Insider Buying: New Mountain Finance Corp. (NMFC) Director Buys $2,082,029.88 in Stock
New Mountain Finance Corp. (NYSE:NMFC) Director Steven B. Klinsky acquired 155,724 shares of New Mountain Finance Corp. stock in a transaction dated Monday, November 7th. The stock was purchased at an average price of $13.37 per share, for a total transaction of $2,082,029.88. Following the completion of the acquisition, the director now directly owns 5,061,864 shares in the company, valued at approximately $67,677,121.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
New Mountain Finance Corp. (NYSE:NMFC) opened at 13.60 on Friday. New Mountain Finance Corp. has a 52-week low of $10.87 and a 52-week high of $14.30. The company has a 50 day moving average of $13.64 and a 200-day moving average of $13.25.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Thursday, December 15th will be issued a $0.34 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $1.36 dividend on an annualized basis and a yield of 10.00%.
A number of large investors have recently added to or reduced their stakes in NMFC. State of New Jersey Common Pension Fund D bought a new stake in New Mountain Finance Corp. during the third quarter worth about $13,760,000. Muzinich & Co. Inc. increased its stake in New Mountain Finance Corp. by 60.1% in the third quarter. Muzinich & Co. Inc. now owns 1,238,755 shares of the investment management company’s stock worth $17,045,000 after buying an additional 464,859 shares during the last quarter. Bank of Montreal Can bought a new stake in New Mountain Finance Corp. during the second quarter worth about $4,457,000. Janney Montgomery Scott LLC increased its stake in New Mountain Finance Corp. by 135.9% in the second quarter. Janney Montgomery Scott LLC now owns 400,902 shares of the investment management company’s stock valued at $5,172,000 after buying an additional 230,966 shares in the last quarter. Finally, Nuveen Fund Advisors LLC acquired a new stake in New Mountain Finance Corp. during the second quarter valued at about $1,640,000.
NMFC has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of New Mountain Finance Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, July 19th. Oppenheimer Holdings Inc. raised their price objective on shares of New Mountain Finance Corp. from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, August 5th. Finally, Robert W. Baird lowered shares of New Mountain Finance Corp. from an “outperform” rating to a “neutral” rating and set a $13.00 price objective on the stock. in a report on Thursday, July 14th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $13.50.
About New Mountain Finance Corp.
New Mountain Finance Corporation is a closed-end, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities.
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