New Mountain Finance (NASDAQ:NMFC) Posts Earnings Results, Hits Expectations

New Mountain Finance (NASDAQ:NMFC) released its quarterly earnings results on Monday. The company reported $0.32 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.32, Zacks reports. New Mountain Finance had a net margin of 23.27% and a return on equity of 10.43%.

New Mountain Finance Stock Performance

Shares of NASDAQ NMFC traded up $0.02 during midday trading on Monday, reaching $9.69. 488,205 shares of the company traded hands, compared to its average volume of 529,913. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a 50-day moving average price of $9.83 and a 200 day moving average price of $10.24. New Mountain Finance has a 52 week low of $8.84 and a 52 week high of $12.05. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 12.75 and a beta of 0.79.

Insider Activity

In other New Mountain Finance news, EVP Adam B. Weinstein purchased 49,750 shares of the company’s stock in a transaction on Monday, September 15th. The shares were purchased at an average cost of $10.03 per share, for a total transaction of $498,992.50. Following the completion of the transaction, the executive vice president owned 652,490 shares in the company, valued at $6,544,474.70. The trade was a 8.25% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven B. Klinsky purchased 106,691 shares of the company’s stock in a transaction on Tuesday, September 16th. The stock was acquired at an average price of $9.78 per share, for a total transaction of $1,043,437.98. Following the completion of the transaction, the director owned 4,370,857 shares of the company’s stock, valued at $42,746,981.46. This represents a 2.50% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders acquired 157,191 shares of company stock worth $1,550,035. 11.71% of the stock is owned by company insiders.

Institutional Investors Weigh In On New Mountain Finance

Several hedge funds and other institutional investors have recently bought and sold shares of the business. CANADA LIFE ASSURANCE Co raised its position in New Mountain Finance by 2.8% in the second quarter. CANADA LIFE ASSURANCE Co now owns 95,805 shares of the company’s stock worth $1,013,000 after acquiring an additional 2,634 shares in the last quarter. Glenview Trust co acquired a new stake in New Mountain Finance during the 2nd quarter worth about $107,000. Cetera Investment Advisers raised its holdings in New Mountain Finance by 45.6% during the 2nd quarter. Cetera Investment Advisers now owns 35,164 shares of the company’s stock worth $371,000 after buying an additional 11,018 shares during the period. Boothbay Fund Management LLC acquired a new stake in New Mountain Finance during the 2nd quarter worth about $144,000. Finally, Zuckerman Investment Group LLC acquired a new stake in New Mountain Finance during the 2nd quarter worth about $158,000. 32.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NMFC has been the subject of several recent research reports. Zacks Research lowered shares of New Mountain Finance from a “hold” rating to a “strong sell” rating in a research note on Monday, October 13th. Bank of America reissued an “underperform” rating and set a $10.00 price target (down previously from $11.75) on shares of New Mountain Finance in a report on Monday, September 15th. Weiss Ratings reissued a “hold (c-)” rating on shares of New Mountain Finance in a report on Wednesday, October 8th. New Street Research set a $10.00 price target on shares of New Mountain Finance in a report on Friday, October 10th. Finally, Oppenheimer set a $11.00 price target on shares of New Mountain Finance and gave the company a “market perform” rating in a report on Wednesday, August 6th. Five equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $10.50.

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.