Franklin Resources Inc. lifted its holdings in shares of New Mountain Finance Co. (NASDAQ:NMFC - Free Report) by 62.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 362,751 shares of the company's stock after acquiring an additional 138,860 shares during the period. Franklin Resources Inc. owned 0.34% of New Mountain Finance worth $4,085,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. BNP Paribas Financial Markets purchased a new position in New Mountain Finance during the 3rd quarter worth $26,000. Centiva Capital LP acquired a new stake in shares of New Mountain Finance during the third quarter worth about $130,000. Stifel Financial Corp grew its holdings in shares of New Mountain Finance by 5.3% during the third quarter. Stifel Financial Corp now owns 47,138 shares of the company's stock worth $565,000 after buying an additional 2,389 shares during the last quarter. Jane Street Group LLC acquired a new position in New Mountain Finance in the 3rd quarter valued at about $375,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in New Mountain Finance in the 3rd quarter valued at about $168,000. 32.08% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, Director David Ogens acquired 5,000 shares of New Mountain Finance stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased 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. This trade represents a 2.87 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 10.22% of the company's stock.
New Mountain Finance Stock Performance
Shares of NMFC stock traded up $0.21 during mid-day trading on Thursday, hitting $9.70. The stock had a trading volume of 92,130 shares, compared to its average volume of 462,521. The firm has a market cap of $1.05 billion, a PE ratio of 9.24 and a beta of 0.84. The company's 50-day simple moving average is $10.98 and its 200-day simple moving average is $11.31. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.23 and a quick ratio of 2.23. New Mountain Finance Co. has a fifty-two week low of $8.84 and a fifty-two week high of $12.81.
New Mountain Finance (NASDAQ:NMFC - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.32 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.01). The firm had revenue of $92.89 million during the quarter, compared to analyst estimates of $93.23 million. New Mountain Finance had a net margin of 30.28% and a return on equity of 11.25%. Sell-side analysts anticipate that New Mountain Finance Co. will post 1.39 earnings per share for the current year.
New Mountain Finance Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 13.20%. The ex-dividend date was Monday, March 17th. New Mountain Finance's dividend payout ratio (DPR) is currently 123.08%.
Analysts Set New Price Targets
Separately, Keefe, Bruyette & Woods lowered their target price on New Mountain Finance from $12.00 to $11.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 8th.
Check Out Our Latest Analysis on New Mountain Finance
About New Mountain Finance
(
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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