New Mountain Finance Corp. (NMFC) Sees Large Decline in Short Interest
New Mountain Finance Corp. (NYSE:NMFC) was the target of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 614,754 shares, a drop of 59.8% from the October 14th total of 1,528,514 shares. Currently, 1.1% of the shares of the company are short sold. Based on an average trading volume of 709,330 shares, the days-to-cover ratio is presently 0.9 days.
In other news, CEO Robert Hamwee acquired 25,000 shares of the firm’s stock in a transaction dated Monday, October 31st. The shares were purchased at an average cost of $13.33 per share, for a total transaction of $333,250.00. Following the transaction, the chief executive officer now directly owns 242,650 shares of the company’s stock, valued at $3,234,524.50. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider James Stone acquired 1,970 shares of the firm’s stock in a transaction dated Monday, November 7th. The shares were purchased at an average price of $13.35 per share, for a total transaction of $26,299.50. Following the completion of the transaction, the insider now directly owns 83,347 shares in the company, valued at $1,112,682.45. The disclosure for this purchase can be found here.
Several hedge funds have recently added to or reduced their stakes in NMFC. GAM Holding AG acquired a new stake in New Mountain Finance Corp. during the third quarter valued at approximately $114,000. Green Square Capital LLC acquired a new stake in New Mountain Finance Corp. during the second quarter valued at approximately $199,000. Zacks Investment Management acquired a new stake in New Mountain Finance Corp. during the second quarter valued at approximately $217,000. Trexquant Investment LP increased its stake in New Mountain Finance Corp. by 1.0% in the second quarter. Trexquant Investment LP now owns 20,900 shares of the investment management company’s stock valued at $270,000 after buying an additional 200 shares during the period. Finally, Clinton Group Inc. increased its stake in New Mountain Finance Corp. by 63.8% in the second quarter. Clinton Group Inc. now owns 22,612 shares of the investment management company’s stock valued at $292,000 after buying an additional 8,810 shares during the period.
Shares of New Mountain Finance Corp. (NYSE:NMFC) opened at 13.95 on Friday. New Mountain Finance Corp. has a one year low of $10.87 and a one year high of $14.30. The firm has a 50-day moving average of $13.64 and a 200-day moving average of $13.29.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Thursday, December 15th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 9.75%. The ex-dividend date is Tuesday, December 13th.
NMFC has been the topic of several recent analyst reports. 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 research report on Friday, August 5th. Zacks Investment Research downgraded shares of New Mountain Finance Corp. from a “hold” rating to a “sell” rating in a research report on Friday, November 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. New Mountain Finance Corp. has a consensus rating of “Hold” and an average target price 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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