Rivernorth Capital Management LLC Buys New Position in New Mountain Finance Corporation $NMFC

Rivernorth Capital Management LLC bought a new stake in shares of New Mountain Finance Corporation (NASDAQ:NMFC) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 140,634 shares of the company’s stock, valued at approximately $1,008,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of NMFC. Millennium Management LLC lifted its stake in shares of New Mountain Finance by 36.9% in the first quarter. Millennium Management LLC now owns 711,050 shares of the company’s stock valued at $7,843,000 after buying an additional 191,518 shares during the period. Cetera Investment Advisers increased its stake in New Mountain Finance by 45.6% during the second quarter. Cetera Investment Advisers now owns 35,164 shares of the company’s stock valued at $371,000 after acquiring an additional 11,018 shares during the period. XTX Topco Ltd acquired a new position in New Mountain Finance in the 2nd quarter valued at approximately $172,000. Quantbot Technologies LP acquired a new position in New Mountain Finance in the 2nd quarter valued at approximately $199,000. Finally, Marshall Wace LLP bought a new stake in shares of New Mountain Finance in the 2nd quarter worth approximately $2,303,000. 32.08% of the stock is currently owned by institutional investors and hedge funds.

New Mountain Finance Stock Performance

Shares of NMFC stock opened at $7.54 on Monday. New Mountain Finance Corporation has a one year low of $6.73 and a one year high of $10.71. The company has a debt-to-equity ratio of 1.30, a current ratio of 3.66 and a quick ratio of 3.66. The stock has a market cap of $712.15 million, a PE ratio of -16.04 and a beta of 0.55. The stock has a 50-day moving average of $7.25 and a 200-day moving average of $7.74.

New Mountain Finance (NASDAQ:NMFC) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.26 EPS for the quarter, meeting analysts’ consensus estimates of $0.26. New Mountain Finance had a negative net margin of 16.78% and a positive return on equity of 10.94%. The business had revenue of $39.02 million during the quarter, compared to analysts’ expectations of $62.78 million. During the same quarter in the prior year, the company earned $0.32 EPS. As a group, sell-side analysts expect that New Mountain Finance Corporation will post 1.1 earnings per share for the current year.

New Mountain Finance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 13.3%. New Mountain Finance’s payout ratio is presently -212.77%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NMFC shares. Wells Fargo & Company lowered their price objective on New Mountain Finance from $8.00 to $7.50 and set an “equal weight” rating on the stock in a research report on Wednesday, August 5th. Keefe, Bruyette & Woods reduced their target price on shares of New Mountain Finance from $9.00 to $8.00 and set a “market perform” rating on the stock in a research note on Monday, July 20th. Weiss Ratings reissued a “sell (d+)” rating on shares of New Mountain Finance in a report on Thursday, August 13th. Finally, Zacks Research raised shares of New Mountain Finance from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 6th. Four investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $8.60.

About New Mountain Finance

New Mountain Finance Corp. is a closed-end, externally managed business development company (BDC) that provides customized debt and equity capital solutions to U.S. middle-market companies. As a BDC organized under the Investment Company Act of 1940, New Mountain Finance invests in sponsor-backed and founder-led businesses that span a range of industry sectors, with a focus on companies demonstrating resilient growth and recurring revenue streams.

The company’s investment portfolio typically includes first-lien senior secured loans, second-lien and junior debt instruments, mezzanine financing and equity co-investments.