Insider Buying: New Mountain Finance (NASDAQ:NMFC) EVP Buys $98,169.00 in Stock
by Sarita Garza · The Markets DailyNew Mountain Finance Corporation (NASDAQ:NMFC – Get Free Report) EVP Adam Weinstein purchased 12,900 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The stock was bought at an average cost of $7.61 per share, with a total value of $98,169.00. Following the purchase, the executive vice president owned 751,756 shares of the company’s stock, valued at $5,720,863.16. This represents a 1.75% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
New Mountain Finance Trading Down 2.3%
Shares of New Mountain Finance stock opened at $7.71 on Friday. The company has a market capitalization of $795.33 million, a price-to-earnings ratio of 51.40 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. New Mountain Finance Corporation has a 12-month low of $7.51 and a 12-month high of $11.20. The firm’s 50-day moving average price is $8.35 and its two-hundred day moving average price is $9.14.
New Mountain Finance Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 16.6%. The ex-dividend date is Tuesday, March 17th. New Mountain Finance’s payout ratio is currently 853.33%.
Institutional Investors Weigh In On New Mountain Finance
Hedge funds have recently modified their holdings of the company. MTM Investment Management LLC acquired a new position in New Mountain Finance in the 2nd quarter worth about $38,000. State of Alaska Department of Revenue acquired a new stake in shares of New Mountain Finance during the third quarter valued at about $47,000. US Bancorp DE acquired a new stake in shares of New Mountain Finance during the third quarter valued at about $48,000. Advisory Services Network LLC bought a new stake in shares of New Mountain Finance during the third quarter worth about $65,000. Finally, Sound Income Strategies LLC increased 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 valued at $70,000 after buying an additional 6,722 shares during the period. Institutional investors and hedge funds own 32.08% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods reduced their target price on New Mountain Finance from $10.00 to $9.00 and set a “market perform” rating on the stock in a report on Wednesday, March 4th. Weiss Ratings reissued a “hold (c-)” rating on shares of New Mountain Finance in a report on Thursday, January 22nd. Zacks Research lowered New Mountain Finance from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 26th. B. Riley Financial decreased their target price on New Mountain Finance from $10.00 to $7.50 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. Finally, Wells Fargo & Company lowered their target price on 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. 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 MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $9.25.
Get Our Latest Analysis on NMFC
About New Mountain Finance
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.