New Mountain Finance Corporation (NASDAQ:NMFC – Get Free Report) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $7.46 and last traded at $7.5050, with a volume of 57048 shares traded. The stock had previously closed at $7.78.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on NMFC shares. Weiss Ratings lowered shares of New Mountain Finance from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 18th. Zacks Research raised New Mountain Finance from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 6th. Wells Fargo & Company dropped their price target on New Mountain Finance from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 26th. Wall Street Zen raised New Mountain Finance from a “sell” rating to a “hold” rating in a report on Sunday, April 5th. Finally, Keefe, Bruyette & Woods reduced their price objective on New Mountain Finance from $10.00 to $9.00 and set a “market perform” rating for the company in a research report on Wednesday, March 4th. Five equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $9.25.
View Our Latest Stock Analysis on NMFC
New Mountain Finance Stock Performance
New Mountain Finance (NASDAQ:NMFC – Get Free Report) last posted its earnings results on Monday, May 4th. The company reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. New Mountain Finance had a positive return on equity of 11.14% and a negative net margin of 18.65%.The firm had revenue of $41.27 million for the quarter, compared to analysts’ expectations of $67.76 million. During the same period last year, the firm earned $0.32 EPS. The firm’s revenue was down 19.7% compared to the same quarter last year. As a group, equities research analysts forecast that New Mountain Finance Corporation will post 1.11 earnings per share for the current year.
New Mountain Finance Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 14.0%. The ex-dividend date is Tuesday, June 16th. New Mountain Finance’s payout ratio is currently -172.41%.
Hedge Funds Weigh In On New Mountain Finance
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Rivernorth Capital Management LLC bought a new stake in shares of New Mountain Finance during the 4th quarter worth about $12,326,000. Corient Private Wealth LLC acquired a new position in shares of New Mountain Finance during the fourth quarter valued at approximately $7,450,000. Closed End Fund Advisors Inc. acquired a new position in shares of New Mountain Finance during the fourth quarter valued at approximately $5,398,000. Truffle Hound Capital LLC bought a new stake in New Mountain Finance during the fourth quarter worth approximately $5,066,000. Finally, JPMorgan Chase & Co. raised its holdings in New Mountain Finance by 27.8% during the fourth quarter. JPMorgan Chase & Co. now owns 2,038,662 shares of the company’s stock worth $18,776,000 after purchasing an additional 443,016 shares in the last quarter. Institutional investors own 32.08% of the company’s stock.
New Mountain Finance Company Profile
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.
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