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

New Mountain Finance (NASDAQ:NMFC) had its price objective cut by research analysts at Wells Fargo & Company from $11.00 to $10.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential downside of 2.10% from the company’s previous close.

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

New Mountain Finance Trading Up 0.8 %

NMFC traded up $0.09 during trading on Monday, reaching $10.22. The company had a trading volume of 55,740 shares, compared to its average volume of 520,510. New Mountain Finance has a 12-month low of $8.84 and a 12-month high of $12.81. The firm’s 50-day simple moving average is $10.70 and its 200 day simple moving average is $11.21. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 9.73 and a beta of 0.84. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.23 and a current ratio of 2.23.

New Mountain Finance (NASDAQ:NMFC) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). The firm had revenue of $92.89 million for the quarter, compared to analysts’ expectations of $93.23 million. New Mountain Finance had a return on equity of 11.25% and a net margin of 30.28%. Equities research analysts anticipate that New Mountain Finance will post 1.39 earnings per share for the current year.

Insider Activity at New Mountain Finance

In other New Mountain Finance news, Director David Ogens acquired 5,000 shares of New Mountain Finance stock in a transaction dated Tuesday, March 4th. The stock was bought at an average cost of $11.44 per share, for a total transaction of $57,200.00. Following the purchase, the director now directly owns 179,020 shares in the company, valued at approximately $2,047,988.80. This represents a 2.87 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 11.71% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NMFC. Jane Street Group LLC acquired a new position in New Mountain Finance during the 3rd quarter worth approximately $375,000. Strategic Financial Concepts LLC acquired a new position in shares of New Mountain Finance during the 4th quarter valued at $208,000. Rockingstone Advisors LLC increased its position in New Mountain Finance by 79.1% in the 4th quarter. Rockingstone Advisors LLC now owns 282,107 shares of the company’s stock valued at $3,177,000 after buying an additional 124,599 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of New Mountain Finance during the fourth quarter worth approximately $944,000. Finally, Union Bancaire Privee UBP SA acquired a new position in shares of New Mountain Finance during the fourth quarter valued at about $309,000. 32.08% of the stock is owned by institutional investors.

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.