New Mountain Finance Corporation (NYSE:NMFC) Upgraded at Zacks Investment Research

New Mountain Finance Corporation (NYSE:NMFC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $16.00 price target on the investment management company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.50% from the stock’s current price.

According to Zacks, “New Mountain Finance Corporation is a Business Development Company specializing in investments in middle market companies and debt securities at various levels of the capital structure, including first and second lien debt, unsecured notes, bonds, and mezzanine securities. It invests in various industries that include software, education, business services, distribution and logistics, federal services, healthcare services and products, healthcare facilities, energy, media, consumer and industrial services, healthcare Information Technology, Information Technology and services, specialty chemicals and materials, telecommunication, retail, and power generation. It seeks to invest in United States. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. “

Separately, Keefe, Bruyette & Woods set a $15.00 target price on New Mountain Finance Corporation and gave the stock a “hold” rating in a research report on Wednesday, May 31st.

New Mountain Finance Corporation (NYSE:NMFC) opened at 14.35 on Wednesday. The company’s 50-day moving average is $14.55 and its 200-day moving average is $14.54. New Mountain Finance Corporation has a 52-week low of $13.05 and a 52-week high of $15.00.

New Mountain Finance Corporation (NYSE:NMFC) last announced its quarterly earnings results on Monday, May 8th. The investment management company reported $0.34 EPS for the quarter, hitting analysts’ consensus estimates of $0.34. New Mountain Finance Corporation had a return on equity of 10.06% and a net margin of 78.68%. The company had revenue of $43.31 million during the quarter, compared to analyst estimates of $44.09 million. Analysts predict that New Mountain Finance Corporation will post $1.36 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Friday, June 16th were given a dividend of $0.34 per share. The ex-dividend date was Wednesday, June 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 9.48%. New Mountain Finance Corporation’s payout ratio is currently 72.73%.

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In other New Mountain Finance Corporation news, CFO Shiraz Kajee purchased 2,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The shares were bought at an average cost of $14.63 per share, with a total value of $29,260.00. Following the acquisition, the chief financial officer now owns 2,000 shares in the company, valued at $29,260. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Ogens purchased 3,600 shares of the stock in a transaction that occurred on Wednesday, May 17th. The stock was acquired at an average cost of $14.37 per share, for a total transaction of $51,732.00. Following the completion of the acquisition, the director now owns 49,654 shares in the company, valued at approximately $713,527.98. The disclosure for this purchase can be found here. 9.73% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of NMFC. Oppenheimer & Co. Inc. boosted its position in New Mountain Finance Corporation by 0.8% in the first quarter. Oppenheimer & Co. Inc. now owns 15,535 shares of the investment management company’s stock worth $231,000 after buying an additional 125 shares in the last quarter. Green Square Capital LLC boosted its position in New Mountain Finance Corporation by 1.6% in the first quarter. Green Square Capital LLC now owns 24,994 shares of the investment management company’s stock worth $372,000 after buying an additional 401 shares in the last quarter. CWA Asset Management Group LLC boosted its position in New Mountain Finance Corporation by 4.3% in the first quarter. CWA Asset Management Group LLC now owns 18,350 shares of the investment management company’s stock worth $273,000 after buying an additional 750 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in New Mountain Finance Corporation by 5.3% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 15,030 shares of the investment management company’s stock worth $212,000 after buying an additional 751 shares in the last quarter. Finally, Perennial Advisors LLC boosted its position in New Mountain Finance Corporation by 2.9% in the first quarter. Perennial Advisors LLC now owns 38,510 shares of the investment management company’s stock worth $574,000 after buying an additional 1,080 shares in the last quarter. 38.88% of the stock is currently owned by institutional investors.

New Mountain Finance Corporation Company Profile

New Mountain Finance Corporation is a closed-end, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities.

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