Key Points
- EVP Adam Weinstein bought 12,900 shares of NMFC on March 17 at an average price of $7.61, raising his stake to 751,756 shares (a 1.75% increase) valued at about $5.72 million.
- New Mountain Finance declared a quarterly dividend of $0.32 per share (annualized $1.28), implying a 16.1% yield with an unusually high payout ratio of 853.33%; the dividend is payable March 31 to holders of record March 17.
- Analysts have trimmed price targets and ratings, leaving NMFC with a consensus "Reduce" rating and an average price target of $9.25 after multiple downgrades.
New Mountain Finance Corporation (NASDAQ:NMFC - Get Free Report) EVP Adam Weinstein acquired 12,900 shares of the company's stock in a transaction that occurred on Tuesday, March 17th. The stock was bought at an average price of $7.61 per share, with a total value of $98,169.00. Following the transaction, the executive vice president directly owned 751,756 shares in the company, valued at $5,720,863.16. The trade was a 1.75% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
New Mountain Finance Trading Up 0.8%
NASDAQ:NMFC traded up $0.06 during trading hours on Thursday, hitting $7.96. 102,597 shares of the stock were exchanged, compared to its average volume of 1,229,664. The company has a market capitalization of $821.36 million, a P/E ratio of 53.05 and a beta of 0.59. The company has a quick ratio of 3.16, a current ratio of 3.16 and a debt-to-equity ratio of 1.41. The company's 50 day moving average is $8.41 and its two-hundred day moving average is $9.17. New Mountain Finance Corporation has a twelve month low of $7.51 and a twelve month high of $11.20.
New Mountain Finance Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 16.1%. The ex-dividend date of this dividend is Tuesday, March 17th. New Mountain Finance's dividend payout ratio is 853.33%.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on NMFC shares. Weiss Ratings reiterated a "hold (c-)" rating on shares of New Mountain Finance in a research report on Thursday, January 22nd. Wells Fargo & Company reduced their target price on shares of New Mountain Finance from $10.00 to $8.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 26th. Zacks Research cut shares of New Mountain Finance from a "hold" rating to a "strong sell" rating in a research report on Thursday, February 26th. Keefe, Bruyette & Woods dropped their price target on shares of New Mountain Finance from $10.00 to $9.00 and set a "market perform" rating for the company in a research note on Wednesday, March 4th. Finally, B. Riley Financial cut their price objective on shares of New Mountain Finance from $10.00 to $7.50 and set a "neutral" rating on the stock in a report on Tuesday, March 3rd. Five research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, New Mountain Finance currently has an average rating of "Reduce" and a consensus price target of $9.25.
View Our Latest Report on New Mountain Finance
Hedge Funds Weigh In On New Mountain Finance
Hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its holdings in New Mountain Finance by 36.9% during the first quarter. Millennium Management LLC now owns 711,050 shares of the company's stock worth $7,843,000 after buying an additional 191,518 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in shares of New Mountain Finance in the 2nd quarter valued at about $169,000. Vise Technologies Inc. acquired a new stake in shares of New Mountain Finance in the 2nd quarter valued at approximately $166,000. Cetera Investment Advisers boosted its stake in New Mountain Finance by 45.6% during the 2nd quarter. Cetera Investment Advisers now owns 35,164 shares of the company's stock worth $371,000 after acquiring an additional 11,018 shares during the last quarter. Finally, MTM Investment Management LLC bought a new position in New Mountain Finance during the 2nd quarter worth approximately $38,000. Institutional investors and hedge funds own 32.08% of the company's stock.
About New Mountain Finance
(
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.
Further Reading
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