Bank of Montreal Can reduced its stake in New Mountain Finance Co. (NASDAQ:NMFC - Free Report) by 95.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 47,355 shares of the company's stock after selling 970,950 shares during the quarter. Bank of Montreal Can's holdings in New Mountain Finance were worth $533,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Jane Street Group LLC acquired a new position in New Mountain Finance during the third quarter worth $375,000. Strategic Financial Concepts LLC purchased a new position in New Mountain Finance during the 4th quarter valued at about $208,000. Rockingstone Advisors LLC grew 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 acquiring an additional 124,599 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in New Mountain Finance during the fourth quarter worth about $944,000. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of New Mountain Finance during the fourth quarter worth about $309,000. Hedge funds and other institutional investors own 32.08% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, Keefe, Bruyette & Woods dropped their price objective on shares of New Mountain Finance from $12.00 to $11.00 and set a "market perform" rating for the company in a report on Tuesday, April 8th.
Get Our Latest Research Report on New Mountain Finance
New Mountain Finance Stock Up 1.5 %
NASDAQ:NMFC traded up $0.15 during midday trading on Wednesday, reaching $9.89. The company had a trading volume of 492,283 shares, compared to its average volume of 467,388. The stock's fifty day simple moving average is $10.77 and its 200-day simple moving average is $11.24. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 1.46. New Mountain Finance Co. has a 12-month low of $8.84 and a 12-month high of $12.81. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of 9.42 and a beta of 0.84.
New Mountain Finance (NASDAQ:NMFC - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.32 earnings per share for the quarter, missing analysts' consensus estimates of $0.33 by ($0.01). New Mountain Finance had a return on equity of 11.25% and a net margin of 30.28%. The firm had revenue of $92.89 million for the quarter, compared to analysts' expectations of $93.23 million. On average, sell-side analysts anticipate that New Mountain Finance Co. will post 1.39 earnings per share for the current fiscal year.
New Mountain Finance Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 12.94%. The ex-dividend date was Monday, March 17th. New Mountain Finance's dividend payout ratio (DPR) is presently 123.08%.
Insider Buying and Selling
In related news, Director David Ogens acquired 5,000 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was bought at an average price of $11.44 per share, for a total transaction of $57,200.00. Following the completion of the purchase, the director now directly owns 179,020 shares of the company's stock, valued at approximately $2,047,988.80. The trade was a 2.87 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 11.71% of the stock is owned by company insiders.
New Mountain Finance Company Profile
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Free Report)
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.
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