Zacks Investment Research upgraded shares of Navios Maritime Partners LP (NYSE:NMM) from a hold rating to a buy rating in a research note released on Friday morning. Zacks Investment Research currently has $2.25 price target on the shipping company’s stock.

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 equities research analysts also recently issued reports on NMM. BidaskClub upgraded Navios Maritime Partners from a sell rating to a hold rating in a research report on Wednesday, August 2nd. Stifel Nicolaus reiterated a hold rating and issued a $2.25 price objective on shares of Navios Maritime Partners in a research report on Friday, June 23rd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $2.19.

Navios Maritime Partners (NMM) opened at 2.12 on Friday. The stock has a 50 day moving average price of $2.10 and a 200 day moving average price of $1.86. Navios Maritime Partners has a 52 week low of $1.15 and a 52 week high of $2.94. The company’s market cap is $318.94 million.

Navios Maritime Partners (NYSE:NMM) last issued its quarterly earnings data on Thursday, July 27th. The shipping company reported $0.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.02. Navios Maritime Partners had a positive return on equity of 2.60% and a negative net margin of 19.50%. The company had revenue of $50.02 million for the quarter, compared to the consensus estimate of $44.37 million. During the same quarter last year, the business posted $0.05 earnings per share. The firm’s revenue was up 11.5% compared to the same quarter last year. On average, equities analysts forecast that Navios Maritime Partners will post $0.06 earnings per share for the current year.

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Hedge funds have recently modified their holdings of the stock. Sound Point Capital Management LP raised its position in shares of Navios Maritime Partners by 7.7% in 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 buying an additional 78,743 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Navios Maritime Partners by 905.0% in the first quarter. Renaissance Technologies LLC now owns 776,808 shares of the shipping company’s stock worth $1,608,000 after buying an additional 699,514 shares in the last quarter. Credit Suisse AG purchased a new stake in shares of Navios Maritime Partners in the first quarter worth $1,780,000. Evermore Global Advisors LLC raised its position in shares of 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 worth $11,344,000 after buying an additional 1,177,833 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of 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 worth $3,108,000 after buying an additional 970,357 shares in the last quarter. Institutional investors own 17.12% of the company’s stock.

Navios Maritime Partners Company Profile

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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