Wells Fargo & Company Cuts New Mountain Finance (NASDAQ:NMFC) Price Target to $8.00

New Mountain Finance (NASDAQ:NMFC) had its price target lowered by Wells Fargo & Company from $10.00 to $8.00 in a report issued on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other analysts have also recently commented on NMFC. Keefe, Bruyette & Woods dropped their price target on New Mountain Finance from $11.00 to $10.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c-)” rating on shares of New Mountain Finance in a research note on Thursday, January 22nd. Zacks Research raised New Mountain Finance from a “strong sell” rating to a “hold” rating in a report on Monday, November 24th. Finally, B. Riley Financial restated a “neutral” rating and set a $10.00 price target (down from $11.00) on shares of New Mountain Finance in a report on Wednesday, November 5th. Five analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $9.83.

New Mountain Finance Trading Down 0.8%

NASDAQ:NMFC opened at $7.65 on Thursday. The firm has a market capitalization of $789.17 million, a P/E ratio of 51.00 and a beta of 0.58. The company has a debt-to-equity ratio of 1.41, a current ratio of 3.16 and a quick ratio of 1.99. New Mountain Finance has a one year low of $7.53 and a one year high of $11.81. The company’s 50-day simple moving average is $8.73 and its 200 day simple moving average is $9.40.

New Mountain Finance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.28 annualized dividend and a dividend yield of 16.7%. New Mountain Finance’s dividend payout ratio (DPR) is 853.33%.

Hedge Funds Weigh In On New Mountain Finance

A number of hedge funds have recently bought and sold shares of the business. MTM Investment Management LLC bought a new position in New Mountain Finance during the 2nd quarter valued at about $38,000. State of Alaska Department of Revenue purchased a new position in shares of New Mountain Finance during the third quarter valued at approximately $47,000. Huntington National Bank lifted its position in New Mountain Finance by 311.8% during the second quarter. Huntington National Bank now owns 4,534 shares of the company’s stock valued at $48,000 after purchasing an additional 3,433 shares during the period. US Bancorp DE bought a new position in New Mountain Finance during the third quarter valued at approximately $48,000. Finally, Advisory Services Network LLC purchased a new stake in New Mountain Finance in the third quarter worth approximately $65,000. Hedge funds and other institutional investors own 32.08% of the company’s stock.

New Mountain Finance Company Profile

New Mountain Finance Corp. is a closed-end, externally managed business development company (BDC) that provides customized debt and equity capital solutions to U.S. middle-market companies. As a BDC organized under the Investment Company Act of 1940, New Mountain Finance invests in sponsor-backed and founder-led businesses that span a range of industry sectors, with a focus on companies demonstrating resilient growth and recurring revenue streams.

The company’s investment portfolio typically includes first-lien senior secured loans, second-lien and junior debt instruments, mezzanine financing and equity co-investments.