Wells Fargo & Company Issues Pessimistic Forecast for New Mountain Finance (NASDAQ:NMFC) Stock Price

New Mountain Finance (NASDAQ:NMFC) had its price objective lowered by Wells Fargo & Company from $12.00 to $11.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

New Mountain Finance Stock Down 2.9 %

NASDAQ:NMFC opened at $11.10 on Tuesday. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.75 and a quick ratio of 1.75. New Mountain Finance has a 1-year low of $11.03 and a 1-year high of $13.23. The company has a 50-day moving average of $11.88 and a 200 day moving average of $12.23. The firm has a market cap of $1.20 billion, a PE ratio of 10.57 and a beta of 1.14.

New Mountain Finance (NASDAQ:NMFC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.01). The business had revenue of $95.33 million during the quarter, compared to analysts’ expectations of $94.10 million. New Mountain Finance had a return on equity of 11.26% and a net margin of 30.28%. New Mountain Finance’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.40 EPS. As a group, research analysts anticipate that New Mountain Finance will post 1.41 EPS for the current fiscal year.

New Mountain Finance Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a $0.33 dividend. The ex-dividend date is Tuesday, December 17th. This is an increase from New Mountain Finance’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a dividend yield of 11.89%. New Mountain Finance’s dividend payout ratio (DPR) is currently 121.91%.

Institutional Investors Weigh In On New Mountain Finance

Hedge funds have recently made changes to their positions in the stock. Hillsdale Investment Management Inc. bought a new position in New Mountain Finance in the first quarter worth about $40,000. Quarry LP lifted its position in New Mountain Finance by 68.3% during the second quarter. Quarry LP now owns 3,307 shares of the company’s stock valued at $40,000 after acquiring an additional 1,342 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in New Mountain Finance during the first quarter valued at approximately $52,000. Clearstead Trust LLC acquired a new stake in New Mountain Finance in the second quarter valued at approximately $98,000. Finally, Lazard Asset Management LLC purchased a new position in New Mountain Finance in the first quarter worth $126,000. 32.08% of the stock is currently owned by hedge funds and other institutional investors.

New Mountain Finance Company Profile

New Mountain Finance Corporation (Nasdaq: NMFC), a business development company is a private equity / buyouts and loan fund specializes in directly investing and lending to middle market companies in defensive growth industries. The fund prefers investing in buyout and middle market companies. It also makes investments in debt securities at all levels of the capital structure including first and second lien debt, unsecured notes, and mezzanine securities.