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Will Insiders Be Tempted To Buy More NMFC At The New 52-Week Low?

By Market News Video Staff, Wednesday, December 27, 4:06 PM ET
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In trading on Wednesday, shares of New Mountain Finance Corp (NYSE:NMFC) touched a new 52-week low of $13.55/share. That's a $1.45 share price drop, or -9.67% decline from the 52-week high of $15.00 set back on 04/27/2017. Large percentage drops always require that the stock post even larger percentage gains from the low in order to recover the old price point, and for NMFC that means the stock would have to gain 10.70% to get back to the 52-week high. For a move like that, New Mountain Finance Corp would need fundamental strength at the business level.

Here's a rhetorical question: Who knows more about fundamentals at the business level than the company's own insiders? So let's take a look to see whether any company insiders were taking the other side of the trade as NMFC shares were being sold down to this new 52-week low, focusing on the most recent trailing six month period. As summarized by the table below, NMFC has seen 6 different instances of insiders buying over the past six months.

Purchased Insider Title Shares Price/Share Value
11/17/2017 Shiraz Kajee CFO and Treasurer 2,000 $14.07 $28,150.00
11/21/2017 Karrie J. Jerry CCO and Corporate Secretary 350 $14.20 $4,970.00
11/30/2017 Kurt Wolfgruber Director 350 $14.18 $4,961.25
12/07/2017 James Stone Section 16 Officer 12,000 $14.19 $170,280.00
12/06/2017 John Kline President and COO 7,500 $14.14 $106,087.50
12/15/2017 Kurt Wolfgruber Director 3,000 $13.93 $41,790.00
11/15/2017 Robert Hamwee CEO and Director 20,000 $14.20 $283,949.51
12/12/2017 John Kline President and COO 7,500 $14.18 $106,383.54

In the short run, while the new 52-week low suggests the stock is at the cheapest price and perhaps therefore the best bargain it has been over the last 52 weeks, the low print also means anyone who has purchased the stock over that timeframe is staring at an unrealized loss. Oftentimes, that factor drives a stock's technical analysis metrics by creating overhead resistance, with investors who bought higher now anxious to reverse their trade once they are back to breakeven. The chart below shows where NMFC has traded over the past year, with the 50-day and 200-day moving averages included.

New Mountain Finance Corp Moving Averages Chart

Time will tell whether the insider purchases foretell a future rebound for NMFC shares, which are presently showing a last trade of $13.62/share, slightly above the new 52-week low.

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