New Mountain Finance (NASDAQ:NMFC) Sets New 1-Year Low – Here’s What Happened

New Mountain Finance Co. (NASDAQ:NMFC)’s share price hit a new 52-week low during trading on Monday . The company traded as low as $10.95 and last traded at $10.98, with a volume of 160234 shares changing hands. The stock had previously closed at $11.10.

Analysts Set New Price Targets

Separately, Wells Fargo & Company dropped their price target on New Mountain Finance from $12.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 29th.

New Mountain Finance Price Performance

The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.75 and a current ratio of 2.23. The stock’s 50 day simple moving average is $11.88 and its two-hundred day simple moving average is $12.22. The firm has a market capitalization of $1.18 billion, a PE ratio of 10.62 and a beta of 1.15.

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 firm had revenue of $95.33 million for the quarter, compared to analyst estimates of $94.10 million. New Mountain Finance had a net margin of 30.28% and a return on equity of 11.25%. The company’s revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 EPS. On average, sell-side analysts forecast that New Mountain Finance Co. will post 1.41 EPS for the current year.

New Mountain Finance Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a $0.33 dividend. The ex-dividend date is Tuesday, December 17th. This is a boost from New Mountain Finance’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a yield of 12.09%. New Mountain Finance’s dividend payout ratio is currently 121.91%.

Hedge Funds Weigh In On New Mountain Finance

Several large investors have recently modified their holdings of the business. Hillsdale Investment Management Inc. acquired a new position in New Mountain Finance in the first quarter valued at about $40,000. Quarry LP lifted its holdings in shares of New Mountain Finance by 68.3% in the 2nd quarter. Quarry LP now owns 3,307 shares of the company’s stock worth $40,000 after acquiring an additional 1,342 shares during the last quarter. EntryPoint Capital LLC purchased a new position in shares of New Mountain Finance during the 1st quarter worth approximately $52,000. Clearstead Trust LLC acquired a new stake in New Mountain Finance in the 2nd quarter valued at approximately $98,000. Finally, Lazard Asset Management LLC purchased a new stake in New Mountain Finance in the first quarter valued at approximately $126,000. Institutional investors and hedge funds own 32.08% of the company’s stock.

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.