Zacks Investment Research cut shares of New Mountain Finance (NYSE:NMFC) from a buy rating to a hold rating in a report published 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. “
Separately, Keefe, Bruyette & Woods set a $15.00 price target on shares of New Mountain Finance and gave the company a hold rating in a report on Thursday, March 1st.
New Mountain Finance (NYSE:NMFC) last posted its quarterly earnings results on Wednesday, February 28th. The investment management company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. The firm had revenue of $53.30 million for the quarter, compared to analysts’ expectations of $48.94 million. New Mountain Finance had a net margin of 55.29% and a return on equity of 10.26%. equities analysts predict that New Mountain Finance will post 1.38 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a $0.34 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $1.36 annualized dividend and a yield of 10.38%. New Mountain Finance’s dividend payout ratio is presently 97.14%.
In other New Mountain Finance news, CAO Adam Weinstein bought 16,255 shares of the company’s stock in a transaction on Monday, March 5th. The shares were bought at an average cost of $13.14 per share, with a total value of $213,590.70. Following the completion of the acquisition, the chief accounting officer now owns 72,949 shares of the company’s stock, valued at $958,549.86. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven B. Klinsky bought 201,100 shares of the company’s stock in a transaction on Friday, March 9th. The shares were acquired at an average cost of $13.36 per share, for a total transaction of $2,686,696.00. Following the completion of the acquisition, the director now directly owns 5,545,972 shares of the company’s stock, valued at approximately $74,094,185.92. The disclosure for this purchase can be found here. Insiders purchased 557,831 shares of company stock worth $7,449,774 over the last ninety days. 9.73% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the business. Pin Oak Investment Advisors Inc. acquired a new stake in shares of New Mountain Finance during the fourth quarter worth $2,954,000. Jane Street Group LLC acquired a new stake in shares of New Mountain Finance during the fourth quarter worth $234,000. Bramshill Investments LLC acquired a new stake in shares of New Mountain Finance during the fourth quarter worth $1,010,000. LPL Financial LLC raised its holdings in shares of New Mountain Finance by 23.7% during the fourth quarter. LPL Financial LLC now owns 21,846 shares of the investment management company’s stock worth $296,000 after purchasing an additional 4,191 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of New Mountain Finance by 29.5% during the fourth quarter. Millennium Management LLC now owns 463,360 shares of the investment management company’s stock worth $6,279,000 after purchasing an additional 105,629 shares during the period. 39.91% of the stock is currently owned by institutional investors.
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New Mountain Finance Company Profile
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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