New Mountain Finance (NYSE:NMFC) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of New Mountain Finance (NYSE:NMFC) from a sell rating to a hold rating in a research report report published on Saturday, Zacks.com reports.

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. “

NYSE:NMFC opened at $13.68 on Friday. New Mountain Finance has a 12-month low of $12.06 and a 12-month high of $14.38. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.47. The firm has a market capitalization of $1.20 billion, a PE ratio of 9.91 and a beta of 0.54. The firm has a 50-day moving average price of $13.58 and a 200 day moving average price of $13.79.

New Mountain Finance (NYSE:NMFC) last released its quarterly earnings data on Wednesday, August 7th. The investment management company reported $0.35 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.35. The company had revenue of $66.47 million for the quarter, compared to the consensus estimate of $64.98 million. New Mountain Finance had a return on equity of 10.47% and a net margin of 36.54%. On average, research analysts expect that New Mountain Finance will post 1.39 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 9.94%. New Mountain Finance’s payout ratio is presently 98.55%.

In other news, CAO Adam Weinstein bought 9,350 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average price of $13.34 per share, for a total transaction of $124,729.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Shiraz Kajee purchased 2,500 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average cost of $13.38 per share, with a total value of $33,450.00. Following the completion of the acquisition, the chief financial officer now directly owns 7,500 shares in the company, valued at $100,350. The disclosure for this purchase can be found here. Insiders have purchased a total of 14,700 shares of company stock valued at $196,392 in the last 90 days. 10.46% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. acquired a new stake in shares of New Mountain Finance during the first quarter worth approximately $30,000. Arlington Partners LLC acquired a new position in shares of New Mountain Finance in the 2nd quarter worth approximately $36,000. Manchester Financial Inc. bought a new stake in New Mountain Finance during the 2nd quarter worth approximately $36,000. Marshall Wace North America L.P. bought a new stake in New Mountain Finance during the 1st quarter worth approximately $68,000. Finally, Steward Partners Investment Advisory LLC acquired a new stake in New Mountain Finance during the 2nd quarter valued at $125,000. Hedge funds and other institutional investors own 34.67% of the company’s stock.

New Mountain Finance Company Profile

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.

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