Magellan Asset Management Ltd boosted its stake in PNM Resources Inc (NYSE:PNM) by 5.7% during the 4th quarter, Holdings Channel reports. The fund owned 53,773 shares of the utilities provider’s stock after acquiring an additional 2,904 shares during the period. Magellan Asset Management Ltd’s holdings in PNM Resources were worth $2,175,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of PNM Resources by 41.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,807 shares of the utilities provider’s stock worth $194,000 after buying an additional 1,399 shares in the last quarter. Parametrica Management Ltd bought a new position in shares of PNM Resources during the 4th quarter worth approximately $200,000. Zeke Capital Advisors LLC bought a new position in shares of PNM Resources during the 4th quarter worth approximately $201,000. Sciencast Management LP bought a new position in shares of PNM Resources during the 4th quarter worth approximately $209,000. Finally, Vident Investment Advisory LLC bought a new position in shares of PNM Resources during the 4th quarter worth approximately $215,000. Institutional investors and hedge funds own 91.79% of the company’s stock.
In other news, SVP Ronald N. Darnell sold 3,162 shares of the firm’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $35.95, for a total transaction of $113,673.90. Following the completion of the sale, the senior vice president now directly owns 29,726 shares of the company’s stock, valued at approximately $1,068,649.70. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Charles N. Eldred sold 1,500 shares of the firm’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $35.55, for a total value of $53,325.00. Following the sale, the chief financial officer now directly owns 115,888 shares of the company’s stock, valued at $4,119,818.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,616 shares of company stock valued at $272,457. Insiders own 1.26% of the company’s stock.
PNM has been the topic of a number of research analyst reports. Zacks Investment Research cut PNM Resources from a “buy” rating to a “hold” rating in a report on Tuesday, December 26th. SunTrust Banks restated a “hold” rating and set a $39.00 price target on shares of PNM Resources in a report on Tuesday, December 26th. Mizuho upgraded PNM Resources from an “underperform” rating to a “neutral” rating and set a $37.00 target price on the stock in a report on Tuesday, January 23rd. Wells Fargo set a $38.00 target price on PNM Resources and gave the stock a “hold” rating in a report on Wednesday, February 28th. Finally, UBS started coverage on PNM Resources in a report on Friday, February 2nd. They issued a “sell” rating and a $36.00 target price on the stock. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $38.66.
PNM Resources stock opened at $37.00 on Monday. PNM Resources Inc has a twelve month low of $33.75 and a twelve month high of $46.00. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.35 and a quick ratio of 0.27. The stock has a market capitalization of $2,947.18, a price-to-earnings ratio of 37.00, a P/E/G ratio of 3.45 and a beta of 0.34.
PNM Resources (NYSE:PNM) last released its quarterly earnings results on Tuesday, February 27th. The utilities provider reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The business had revenue of $332.61 million during the quarter, compared to analyst estimates of $330.25 million. PNM Resources had a return on equity of 8.71% and a net margin of 5.55%. During the same period in the prior year, the firm posted $0.34 EPS. analysts predict that PNM Resources Inc will post 1.86 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 16th. Investors of record on Wednesday, May 2nd will be given a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date is Tuesday, May 1st. PNM Resources’s payout ratio is currently 106.00%.
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PNM Resources Company Profile
PNM Resources, Inc, through its subsidiaries, engages in the energy and energy-related businesses in the United States. It operates through Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP) segments. The PNM segment is primarily involved in the generation, transmission, and distribution of electricity.
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