Wells Fargo & Company Cuts New Mountain Finance (NASDAQ:NMFC) Price Target to $10.00

New Mountain Finance (NASDAQ:NMFC) had its target price reduced by Wells Fargo & Company from $11.00 to $10.00 in a report released on Monday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Separately, Keefe, Bruyette & Woods decreased their price target on shares of New Mountain Finance from $12.00 to $11.00 and set a “market perform” rating for the company in a report on Tuesday, April 8th.

New Mountain Finance Stock Performance

Shares of NMFC stock opened at $9.94 on Monday. New Mountain Finance has a 12-month low of $8.84 and a 12-month high of $12.78. The business’s fifty day simple moving average is $10.58 and its 200-day simple moving average is $11.18. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 1.46. The company has a market cap of $1.07 billion, a PE ratio of 9.47 and a beta of 0.84.

New Mountain Finance (NASDAQ:NMFC) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). New Mountain Finance had a net margin of 30.28% and a return on equity of 11.25%. The business had revenue of $92.89 million during the quarter, compared to analysts’ expectations of $93.23 million. Analysts expect that New Mountain Finance will post 1.39 earnings per share for the current fiscal year.

New Mountain Finance Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 12.88%. The ex-dividend date was Monday, March 17th. New Mountain Finance’s payout ratio is 123.08%.

Insider Buying and Selling at New Mountain Finance

In other New Mountain Finance news, Director David Ogens bought 5,000 shares of New Mountain Finance stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average price of $11.44 per share, with a total value of $57,200.00. Following the completion of the acquisition, the director now directly owns 179,020 shares in the company, valued at approximately $2,047,988.80. This trade represents a 2.87 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 11.71% of the company’s stock.

Hedge Funds Weigh In On New Mountain Finance

Several institutional investors and hedge funds have recently modified their holdings of NMFC. BNP Paribas Financial Markets raised its position in New Mountain Finance by 240.4% during the fourth quarter. BNP Paribas Financial Markets now owns 7,488 shares of the company’s stock valued at $84,000 after acquiring an additional 5,288 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in shares of New Mountain Finance during the 4th quarter valued at approximately $114,000. MQS Management LLC acquired a new position in shares of New Mountain Finance in the 4th quarter valued at $123,000. Larson Financial Group LLC boosted its holdings in New Mountain Finance by 4,746.5% during the fourth quarter. Larson Financial Group LLC now owns 10,953 shares of the company’s stock worth $123,000 after buying an additional 10,727 shares in the last quarter. Finally, New World Advisors LLC acquired a new stake in New Mountain Finance during the fourth quarter valued at $147,000. Institutional investors and hedge funds own 32.08% of the company’s stock.

About New Mountain Finance

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.