Denali Advisors LLC Cuts Stake in New Mountain Finance Corporation $NMFC

Denali Advisors LLC reduced its stake in New Mountain Finance Corporation (NASDAQ:NMFC) by 2.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 115,826 shares of the company’s stock after selling 3,140 shares during the quarter. Denali Advisors LLC’s holdings in New Mountain Finance were worth $1,222,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. MAI Capital Management boosted its holdings in shares of New Mountain Finance by 44.9% in the 1st quarter. MAI Capital Management now owns 7,295 shares of the company’s stock worth $80,000 after buying an additional 2,261 shares during the last quarter. Quarry LP boosted its holdings in shares of New Mountain Finance by 360.7% in the 1st quarter. Quarry LP now owns 8,095 shares of the company’s stock worth $89,000 after buying an additional 6,338 shares during the last quarter. Entropy Technologies LP purchased a new position in shares of New Mountain Finance in the 1st quarter worth about $130,000. Truist Financial Corp purchased a new position in shares of New Mountain Finance in the 2nd quarter worth about $167,000. Finally, Catalina Capital Group LLC purchased a new position in shares of New Mountain Finance in the 2nd quarter worth about $204,000. 32.08% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Steven B. Klinsky purchased 106,691 shares of the firm’s stock in a transaction dated Tuesday, September 16th. The shares were purchased at an average cost of $9.78 per share, for a total transaction of $1,043,437.98. Following the completion of the transaction, the director directly owned 4,370,857 shares in the company, valued at approximately $42,746,981.46. This represents a 2.50% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Adam B. Weinstein purchased 49,750 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were bought at an average price of $10.03 per share, for a total transaction of $498,992.50. Following the completion of the transaction, the executive vice president owned 652,490 shares of the company’s stock, valued at approximately $6,544,474.70. This trade represents a 8.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 157,191 shares of company stock worth $1,550,035. Company insiders own 11.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on NMFC shares. New Street Research set a $10.00 price objective on New Mountain Finance in a research note on Friday, October 10th. Zacks Research cut New Mountain Finance from a “hold” rating to a “strong sell” rating in a research note on Monday, October 13th. Bank of America restated an “underperform” rating and issued a $10.00 price objective (down from $11.75) on shares of New Mountain Finance in a research note on Monday, September 15th. Oppenheimer set a $11.00 price objective on New Mountain Finance and gave the company a “market perform” rating in a research note on Wednesday, August 6th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of New Mountain Finance in a research note on Wednesday, October 8th. Five equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, New Mountain Finance has a consensus rating of “Reduce” and a consensus price target of $10.50.

New Mountain Finance Trading Down 0.4%

Shares of NMFC opened at $9.44 on Thursday. The business’s 50-day moving average price is $9.94 and its 200-day moving average price is $10.21. New Mountain Finance Corporation has a twelve month low of $8.84 and a twelve month high of $12.05. The stock has a market cap of $1.00 billion, a PE ratio of 12.42 and a beta of 0.79. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.35.

New Mountain Finance (NASDAQ:NMFC) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.32 earnings per share for the quarter, meeting the consensus estimate of $0.32. New Mountain Finance had a return on equity of 10.43% and a net margin of 23.27%.The firm had revenue of $83.49 million for the quarter, compared to analysts’ expectations of $84.57 million. During the same period in the prior year, the business posted $0.36 earnings per share. On average, equities analysts forecast that New Mountain Finance Corporation will post 1.39 EPS for the current fiscal year.

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.