Allspring Global Investments Holdings LLC Lowers Stock Holdings in New Mountain Finance Corporation (NASDAQ:NMFC)

Allspring Global Investments Holdings LLC reduced its stake in New Mountain Finance Corporation (NASDAQ:NMFC) by 85.9% during the first quarter, Holdings Channel.com reports. The fund owned 407,199 shares of the company’s stock after selling 2,477,357 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in New Mountain Finance were worth $4,516,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of NMFC. Transcend Capital Advisors LLC purchased a new stake in shares of New Mountain Finance in the first quarter valued at approximately $4,674,000. Tranquility Partners LLC lifted its holdings in shares of New Mountain Finance by 32.6% in the 1st quarter. Tranquility Partners LLC now owns 120,472 shares of the company’s stock worth $1,329,000 after buying an additional 29,600 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in shares of New Mountain Finance by 7.9% in 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 period. GraniteShares Advisors LLC grew its position in shares of New Mountain Finance by 6.5% during the 1st quarter. GraniteShares Advisors LLC now owns 232,504 shares of the company’s stock worth $2,565,000 after buying an additional 14,090 shares in the last quarter. Finally, WFA Asset Management Corp increased its stake in shares of New Mountain Finance by 820.8% during the first quarter. WFA Asset Management Corp now owns 40,504 shares of the company’s stock valued at $447,000 after buying an additional 36,105 shares during the period. 32.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on NMFC shares. Keefe, Bruyette & Woods decreased their price objective on New Mountain Finance from $12.00 to $11.00 and set a “market perform” rating for the company in a report on Tuesday, April 8th. B. Riley initiated coverage on shares of 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, 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 research report on Monday, April 28th.

New Mountain Finance Stock Up 0.7%

Shares of NASDAQ NMFC opened at $10.70 on Friday. New Mountain Finance Corporation has a 12-month low of $8.84 and a 12-month high of $12.55. The stock’s fifty day simple moving average is $10.51 and its two-hundred day simple moving average is $10.85. The stock has a market capitalization of $1.15 billion, a PE ratio of 10.70 and a beta of 0.80. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 1.32.

New Mountain Finance (NASDAQ:NMFC) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.32 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.32. New Mountain Finance had a return on equity of 10.57% and a net margin of 29.84%. The firm had revenue of $85.66 million during the quarter, compared to analysts’ expectations of $86.65 million. During the same period in the prior year, the business posted $0.36 EPS. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. As a group, analysts expect that New Mountain Finance Corporation will post 1.39 EPS for the current fiscal year.

New Mountain Finance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a $0.32 dividend. The ex-dividend date was Monday, June 16th. This represents a $1.28 dividend on an annualized basis and a yield of 11.97%. New Mountain Finance’s dividend payout ratio is presently 128.00%.

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.