Envestnet Asset Management Inc. Sells 77,436 Shares of New Mountain Finance Corporation (NASDAQ:NMFC)

Key Points

• Envestnet Asset Management Inc. has reduced its stake in New Mountain Finance Corporation by 56.2%, now owning 60,337 shares valued at approximately $666,000.
• Multiple large institutional investors have increased their positions in New Mountain Finance, with Invesco Ltd. expanding its stake by an impressive 1,929.2%.
• Analysts have recently lowered their price targets for New Mountain Finance, with Wells Fargo reducing its objective from $11.00 to $10.00, reflecting cautious sentiment about the company's outlook.

Envestnet Asset Management Inc. cut its holdings in New Mountain Finance Corporation (NASDAQ:NMFC - Free Report) by 56.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 60,337 shares of the company's stock after selling 77,436 shares during the quarter. Envestnet Asset Management Inc. owned about 0.06% of New Mountain Finance worth $666,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. BNP Paribas Financial Markets grew its position in shares of New Mountain Finance by 240.4% in the 4th quarter. BNP Paribas Financial Markets now owns 7,488 shares of the company's stock valued at $84,000 after purchasing an additional 5,288 shares during the period. XTX Topco Ltd acquired a new position in New Mountain Finance during the 4th quarter worth approximately $148,000. Vise Technologies Inc. boosted its position in New Mountain Finance by 7.2% during the 4th quarter. Vise Technologies Inc. now owns 16,494 shares of the company's stock worth $186,000 after acquiring an additional 1,110 shares during the last quarter. ProShare Advisors LLC boosted its position in New Mountain Finance by 17.2% during the 4th 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. Finally, Focus Partners Wealth acquired a new position in New Mountain Finance during the 4th quarter worth approximately $236,000. 32.08% of the stock is currently owned by institutional investors and hedge funds.

New Mountain Finance Stock Up 0.3%

Shares of New Mountain Finance stock traded up $0.04 on Friday, reaching $10.24. 258,229 shares of the company were exchanged, compared to its average volume of 472,367. New Mountain Finance Corporation has a one year low of $8.84 and a one year high of $12.44. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 13.47 and a beta of 0.82. The company has a current ratio of 1.42, a quick ratio of 2.22 and a debt-to-equity ratio of 1.35. The company has a 50-day moving average of $10.57 and a 200 day moving average of $10.75.

New Mountain Finance (NASDAQ:NMFC - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $0.32 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $84.57 million. During the same quarter in the prior year, the business posted $0.36 EPS. On average, equities research analysts forecast that New Mountain Finance Corporation will post 1.39 earnings per share for the current year.

New Mountain Finance Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors 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 12.5%. The ex-dividend date is Tuesday, September 16th. New Mountain Finance's dividend payout ratio is 168.42%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NMFC. Oppenheimer set a $11.00 price target on New Mountain Finance and gave the stock a "market perform" rating in a research report on Wednesday. Wells Fargo & Company reduced their price target on New Mountain Finance from $11.00 to $10.00 and set an "equal weight" rating for the company in a research report on Monday, April 28th. Finally, B. Riley started coverage on New Mountain Finance in a research report on Tuesday, May 13th. They set a "neutral" rating and a $11.00 price target for the company.

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.