Envestnet Asset Management Inc. Reduces Stock Position in New Mountain Finance Corporation (NASDAQ:NMFC)

Envestnet Asset Management Inc. cut its stake in New Mountain Finance Corporation (NASDAQ:NMFC) by 56.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 60,337 shares of the company’s stock after selling 77,436 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of New Mountain Finance worth $666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Invesco Ltd. grew its position in New Mountain Finance by 1,929.2% in the fourth quarter. Invesco Ltd. now owns 985,917 shares of the company’s stock worth $11,101,000 after acquiring an additional 937,331 shares during the period. Transcend Capital Advisors LLC purchased a new position in New Mountain Finance in the first quarter worth approximately $4,674,000. Millennium Management LLC grew its position in New Mountain Finance by 102.2% in the fourth quarter. Millennium Management LLC now owns 519,532 shares of the company’s stock worth $5,850,000 after acquiring an additional 262,631 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in New Mountain Finance in the fourth quarter worth approximately $2,359,000. Finally, Franklin Resources Inc. grew its position in New Mountain Finance by 62.0% in the fourth quarter. Franklin Resources Inc. now owns 362,751 shares of the company’s stock worth $4,085,000 after acquiring an additional 138,860 shares during the period. 32.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on NMFC shares. Wells Fargo & Company lowered their price objective on New Mountain Finance from $11.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, April 28th. B. Riley started coverage on New Mountain Finance in a research note on Tuesday, May 13th. They set a “neutral” rating and a $11.00 price target on the stock. Finally, Keefe, Bruyette & Woods decreased their price target 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.

New Mountain Finance Stock Down 0.9%

NASDAQ:NMFC opened at $10.33 on Tuesday. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 1.32. The stock’s fifty day moving average is $10.61 and its two-hundred day moving average is $10.77. New Mountain Finance Corporation has a 52 week low of $8.84 and a 52 week high of $12.44. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 10.33 and a beta of 0.82.

New Mountain Finance (NASDAQ:NMFC) last released its quarterly earnings results on Monday, August 4th. The company reported $0.32 EPS for the quarter, hitting analysts’ consensus estimates of $0.32. New Mountain Finance had a return on equity of 10.57% and a net margin of 29.84%. During the same quarter in the previous year, the business earned $0.36 EPS. Research analysts anticipate that New Mountain Finance Corporation will post 1.39 EPS for the current year.

About New Mountain Finance

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.