Zacks Investment Research Lowers New Mountain Finance (NYSE:NMFC) to Sell

Zacks Investment Research downgraded shares of New Mountain Finance (NYSE:NMFC) from a hold rating to a sell rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “New Mountain Finance Corporation is a Business Development Company specializing in investments in middle market companies and debt securities at various levels of the capital structure, including first and second lien debt, unsecured notes, bonds, and mezzanine securities. It invests in various industries that include software, education, business services, distribution and logistics, federal services, healthcare services and products, healthcare facilities, energy, media, consumer and industrial services, healthcare Information Technology, Information Technology and services, specialty chemicals and materials, telecommunication, retail, and power generation. It seeks to invest in United States. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. “

New Mountain Finance stock opened at $13.74 on Wednesday. The company has a 50 day moving average price of $13.73 and a 200-day moving average price of $13.84. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.04 and a current ratio of 1.04. New Mountain Finance has a fifty-two week low of $12.06 and a fifty-two week high of $14.38. The company has a market capitalization of $1.17 billion, a PE ratio of 9.96 and a beta of 0.55.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 9.90%. The ex-dividend date of this dividend is Thursday, September 12th. New Mountain Finance’s dividend payout ratio is presently 98.55%.

In other New Mountain Finance news, CAO Adam Weinstein acquired 9,350 shares of New Mountain Finance stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average price of $13.34 per share, with a total value of $124,729.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Shiraz Kajee acquired 2,500 shares of New Mountain Finance stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $13.38 per share, with a total value of $33,450.00. Following the purchase, the chief financial officer now directly owns 7,500 shares of the company’s stock, valued at $100,350. The disclosure for this purchase can be found here. Insiders have bought 14,700 shares of company stock valued at $196,392 in the last ninety days. Insiders own 10.27% of the company’s stock.

Large investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. bought a new position in New Mountain Finance in the first quarter worth approximately $30,000. Arlington Partners LLC bought a new position in New Mountain Finance in the second quarter worth approximately $36,000. Manchester Financial Inc. bought a new position in New Mountain Finance in the second quarter worth approximately $36,000. Marshall Wace North America L.P. bought a new position in New Mountain Finance in the first quarter worth approximately $68,000. Finally, Steward Partners Investment Advisory LLC bought a new position in New Mountain Finance in the second quarter worth approximately $125,000. 33.33% of the stock is owned by institutional investors.

New Mountain Finance Company Profile

New Mountain Finance Corporation is a Business Development Company specializing in investments in middle market companies and debt securities at various levels of the capital structure, including first and second lien debt, unsecured notes, bonds, and mezzanine securities. It invests in various industries that include software, education, business services, distribution and logistics, federal services, healthcare services and products, healthcare facilities, energy, media, consumer and industrial services, healthcare Information Technology, Information Technology and services, specialty chemicals and materials, telecommunication, retail, and power generation.

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