Wells Fargo & Company Lowers New Mountain Finance (NASDAQ:NMFC) Price Target to $10.00

New Mountain Finance (NASDAQ:NMFC) had its price objective lowered by equities researchers at Wells Fargo & Company from $11.00 to $10.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential downside of 2.10% from the company’s current price.

Separately, Keefe, Bruyette & Woods reduced their price objective on shares of New Mountain Finance from $12.00 to $11.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 8th.

New Mountain Finance Price Performance

NASDAQ:NMFC traded up $0.09 during trading hours on Monday, hitting $10.22. 55,740 shares of the company’s stock traded hands, compared to its average volume of 520,510. The business’s fifty day simple moving average is $10.70 and its two-hundred day simple moving average is $11.21. New Mountain Finance has a 52 week low of $8.84 and a 52 week high of $12.81. The firm has a market cap of $1.10 billion, a P/E ratio of 9.73 and a beta of 0.84. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 1.46.

New Mountain Finance (NASDAQ:NMFC) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). New Mountain Finance had a net margin of 30.28% and a return on equity of 11.25%. The company had revenue of $92.89 million for the quarter, compared to analysts’ expectations of $93.23 million. On average, research analysts anticipate that New Mountain Finance will post 1.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director David Ogens purchased 5,000 shares of the stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average cost of $11.44 per share, with a total value of $57,200.00. Following the acquisition, the director now directly owns 179,020 shares of the company’s stock, valued at $2,047,988.80. This represents a 2.87 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 11.71% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Invesco Ltd. grew its position in New Mountain Finance by 1,929.2% during the fourth quarter. Invesco Ltd. now owns 985,917 shares of the company’s stock valued at $11,101,000 after buying an additional 937,331 shares during the period. Transcend Capital Advisors LLC bought a new position in New Mountain Finance in the 1st quarter worth $4,674,000. Millennium Management LLC lifted its position in New Mountain Finance by 102.2% during the fourth quarter. Millennium Management LLC now owns 519,532 shares of the company’s stock valued at $5,850,000 after purchasing an additional 262,631 shares in the last quarter. Franklin Resources Inc. bought a new stake in New Mountain Finance during the third quarter valued at about $2,608,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in New Mountain Finance in the fourth quarter worth about $2,359,000. 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.