Acadian Asset Management LLC Sells 91,936 Shares of New Mountain Finance Corporation $NMFC

Key Points

• Acadian Asset Management LLC has reduced its stake in New Mountain Finance Corporation by 49.4%, selling 91,936 shares and now owning 94,330 shares valued at approximately $1,040,000.
• Institutional investors collectively hold 32.08% of New Mountain Finance's stock, with several hedge funds increasing their stakes significantly in recent months.
• The company announced a quarterly dividend of $0.32 per share, representing an annualized dividend of $1.28, with a dividend yield of 13.0% for investors of record.

Acadian Asset Management LLC cut its holdings in New Mountain Finance Corporation (NASDAQ:NMFC - Free Report) by 49.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 94,330 shares of the company's stock after selling 91,936 shares during the quarter. Acadian Asset Management LLC owned about 0.09% of New Mountain Finance worth $1,040,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MAI Capital Management boosted its position in shares of New Mountain Finance by 44.9% during the first quarter. MAI Capital Management now owns 7,295 shares of the company's stock worth $80,000 after purchasing an additional 2,261 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of New Mountain Finance by 240.4% during the 4th quarter. BNP Paribas Financial Markets now owns 7,488 shares of the company's stock worth $84,000 after purchasing an additional 5,288 shares in the last quarter. Quarry LP grew its position in shares of New Mountain Finance by 360.7% during the 1st quarter. Quarry LP now owns 8,095 shares of the company's stock worth $89,000 after purchasing an additional 6,338 shares in the last quarter. Entropy Technologies LP bought a new position in New Mountain Finance in the first quarter valued at approximately $130,000. Finally, Vise Technologies Inc. lifted its stake in New Mountain Finance by 7.2% in the 4th quarter. Vise Technologies Inc. now owns 16,494 shares of the company's stock valued at $186,000 after purchasing an additional 1,110 shares during the last quarter. 32.08% of the stock is owned by institutional investors.

New Mountain Finance Stock Up 0.7%

NASDAQ:NMFC traded up $0.07 during trading hours on Friday, reaching $9.91. The company had a trading volume of 1,195,452 shares, compared to its average volume of 537,311. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.35. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 13.04 and a beta of 0.80. The business's 50-day simple moving average is $10.42 and its two-hundred day simple moving average is $10.46. New Mountain Finance Corporation has a twelve month low of $8.84 and a twelve month high of $12.09.

New Mountain Finance (NASDAQ:NMFC - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $0.32 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.32. The firm had revenue of $83.49 million during the quarter, compared to analysts' expectations of $84.57 million. New Mountain Finance had a net margin of 23.27% and a return on equity of 10.43%. During the same period last year, the company earned $0.36 earnings per share. On average, equities analysts expect that New Mountain Finance Corporation will post 1.39 earnings per share for the current year.

New Mountain Finance Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 16th. This represents a $1.28 annualized dividend and a yield of 12.9%. New Mountain Finance's payout ratio is 168.42%.

Insider Activity

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NMFC. Oppenheimer set a $11.00 price target on shares of New Mountain Finance and gave the company a "market perform" rating in a research note on Wednesday, August 6th. Bank of America reaffirmed an "underperform" rating and set a $10.00 price target (down previously from $11.75) on shares of New Mountain Finance in a research note on Monday, September 15th. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, New Mountain Finance presently has an average rating of "Reduce" and an average price target of $10.60.

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.