Wells Fargo & Company Cuts New Mountain Finance (NASDAQ:NMFC) Price Target to $11.00

New Mountain Finance (NASDAQ:NMFC) had its price objective reduced by Wells Fargo & Company from $12.00 to $11.00 in a research note released on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

New Mountain Finance Price Performance

NASDAQ:NMFC opened at $11.43 on Tuesday. The business’s 50-day simple moving average is $11.90 and its two-hundred day simple moving average is $12.24. New Mountain Finance has a 52 week low of $11.13 and a 52 week high of $13.23. The stock has a market cap of $1.23 billion, a PE ratio of 10.89 and a beta of 1.14. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 1.40.

New Mountain Finance (NASDAQ:NMFC) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.01). New Mountain Finance had a return on equity of 11.26% and a net margin of 30.28%. The business had revenue of $95.33 million during the quarter, compared to the consensus estimate of $94.10 million. During the same quarter in the previous year, the company earned $0.40 earnings per share. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, analysts forecast that New Mountain Finance will post 1.41 EPS for the current fiscal year.

Institutional Trading of New Mountain Finance

A number of institutional investors and hedge funds have recently bought and sold shares of NMFC. LSV Asset Management lifted its position in shares of New Mountain Finance by 0.7% in the second quarter. LSV Asset Management now owns 2,548,475 shares of the company’s stock worth $31,193,000 after buying an additional 17,300 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of New Mountain Finance by 8.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,249,321 shares of the company’s stock valued at $25,980,000 after acquiring an additional 168,719 shares during the last quarter. Millennium Management LLC grew its holdings in shares of New Mountain Finance by 5.4% in the second quarter. Millennium Management LLC now owns 456,811 shares of the company’s stock valued at $5,591,000 after purchasing an additional 23,406 shares in the last quarter. Confluence Investment Management LLC grew its holdings in shares of New Mountain Finance by 1.1% in the third quarter. Confluence Investment Management LLC now owns 428,334 shares of the company’s stock valued at $5,131,000 after purchasing an additional 4,756 shares in the last quarter. Finally, Tranquility Partners LLC increased its position in New Mountain Finance by 37.2% in the second quarter. Tranquility Partners LLC now owns 388,753 shares of the company’s stock worth $4,763,000 after purchasing an additional 105,433 shares during the last quarter. 32.08% of the stock is currently owned by institutional investors.

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.