Confluence Investment Management LLC Reduces Stake in New Mountain Finance Corporation $NMFC

Key Points

• Confluence Investment Management LLC reduced its stake in New Mountain Finance Corporation by 15.8% during the 2nd quarter, now holding 369,161 shares valued at approximately $3.9 million.
• The company declared a quarterly dividend of $0.32 per share, representing an annualized yield of 12.2%, with a payout ratio of 168.42%.
• Analysts have set a target price of $11.00 for New Mountain Finance, with a consensus rating of "Hold" and an average target of $10.75.

Confluence Investment Management LLC cut its position in shares of New Mountain Finance Corporation (NASDAQ:NMFC - Free Report) by 15.8% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 369,161 shares of the company's stock after selling 69,521 shares during the quarter. Confluence Investment Management LLC owned 0.34% of New Mountain Finance worth $3,895,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the company. Oppenheimer & Co. Inc. raised its stake in shares of New Mountain Finance by 7.9% during the 1st quarter. Oppenheimer & Co. Inc. now owns 33,624 shares of the company's stock worth $371,000 after buying an additional 2,450 shares during the last quarter. ProShare Advisors LLC raised its position in New Mountain Finance by 17.2% during the fourth quarter. ProShare Advisors LLC now owns 18,161 shares of the company's stock worth $204,000 after acquiring an additional 2,664 shares during the last quarter. Squarepoint Ops LLC raised its position in New Mountain Finance by 179.7% during the fourth quarter. Squarepoint Ops LLC now owns 40,292 shares of the company's stock worth $454,000 after acquiring an additional 25,886 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of New Mountain Finance by 232.7% in the fourth quarter. Jane Street Group LLC now owns 104,285 shares of the company's stock valued at $1,174,000 after purchasing an additional 72,944 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of New Mountain Finance by 10.7% in the first quarter. Invesco Ltd. now owns 1,091,476 shares of the company's stock valued at $12,039,000 after purchasing an additional 105,559 shares during the last quarter. Institutional investors and hedge funds own 32.08% of the company's stock.

Analysts Set New Price Targets

Separately, Oppenheimer set a $11.00 target price on New Mountain Finance and gave the company a "market perform" rating in a research note on Wednesday, August 6th. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $10.75.

New Mountain Finance Stock Performance

Shares of NMFC opened at $10.47 on Friday. New Mountain Finance Corporation has a 1 year low of $8.84 and a 1 year high of $12.32. The company's 50 day simple moving average is $10.51 and its 200 day simple moving average is $10.52. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of 13.78 and a beta of 0.80. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.42 and a current ratio of 1.42.

New Mountain Finance (NASDAQ:NMFC - Get Free Report) last issued 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 company had revenue of $83.49 million during the quarter, compared to the consensus estimate of $84.57 million. During the same period in the previous year, the firm posted $0.36 EPS. On average, sell-side analysts predict that New Mountain Finance Corporation will post 1.39 EPS for the current year.

New Mountain Finance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 12.2%. The ex-dividend date of this dividend is Tuesday, September 16th. New Mountain Finance's dividend payout ratio (DPR) is presently 168.42%.

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.

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