Great West Life Assurance Co. Can bought a new stake in New Mountain Finance Corp. (NYSE:NMFC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 25,404 shares of the investment management company’s stock, valued at approximately $347,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NMFC. Marshall Wace North America L.P. bought a new stake in New Mountain Finance in the 1st quarter valued at approximately $68,000. California Public Employees Retirement System lifted its stake in New Mountain Finance by 465.6% in the 3rd quarter. California Public Employees Retirement System now owns 128,400 shares of the investment management company’s stock valued at $1,750,000 after acquiring an additional 105,700 shares in the last quarter. Chilton Investment Co. LLC lifted its stake in New Mountain Finance by 111.1% in the 3rd quarter. Chilton Investment Co. LLC now owns 232,200 shares of the investment management company’s stock valued at $3,165,000 after acquiring an additional 122,200 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in New Mountain Finance in the 3rd quarter valued at approximately $462,000. Finally, Pin Oak Investment Advisors Inc. lifted its stake in New Mountain Finance by 2.9% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 243,419 shares of the investment management company’s stock valued at $3,318,000 after acquiring an additional 6,755 shares in the last quarter. Hedge funds and other institutional investors own 36.90% of the company’s stock.
NMFC stock opened at $7.51 on Thursday. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $587.74 million, a PE ratio of 6.01 and a beta of 0.58. New Mountain Finance Corp. has a 1-year low of $4.62 and a 1-year high of $14.45. The business’s 50 day simple moving average is $11.93 and its 200 day simple moving average is $13.23.
New Mountain Finance (NYSE:NMFC) last posted its earnings results on Wednesday, February 26th. The investment management company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.03). The business had revenue of $73.26 million for the quarter, compared to analyst estimates of $75.81 million. New Mountain Finance had a return on equity of 10.15% and a net margin of 40.71%. As a group, sell-side analysts predict that New Mountain Finance Corp. will post 1.39 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 18.11%. The ex-dividend date is Thursday, March 12th. New Mountain Finance’s payout ratio is presently 107.09%.
In other news, insider James Stone acquired 3,200 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were purchased at an average cost of $13.02 per share, with a total value of $41,664.00. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CAO Adam Weinstein acquired 35,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The stock was purchased at an average cost of $9.96 per share, for a total transaction of $348,600.00. Following the completion of the acquisition, the chief accounting officer now owns 193,707 shares in the company, valued at $1,929,321.72. The disclosure for this purchase can be found here. Insiders have purchased a total of 64,550 shares of company stock worth $692,921 over the last three months. 9.09% of the stock is owned by insiders.
Several research firms have commented on NMFC. Bank of America began coverage on New Mountain Finance in a research note on Monday, February 3rd. They issued a “buy” rating and a $14.50 target price on the stock. National Securities upgraded New Mountain Finance from a “neutral” rating to a “buy” rating in a research note on Tuesday, March 17th. Wells Fargo & Co dropped their price objective on New Mountain Finance from $14.50 to $8.00 and set an “overweight” rating on the stock in a research note on Wednesday. Deutsche Bank started coverage on New Mountain Finance in a research note on Thursday, December 5th. They set a “buy” rating and a $14.75 price objective on the stock. Finally, Zacks Investment Research cut New Mountain Finance from a “hold” rating to a “sell” rating in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. New Mountain Finance currently has a consensus rating of “Buy” and a consensus price target of $13.06.
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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