Zacks Investment Research downgraded shares of New Mountain Finance (NYSE:NMFC) from a buy rating to a hold rating in a report released on Thursday morning.
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 research analysts have also issued reports on the company. Keefe, Bruyette & Woods set a $15.00 target price on New Mountain Finance and gave the company a hold rating in a report on Thursday, March 1st. ValuEngine lowered New Mountain Finance from a buy rating to a hold rating in a report on Monday.
New Mountain Finance (NYSE:NMFC) last released its earnings results on Wednesday, February 28th. The investment management company reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. The firm had revenue of $53.30 million during the quarter, compared to analyst estimates of $48.94 million. New Mountain Finance had a return on equity of 10.26% and a net margin of 55.29%. equities analysts predict that New Mountain Finance will post 1.38 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Thursday, March 15th were issued a $0.34 dividend. The ex-dividend date was Wednesday, March 14th. This represents a $1.36 dividend on an annualized basis and a yield of 10.25%. New Mountain Finance’s dividend payout ratio (DPR) is presently 105.43%.
In other New Mountain Finance news, Director Alfred F. Hurley, Jr. purchased 5,000 shares of the firm’s stock in a transaction on Friday, March 16th. The stock was bought at an average cost of $13.04 per share, with a total value of $65,200.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Adam Weinstein purchased 16,255 shares of the firm’s stock in a transaction on Monday, March 5th. The shares were acquired 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 directly owns 72,949 shares in the company, valued at $958,549.86. The disclosure for this purchase can be found here. Insiders have acquired a total of 557,831 shares of company stock valued at $7,449,774 over the last ninety days. 9.39% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in NMFC. Ameriprise Financial Inc. lifted its holdings in New Mountain Finance by 176.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 66,902 shares of the investment management company’s stock worth $953,000 after buying an additional 42,711 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in shares of New Mountain Finance by 28.2% in the 3rd quarter. Macquarie Group Ltd. now owns 92,141 shares of the investment management company’s stock valued at $1,313,000 after purchasing an additional 20,241 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of New Mountain Finance by 11.0% in the 3rd quarter. Legal & General Group Plc now owns 219,315 shares of the investment management company’s stock valued at $3,120,000 after purchasing an additional 21,683 shares during the last quarter. OxFORD Asset Management LLP purchased a new stake in shares of New Mountain Finance in the 3rd quarter valued at about $161,000. Finally, Pinebridge Investments L.P. lifted its holdings in shares of New Mountain Finance by 50.2% in the 3rd quarter. Pinebridge Investments L.P. now owns 26,504 shares of the investment management company’s stock valued at $378,000 after purchasing an additional 8,860 shares during the last quarter. 39.97% of the stock is 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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