morgan Stanley grew its position in shares of Navios Maritime Partners by 406.7% in the 2nd quarter. Morgan Stanley now owns 762,456 shares of the shipping company’s stock worth $22,538,000 after buying an additional 611,991 shares during the last quarter. Raymond James & Associates purchased a new stake in Navios Maritime Partners in the third quarter worth $253,000. Moors & Cabot Inc. purchased a new position in Navios Maritime Partners during the 3rd quarter valued at $390,000. Finally, Goldman Sachs Group Inc. bought a new position in Navios Maritime Partners in the 3rd quarter worth $314,000. Institutional investors and hedge funds own 16.95% of the company’s stock.

About Navios Maritime Partners (Get Rating)

Navios Maritime Partners L.P. owns and operates dry cargo vessels in Asia, Europe, North America, and Australia. The company offers seaborne transportation services for a range of dry cargo commodities, including iron ore, coal, grain, fertilizers, and containers, as well as charters its vessels under medium to long-term charters.

Further Reading

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