Zacks Investment Research cut shares of New Mountain Finance (NYSE:NMFC) from a buy rating to a hold rating in a research report released on Thursday.
According to Zacks, “New Mountain Finance Corporation is a Business Development Company specializing in investments in middle market companies and debt securities at various levels of the capital structure, including first and second lien debt, unsecured notes, bonds, and mezzanine securities. It invests in various industries that include software, education, business services, distribution and logistics, federal services, healthcare services and products, healthcare facilities, energy, media, consumer and industrial services, healthcare Information Technology, Information Technology and services, specialty chemicals and materials, telecommunication, retail, and power generation. It seeks to invest in United States. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. “
A number of other brokerages have also weighed in on NMFC. Keefe, Bruyette & Woods set a $15.00 price target on shares of New Mountain Finance and gave the company a hold rating in a research note on Thursday, March 1st. ValuEngine lowered shares of New Mountain Finance from a buy rating to a hold rating in a research note on Monday, April 2nd.
New Mountain Finance stock opened at $13.35 on Thursday. New Mountain Finance has a fifty-two week low of $12.05 and a fifty-two week high of $15.00. The company has a market cap of $1,013.73, a P/E ratio of 10.35 and a beta of 0.54. The company has a debt-to-equity ratio of 0.84, a quick ratio of 3.41 and a current ratio of 3.41.
New Mountain Finance (NYSE:NMFC) last announced its quarterly earnings results on Wednesday, February 28th. The investment management company reported $0.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. New Mountain Finance had a net margin of 55.29% and a return on equity of 10.26%. The firm had revenue of $53.30 million for the quarter, compared to analyst estimates of $48.94 million. analysts expect that New Mountain Finance will post 1.38 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 10.19%. The ex-dividend date was Wednesday, March 14th. New Mountain Finance’s payout ratio is currently 105.43%.
In related news, CAO Adam Weinstein purchased 16,255 shares of the business’s stock in a transaction on Monday, March 5th. The shares were purchased at an average price of $13.14 per share, with a total value of $213,590.70. Following the completion of the purchase, the chief accounting officer now owns 72,949 shares in the company, valued at approximately $958,549.86. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John Kline purchased 20,000 shares of the business’s stock in a transaction on Monday, March 5th. The stock was bought at an average cost of $13.14 per share, for a total transaction of $262,800.00. Following the purchase, the insider now owns 68,255 shares of the company’s stock, valued at approximately $896,870.70. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 557,831 shares of company stock worth $7,449,774. Insiders own 9.39% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of NMFC. IFP Advisors Inc raised its holdings in shares of New Mountain Finance by 222.3% in the fourth quarter. IFP Advisors Inc now owns 10,315 shares of the investment management company’s stock valued at $140,000 after purchasing an additional 7,115 shares during the last quarter. Kovack Advisors Inc. acquired a new stake in shares of New Mountain Finance in the fourth quarter valued at approximately $146,000. OxFORD Asset Management LLP acquired a new stake in shares of New Mountain Finance in the third quarter valued at approximately $161,000. Cubist Systematic Strategies LLC acquired a new stake in shares of New Mountain Finance in the third quarter valued at approximately $201,000. Finally, Two Sigma Securities LLC acquired a new stake in shares of New Mountain Finance in the fourth quarter valued at approximately $210,000. Institutional investors own 39.97% of the company’s stock.
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About New Mountain Finance
New Mountain Finance Corporation is a closed-end, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities.
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