New Mountain Finance (NASDAQ:NMFC) Sets New 52-Week Low – Here’s Why

New Mountain Finance Co. (NASDAQ:NMFC) shares reached a new 52-week low on Monday . The stock traded as low as $10.95 and last traded at $10.98, with a volume of 160234 shares traded. The stock had previously closed at $11.10.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company cut their price objective on New Mountain Finance from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 29th.

New Mountain Finance Price Performance

The firm’s 50-day moving average is $11.85 and its two-hundred day moving average is $12.21. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.23 and a quick ratio of 2.23. The company has a market cap of $1.15 billion, a P/E ratio of 10.17 and a beta of 1.15.

New Mountain Finance (NASDAQ:NMFC) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). New Mountain Finance had a return on equity of 11.25% and a net margin of 30.28%. The company had revenue of $95.33 million during the quarter, compared to the consensus estimate of $94.10 million. During the same quarter in the prior year, the business earned $0.40 earnings per share. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. Analysts anticipate that New Mountain Finance Co. will post 1.39 earnings per share for the current year.

New Mountain Finance Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This is a boost from New Mountain Finance’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a dividend yield of 12.36%. New Mountain Finance’s payout ratio is currently 121.91%.

Institutional Trading of New Mountain Finance

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. bought a new position in shares of New Mountain Finance during the first quarter valued at approximately $40,000. Quarry LP boosted its holdings in New Mountain Finance by 68.3% during the 2nd quarter. Quarry LP now owns 3,307 shares of the company’s stock valued at $40,000 after acquiring an additional 1,342 shares during the period. EntryPoint Capital LLC purchased a new position in New Mountain Finance during the 1st quarter valued at $52,000. Clearstead Trust LLC bought a new position in New Mountain Finance in the 2nd quarter valued at $98,000. Finally, Lazard Asset Management LLC purchased a new stake in New Mountain Finance in the first quarter worth $126,000. 32.08% of the stock is owned by hedge funds and other institutional investors.

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.