Zacks Investment Research Downgrades Navios Maritime Partners LP (NYSE:NMM) to Hold

Navios Maritime Partners LP (NYSE:NMM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday, October 19th.

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. “

A number of other analysts have also issued reports on NMM. Stifel Nicolaus reaffirmed a “hold” rating and issued a $2.25 target price on shares of Navios Maritime Partners in a report on Friday, September 1st. BidaskClub raised Navios Maritime Partners from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Navios Maritime Partners has a consensus rating of “Hold” and an average price target of $2.19.

Navios Maritime Partners (NMM) traded up $0.03 on Thursday, hitting $2.10. The stock had a trading volume of 927,593 shares, compared to its average volume of 336,084. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.95 and a quick ratio of 1.95. Navios Maritime Partners has a 52 week low of $1.18 and a 52 week high of $2.94. The stock has a market cap of $314.43, a P/E ratio of 9.95 and a beta of 1.87.

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Hedge funds have recently added to or reduced their stakes in the company. Sound Point Capital Management LP raised its position in shares of Navios Maritime Partners by 7.7% during the second quarter. Sound Point Capital Management LP now owns 1,094,891 shares of the shipping company’s stock worth $1,741,000 after acquiring an additional 78,743 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Navios Maritime Partners by 905.0% in the first quarter. Renaissance Technologies LLC now owns 776,808 shares of the shipping company’s stock valued at $1,608,000 after purchasing an additional 699,514 shares during the last quarter. Credit Suisse AG bought a new stake in Navios Maritime Partners in the first quarter valued at about $1,780,000. Evermore Global Advisors LLC increased its holdings in Navios Maritime Partners by 19.8% in the second quarter. Evermore Global Advisors LLC now owns 7,134,433 shares of the shipping company’s stock valued at $11,344,000 after purchasing an additional 1,177,833 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Navios Maritime Partners by 182.8% in the first quarter. JPMorgan Chase & Co. now owns 1,501,072 shares of the shipping company’s stock valued at $3,108,000 after purchasing an additional 970,357 shares during the last quarter. Institutional investors own 17.07% of the company’s stock.

About Navios Maritime Partners

Navios Maritime Partners L.P. is an international owner and operator of dry cargo and container vessels. The Company is engaged in the seaborne transportation services of a range of dry cargo commodities, including iron ore, coal, grain and fertilizer, and also containers, chartering its vessels under medium to long-term charters.

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