Advisors Asset Management Inc. Lowers Stock Holdings in New Mountain Finance Corporation $NMFC

Advisors Asset Management Inc. trimmed its position in shares of New Mountain Finance Corporation (NASDAQ:NMFC) by 13.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 215,999 shares of the company’s stock after selling 32,328 shares during the period. Advisors Asset Management Inc. owned about 0.20% of New Mountain Finance worth $2,279,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. MTM Investment Management LLC purchased a new stake in New Mountain Finance during the second quarter valued at about $38,000. Huntington National Bank lifted its stake in shares of New Mountain Finance by 311.8% in the 2nd quarter. Huntington National Bank now owns 4,534 shares of the company’s stock valued at $48,000 after acquiring an additional 3,433 shares during the last quarter. MAI Capital Management boosted its holdings in New Mountain Finance by 44.9% during the 1st quarter. MAI Capital Management now owns 7,295 shares of the company’s stock valued at $80,000 after acquiring an additional 2,261 shares during the period. Quarry LP grew its position in New Mountain Finance by 360.7% during the 1st quarter. Quarry LP now owns 8,095 shares of the company’s stock worth $89,000 after acquiring an additional 6,338 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in New Mountain Finance during the 2nd quarter worth approximately $126,000. Hedge funds and other institutional investors own 32.08% of the company’s stock.

New Mountain Finance Stock Up 0.5%

NMFC stock opened at $9.66 on Friday. New Mountain Finance Corporation has a fifty-two week low of $8.84 and a fifty-two week high of $12.05. The company has a market capitalization of $996.53 million, a price-to-earnings ratio of 14.86 and a beta of 0.77. The business’s 50 day moving average price is $9.48 and its two-hundred day moving average price is $10.15. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.99 and a current ratio of 1.99.

New Mountain Finance (NASDAQ:NMFC) last released its quarterly earnings results on Monday, November 3rd. The company reported $0.32 earnings per share for the quarter, meeting the consensus estimate of $0.32. The company had revenue of $80.53 million for the quarter, compared to analyst estimates of $83.91 million. New Mountain Finance had a return on equity of 10.42% and a net margin of 20.84%.The firm’s revenue was down 15.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 earnings per share. As a group, analysts forecast that New Mountain Finance Corporation will post 1.39 earnings per share for the current fiscal year.

New Mountain Finance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be given a $0.32 dividend. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 13.3%. New Mountain Finance’s dividend payout ratio is currently 196.92%.

Analyst Ratings Changes

A number of research firms have recently weighed in on NMFC. Bank of America reissued an “underperform” rating and set a $10.00 price objective (down previously from $11.75) on shares of New Mountain Finance in a research note on Monday, September 15th. Weiss Ratings reissued a “hold (c-)” rating on shares of New Mountain Finance in a report on Wednesday, October 8th. B. Riley restated a “neutral” rating and issued a $10.00 price objective (down previously from $11.00) on shares of New Mountain Finance in a research report on Wednesday, November 5th. Oppenheimer set a $11.00 price objective on shares of New Mountain Finance and gave the company a “market perform” rating in a research note on Wednesday, August 6th. Finally, Zacks Research raised New Mountain Finance from a “strong sell” rating to a “hold” rating in a research note on Monday, November 24th. Six analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $10.17.

Insider Activity

In other New Mountain Finance news, Director Steven B. Klinsky bought 106,691 shares of the firm’s stock in a transaction on Tuesday, September 16th. The stock was acquired at an average price of $9.78 per share, with a total value of $1,043,437.98. Following the completion of the purchase, the director owned 4,370,857 shares of the company’s stock, valued at approximately $42,746,981.46. This trade represents a 2.50% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Adam B. Weinstein bought 49,750 shares of the stock in a transaction dated Monday, September 15th. The shares were acquired at an average price of $10.03 per share, with a total value of $498,992.50. Following the completion of the acquisition, the executive vice president directly owned 652,490 shares of the company’s stock, valued at approximately $6,544,474.70. The trade was a 8.25% increase in their position. The SEC filing for this purchase provides additional information. 11.71% of the stock is owned by company insiders.

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.