New Mountain Finance (NYSE:NMFC) Upgraded 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 note issued to investors on Saturday morning, 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. “

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

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

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

In other news, CFO Shiraz Kajee purchased 2,500 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average price of $13.38 per share, with a total value of $33,450.00. Following the purchase, the chief financial officer now owns 7,500 shares in the company, valued at approximately $100,350. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Adam Weinstein purchased 9,350 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $13.34 per share, with a total value of $124,729.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 14,700 shares of company stock worth $196,392. Insiders own 10.46% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. LSV Asset Management grew its position in New Mountain Finance by 12.5% in the first quarter. LSV Asset Management now owns 2,323,600 shares of the investment management company’s stock worth $31,531,000 after acquiring an additional 258,429 shares in the last quarter. Dimension Capital Management LLC lifted its position in shares of New Mountain Finance by 43.4% in the second quarter. Dimension Capital Management LLC now owns 1,570,752 shares of the investment management company’s stock worth $21,947,000 after buying an additional 475,629 shares during the last quarter. Round Table Services LLC lifted its position in shares of New Mountain Finance by 4.9% in the second quarter. Round Table Services LLC now owns 1,533,784 shares of the investment management company’s stock worth $21,427,000 after buying an additional 71,950 shares during the last quarter. Bank of Montreal Can lifted its position in shares of New Mountain Finance by 5.2% in the second quarter. Bank of Montreal Can now owns 794,000 shares of the investment management company’s stock worth $11,092,000 after buying an additional 39,000 shares during the last quarter. Finally, UBS Group AG boosted its stake in shares of New Mountain Finance by 5.1% during the 2nd quarter. UBS Group AG now owns 707,839 shares of the investment management company’s stock worth $9,889,000 after acquiring an additional 34,210 shares in the last quarter. 34.67% of the stock is currently owned by hedge funds and other institutional investors.

About New Mountain Finance

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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