Mackenzie Financial Corp Makes New $374,000 Investment in New Mountain Finance Corporation (NASDAQ:NMFC)

Key Points

• Mackenzie Financial Corp has acquired a new stake in New Mountain Finance Corporation (NASDAQ: NMFC), purchasing 33,890 shares valued at approximately $374,000 during the first quarter.
• The company's quarterly dividend of $0.32 will be paid on September 30th to investors recorded on September 16th, yielding an annualized return of 12.5%.
• Analyst ratings vary, with Oppenheimer setting a price target of $11.00 and Wells Fargo lowering theirs to $10.00, indicating a cautious outlook on NMFC's performance.

Mackenzie Financial Corp purchased a new stake in New Mountain Finance Corporation (NASDAQ:NMFC - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 33,890 shares of the company's stock, valued at approximately $374,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Invesco Ltd. increased its holdings in shares of New Mountain Finance by 1,929.2% in the fourth quarter. Invesco Ltd. now owns 985,917 shares of the company's stock valued at $11,101,000 after purchasing an additional 937,331 shares in the last quarter. Ares Management LLC increased its holdings in shares of New Mountain Finance by 15.2% in the fourth quarter. Ares Management LLC now owns 566,186 shares of the company's stock valued at $6,375,000 after purchasing an additional 74,492 shares in the last quarter. Millennium Management LLC increased its holdings in shares of New Mountain Finance by 102.2% in the fourth quarter. Millennium Management LLC now owns 519,532 shares of the company's stock valued at $5,850,000 after purchasing an additional 262,631 shares in the last quarter. Confluence Investment Management LLC increased its holdings in shares of New Mountain Finance by 2.1% in the first quarter. Confluence Investment Management LLC now owns 438,682 shares of the company's stock valued at $4,839,000 after purchasing an additional 8,876 shares in the last quarter. Finally, Transcend Capital Advisors LLC acquired a new stake in shares of New Mountain Finance in the first quarter valued at approximately $4,674,000. 32.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on NMFC. Wells Fargo & Company lowered their price target on shares of New Mountain Finance from $11.00 to $10.00 and set an "equal weight" rating for the company in a report on Monday, April 28th. Oppenheimer set a $11.00 price target on shares of New Mountain Finance and gave the company a "market perform" rating in a report on Wednesday, August 6th. Finally, B. Riley started coverage on shares of New Mountain Finance in a report on Tuesday, May 13th. They issued a "neutral" rating and a $11.00 price target for the company.

New Mountain Finance Trading Up 0.8%

NMFC traded up $0.09 during trading on Wednesday, reaching $10.45. 74,974 shares of the company's stock were exchanged, compared to its average volume of 473,182. The company's fifty day moving average price is $10.54 and its 200-day moving average price is $10.72. 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 Corporation has a fifty-two week low of $8.84 and a fifty-two week high of $12.44. The firm has a market capitalization of $1.11 billion, a PE ratio of 13.74 and a beta of 0.82.

New Mountain Finance (NASDAQ:NMFC - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. New Mountain Finance had a net margin of 23.27% and a return on equity of 10.43%. The company had revenue of $83.49 million during the quarter, compared to analyst estimates of $84.57 million. During the same quarter in the previous year, the business earned $0.36 EPS. As a group, equities analysts forecast that New Mountain Finance Corporation will post 1.39 EPS 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. Stockholders of record on Tuesday, September 16th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $1.28 annualized dividend and a dividend yield of 12.3%. New Mountain Finance's payout ratio is 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.