Key Points
- Director Steven Klinsky made an insider purchase of 223,758 shares on March 10 at $8.05 per share (~$1.80M), bringing his stake to 5,186,696 shares (a 4.51% increase), as disclosed in an SEC filing.
- New dividend announced: the company declared a $0.32 quarterly dividend payable March 31 (ex- and record date March 17), an annualized $1.28 representing a 16.2% yield
- Analyst sentiment is weak: several firms have cut price targets and New Mountain Finance has a MarketBeat consensus rating of "Reduce" with a $9.25 target while the stock trades near $7.89 (52-week range $7.52–$11.20).
New Mountain Finance Corporation (NASDAQ:NMFC - Get Free Report) Director Steven Klinsky purchased 223,758 shares of the firm's stock in a transaction on Tuesday, March 10th. The shares were acquired at an average price of $8.05 per share, with a total value of $1,801,251.90. Following the completion of the acquisition, the director owned 5,186,696 shares in the company, valued at approximately $41,752,902.80. This trade represents a 4.51% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.
New Mountain Finance Trading Down 0.4%
Shares of NASDAQ:NMFC traded down $0.04 during midday trading on Friday, reaching $7.89. The company's stock had a trading volume of 621,849 shares, compared to its average volume of 1,214,754. New Mountain Finance Corporation has a fifty-two week low of $7.52 and a fifty-two week high of $11.20. The company has a debt-to-equity ratio of 1.41, a quick ratio of 3.16 and a current ratio of 3.16. The firm has a 50 day moving average price of $8.52 and a two-hundred day moving average price of $9.26. The firm has a market capitalization of $813.42 million, a price-to-earnings ratio of 52.63 and a beta of 0.59.
New Mountain Finance Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.28 annualized dividend and a yield of 16.2%. New Mountain Finance's payout ratio is 853.33%.
Analysts Set New Price Targets
A number of research analysts recently issued reports on the stock. Keefe, Bruyette & Woods dropped their target price on shares of New Mountain Finance from $10.00 to $9.00 and set a "market perform" rating on the stock in a research report on Wednesday, March 4th. Wells Fargo & Company decreased their price target on shares of New Mountain Finance from $10.00 to $8.00 and set an "equal weight" rating for the company in a research note on Thursday, February 26th. Weiss Ratings reissued a "hold (c-)" rating on shares of New Mountain Finance in a research report on Thursday, January 22nd. Zacks Research downgraded New Mountain Finance from a "hold" rating to a "strong sell" rating in a research note on Thursday, February 26th. Finally, B. Riley Financial dropped their price target on New Mountain Finance from $10.00 to $7.50 and set a "neutral" rating on the stock in a research note on Tuesday, March 3rd. Five investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, New Mountain Finance currently has a consensus rating of "Reduce" and a consensus target price of $9.25.
Get Our Latest Stock Report on New Mountain Finance
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in NMFC. MTM Investment Management LLC bought a new stake in shares of New Mountain Finance during the second quarter worth about $38,000. State of Alaska Department of Revenue bought a new position in New Mountain Finance in the 3rd quarter valued at about $47,000. US Bancorp DE acquired a new position in New Mountain Finance during the 3rd quarter valued at about $48,000. Advisory Services Network LLC bought a new stake in New Mountain Finance during the 3rd quarter worth approximately $65,000. Finally, Sound Income Strategies LLC raised its stake in shares of New Mountain Finance by 699.5% in the fourth quarter. Sound Income Strategies LLC now owns 7,683 shares of the company's stock worth $70,000 after purchasing an additional 6,722 shares during the last quarter. 32.08% of the stock is owned by institutional investors.
New Mountain Finance Company Profile
(
Get Free Report)
New Mountain Finance Corp. is a closed-end, externally managed business development company (BDC) that provides customized debt and equity capital solutions to U.S. middle-market companies. As a BDC organized under the Investment Company Act of 1940, New Mountain Finance invests in sponsor-backed and founder-led businesses that span a range of industry sectors, with a focus on companies demonstrating resilient growth and recurring revenue streams.
The company's investment portfolio typically includes first-lien senior secured loans, second-lien and junior debt instruments, mezzanine financing and equity co-investments.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
