Dean Investment Associates LLC bought a new stake in shares of PNM Resources Inc (NYSE:PNM) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 155,120 shares of the utilities provider’s stock, valued at approximately $6,275,000. PNM Resources accounts for about 1.0% of Dean Investment Associates LLC’s investment portfolio, making the stock its 18th biggest holding. Dean Investment Associates LLC owned approximately 0.19% of PNM Resources at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio lifted its stake in PNM Resources by 181.0% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 20,951 shares of the utilities provider’s stock valued at $801,000 after acquiring an additional 13,495 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in PNM Resources during the second quarter valued at approximately $956,000. Van ECK Associates Corp bought a new position in PNM Resources during the third quarter valued at approximately $374,000. 361 Capital LLC bought a new position in PNM Resources during the third quarter valued at approximately $2,034,000. Finally, Adams Diversified Equity Fund Inc. bought a new position in PNM Resources during the third quarter valued at approximately $999,000. 92.35% of the stock is owned by institutional investors and hedge funds.
Shares of PNM Resources Inc (NYSE PNM) traded down $0.05 during mid-day trading on Wednesday, hitting $34.90. The company had a trading volume of 125,914 shares, compared to its average volume of 870,863. PNM Resources Inc has a 52-week low of $33.75 and a 52-week high of $46.00. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.53 and a quick ratio of 0.43. The company has a market cap of $2,803.81, a price-to-earnings ratio of 17.25, a P/E/G ratio of 3.51 and a beta of 0.26.
The firm also recently declared a quarterly dividend, which was paid on Thursday, February 1st. Investors of record on Thursday, January 18th were paid a dividend of $0.265 per share. This is a positive change from PNM Resources’s previous quarterly dividend of $0.24. This represents a $1.06 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend was Wednesday, January 17th. PNM Resources’s dividend payout ratio (DPR) is currently 53.27%.
PNM has been the subject of several analyst reports. Zacks Investment Research lowered PNM Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. SunTrust Banks set a $35.00 price objective on PNM Resources and gave the company a “hold” rating in a research note on Monday, February 5th. Mizuho reaffirmed a “sell” rating and issued a $30.50 price objective on shares of PNM Resources in a research note on Thursday, January 11th. UBS Group initiated coverage on PNM Resources in a research note on Friday, February 2nd. They issued a “sell” rating and a $36.00 price objective for the company. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $40.00 price objective on shares of PNM Resources in a research note on Thursday, February 1st. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. PNM Resources presently has an average rating of “Hold” and a consensus target price of $39.38.
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PNM Resources Company Profile
PNM Resources, Inc (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other.
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