New Mountain Finance (NYSE:NMFC) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of New Mountain Finance (NYSE:NMFC) from a hold rating to a buy rating in a research report report published on Wednesday, Zacks.com reports. Zacks Investment Research currently has $15.00 price target on the investment management company’s stock.

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. “

A number of other equities research analysts have also issued reports on the stock. ValuEngine raised shares of New Mountain Finance from a sell rating to a hold rating in a report on Thursday, October 10th. TheStreet lowered shares of New Mountain Finance from a b- rating to a c rating in a report on Friday, November 8th.

NYSE NMFC traded up $0.02 on Wednesday, reaching $13.41. 483,926 shares of the stock were exchanged, compared to its average volume of 1,176,240. New Mountain Finance has a one year low of $12.06 and a one year high of $14.38. The firm has a market capitalization of $1.30 billion, a PE ratio of 9.63 and a beta of 0.53. The company’s 50-day simple moving average is $13.49 and its two-hundred day simple moving average is $13.75. The company has a current ratio of 0.74, a quick ratio of 1.04 and a debt-to-equity ratio of 1.55.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 10.14%. The ex-dividend date of this dividend is Thursday, December 12th. New Mountain Finance’s dividend payout ratio (DPR) is presently 98.55%.

In other news, Director Steven B. Klinsky acquired 355,000 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was bought at an average cost of $13.25 per share, with a total value of $4,703,750.00. Following the completion of the purchase, the director now directly owns 6,740,751 shares of the company’s stock, valued at $89,314,950.75. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Robert Hamwee acquired 22,098 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were purchased at an average cost of $34.28 per share, with a total value of $757,519.44. Over the last three months, insiders purchased 429,598 shares of company stock valued at $6,158,919. 10.27% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Lenox Wealth Advisors LLC bought a new stake in shares of New Mountain Finance during the third quarter worth $26,000. Arlington Partners LLC bought a new stake in shares of New Mountain Finance during the second quarter worth $36,000. Manchester Financial Inc. bought a new stake in shares of New Mountain Finance during the second quarter worth $36,000. Marshall Wace North America L.P. bought a new stake in shares of New Mountain Finance during the first quarter worth $68,000. Finally, Steward Partners Investment Advisory LLC bought a new stake in shares of New Mountain Finance in the second quarter valued at about $125,000. 35.38% 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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