Van ECK Associates Corp Boosts Holdings in New Mountain Finance Corporation $NMFC

Van ECK Associates Corp boosted its holdings in shares of New Mountain Finance Corporation (NASDAQ:NMFC) by 19.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,145,047 shares of the company’s stock after buying an additional 348,872 shares during the quarter. Van ECK Associates Corp owned approximately 2.27% of New Mountain Finance worth $15,380,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NMFC. US Bancorp DE purchased a new position in shares of New Mountain Finance during the 3rd quarter worth $48,000. Advisory Services Network LLC purchased a new stake in shares of New Mountain Finance in the 3rd quarter worth $65,000. State of Wyoming purchased a new stake in shares of New Mountain Finance in the 1st quarter worth $71,000. United Capital Financial Advisors LLC bought a new position in New Mountain Finance in the 3rd quarter worth $97,000. Finally, Glenview Trust co bought a new position in New Mountain Finance in the 2nd quarter worth $107,000. 32.08% of the stock is owned by hedge funds and other institutional investors.

New Mountain Finance Price Performance

NASDAQ:NMFC opened at $7.63 on Tuesday. The business’s 50-day simple moving average is $7.26 and its two-hundred day simple moving average is $7.74. New Mountain Finance Corporation has a 52 week low of $6.73 and a 52 week high of $10.71. The stock has a market cap of $720.65 million, a PE ratio of -16.23 and a beta of 0.55. The company has a quick ratio of 3.66, a current ratio of 3.66 and a debt-to-equity ratio of 1.30.

New Mountain Finance (NASDAQ:NMFC) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.26 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.26. New Mountain Finance had a positive return on equity of 10.94% and a negative net margin of 16.78%.The firm had revenue of $39.02 million during the quarter, compared to analyst estimates of $62.78 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. As a group, analysts forecast that New Mountain Finance Corporation will post 1.1 EPS for the current fiscal year.

New Mountain Finance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 13.1%. New Mountain Finance’s payout ratio is currently -212.77%.

Analysts Set New Price Targets

NMFC has been the subject of several recent research reports. Zacks Research raised New Mountain Finance from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of New Mountain Finance in a research note on Thursday, August 13th. Wells Fargo & Company lowered their price objective on New Mountain Finance from $8.00 to $7.50 and set an “equal weight” rating on the stock in a research report on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods cut their price objective on New Mountain Finance from $9.00 to $8.00 and set a “market perform” rating for the company in a research note on Monday, July 20th. Four analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, New Mountain Finance has an average rating of “Reduce” and an average price target of $8.60.

New Mountain Finance 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.