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% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,337 shares of the company's stock after selling 77,436 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.06% of New Mountain Finance worth $666,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of NMFC. BNP Paribas Financial Markets boosted its holdings 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 buying an additional 5,288 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of New Mountain Finance during the fourth quarter valued at about $148,000. Vise Technologies Inc. grew its stake in shares of 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 buying an additional 1,110 shares during the period. ProShare Advisors LLC increased its position in New Mountain Finance by 17.2% in the 4th quarter. ProShare Advisors LLC now owns 18,161 shares of the company's stock valued at $204,000 after buying an additional 2,664 shares in 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 owned by institutional investors and hedge funds.

New Mountain Finance Price Performance

Shares of NMFC stock traded down $0.15 during trading on Tuesday, hitting $10.18. The company had a trading volume of 697,814 shares, compared to its average volume of 340,335. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 1.32. New Mountain Finance Corporation has a 52 week low of $8.84 and a 52 week high of $12.44. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 13.39 and a beta of 0.82. The stock's 50-day moving average is $10.61 and its two-hundred day moving average is $10.77.

New Mountain Finance (NASDAQ:NMFC - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.32 EPS for the quarter, hitting analysts' consensus estimates of $0.32. The business had revenue of $83.49 million for the quarter, compared to analysts' expectations of $84.57 million. New Mountain Finance had a return on equity of 10.34% and a net margin of 23.27%. During the same period in the previous year, the firm earned $0.36 EPS. As a group, analysts predict that New Mountain Finance Corporation will post 1.39 EPS for the current fiscal year.

New Mountain Finance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 12.6%. New Mountain Finance's dividend payout ratio is currently 128.00%.

Analyst Ratings Changes

A number of research firms recently weighed in on NMFC. Wells Fargo & Company lowered their target price on shares of New Mountain Finance from $11.00 to $10.00 and set an "equal weight" rating on the stock in a report on Monday, April 28th. B. Riley assumed coverage on New Mountain Finance in a research report on Tuesday, May 13th. They set a "neutral" rating and a $11.00 target price on the stock. Finally, Keefe, Bruyette & Woods dropped their price objective on New Mountain Finance from $12.00 to $11.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 8th.

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.