Wells Fargo & Company Cuts New Mountain Finance (NASDAQ:NMFC) Price Target to $11.00

New Mountain Finance (NASDAQ:NMFC) had its price objective trimmed by Wells Fargo & Company from $12.00 to $11.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

New Mountain Finance Stock Up 0.9 %

New Mountain Finance stock opened at $11.43 on Tuesday. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 10.89 and a beta of 1.14. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 1.40. New Mountain Finance has a 12 month low of $11.13 and a 12 month high of $13.23. The stock has a fifty day simple moving average of $11.90 and a two-hundred day simple moving average of $12.24.

New Mountain Finance (NASDAQ:NMFC) last posted its earnings results on Wednesday, October 30th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.01). New Mountain Finance had a net margin of 30.28% and a return on equity of 11.26%. The company had revenue of $95.33 million for the quarter, compared to the consensus estimate of $94.10 million. During the same quarter in the prior year, the company posted $0.40 EPS. New Mountain Finance’s revenue was up 1.0% on a year-over-year basis. Equities analysts predict that New Mountain Finance will post 1.41 EPS for the current fiscal year.

Hedge Funds Weigh In On New Mountain Finance

Several hedge funds and other institutional investors have recently modified their holdings of the company. Hillsdale Investment Management Inc. purchased a new stake in New Mountain Finance during the first quarter valued at $40,000. Quarry LP increased its position in shares of New Mountain Finance by 68.3% during the 2nd quarter. Quarry LP now owns 3,307 shares of the company’s stock valued at $40,000 after purchasing an additional 1,342 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of New Mountain Finance in the 1st quarter worth approximately $52,000. Clearstead Trust LLC purchased a new position in shares of New Mountain Finance in the second quarter worth approximately $98,000. Finally, Lazard Asset Management LLC bought a new stake in New Mountain Finance during the first quarter valued at approximately $126,000. 32.08% of the stock is owned by institutional investors.

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.