Invesco Ltd. Acquires 937,331 Shares of New Mountain Finance Co. (NASDAQ:NMFC)

Invesco Ltd. increased its holdings in shares of New Mountain Finance Co. (NASDAQ:NMFC) by 1,929.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 985,917 shares of the company’s stock after purchasing an additional 937,331 shares during the period. Invesco Ltd. owned approximately 0.91% of New Mountain Finance worth $11,101,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Stifel Financial Corp lifted 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 during the 3rd quarter valued at $375,000. Wilmington Savings Fund Society FSB bought a new stake in New Mountain Finance in the 3rd quarter valued at $168,000. Franklin Resources Inc. acquired a new stake in New Mountain Finance in the 3rd quarter worth $2,608,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of New Mountain Finance by 1.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,842 shares of the company’s stock worth $15,081,000 after purchasing an additional 15,988 shares during the period. Institutional investors own 32.08% of the company’s stock.

Insider Activity

In other news, Director David Ogens bought 5,000 shares of New Mountain Finance stock in a transaction dated Tuesday, March 4th. The shares were bought at an average price of $11.44 per share, for a total transaction of $57,200.00. Following the purchase, the director now 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 filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 11.71% of the company’s stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods reduced their target price on shares of New Mountain Finance from $12.00 to $11.00 and set a “market perform” rating for the company in a research note on Tuesday, April 8th.

New Mountain Finance Stock Performance

NMFC opened at $9.74 on Wednesday. The stock’s 50 day simple moving average is $10.81 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. The stock has a market cap of $1.05 billion, a PE ratio of 9.28 and a beta of 0.84. New Mountain Finance Co. has a 1 year low of $8.84 and a 1 year high of $12.81.

New Mountain Finance (NASDAQ:NMFC) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). New Mountain Finance had a net margin of 30.28% and a return on equity of 11.25%. The business had revenue of $92.89 million during the quarter, compared to analyst estimates of $93.23 million. Sell-side analysts forecast that New Mountain Finance Co. will post 1.39 EPS for the current year.

New Mountain Finance Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 13.14%. The ex-dividend date of this dividend was Monday, March 17th. New Mountain Finance’s payout ratio is 123.08%.

New Mountain Finance Company Profile

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.