New York State Teachers Retirement System decreased its holdings in shares of PNM Resources Inc (NYSE:PNM) by 9.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 174,200 shares of the utilities provider’s stock after selling 18,900 shares during the period. New York State Teachers Retirement System owned approximately 0.22% of PNM Resources worth $8,869,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in PNM. Osborn Williams & Donohoe LLC acquired a new position in PNM Resources during the first quarter worth $69,000. Quadrant Capital Group LLC raised its holdings in PNM Resources by 1,004.6% during the first quarter. Quadrant Capital Group LLC now owns 2,176 shares of the utilities provider’s stock worth $100,000 after buying an additional 1,979 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in PNM Resources during the first quarter worth $123,000. Intrust Bank NA acquired a new position in PNM Resources during the first quarter worth $213,000. Finally, Piedmont Investment Advisors Inc. acquired a new position in PNM Resources during the first quarter worth $215,000. Hedge funds and other institutional investors own 89.29% of the company’s stock.
Shares of PNM stock opened at $50.31 on Friday. The firm has a 50-day moving average of $50.20 and a 200-day moving average of $47.41. The company has a market cap of $4.01 billion, a P/E ratio of 25.16, a P/E/G ratio of 4.42 and a beta of 0.24. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.45 and a quick ratio of 0.34. PNM Resources Inc has a one year low of $37.67 and a one year high of $52.10.
PNM Resources (NYSE:PNM) last announced its earnings results on Friday, August 2nd. The utilities provider reported $0.37 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.37. PNM Resources had a negative net margin of 1.69% and a positive return on equity of 8.08%. The company had revenue of $330.23 million during the quarter. As a group, research analysts expect that PNM Resources Inc will post 2.08 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Tuesday, August 6th will be issued a dividend of $0.29 per share. The ex-dividend date is Monday, August 5th. This represents a $1.16 dividend on an annualized basis and a yield of 2.31%. PNM Resources’s dividend payout ratio (DPR) is presently 58.00%.
Several research analysts have weighed in on the stock. Barclays restated a “sell” rating and set a $49.00 price objective on shares of PNM Resources in a report on Wednesday, June 19th. Wells Fargo & Co set a $52.00 price objective on shares of PNM Resources and gave the stock a “hold” rating in a report on Monday, July 15th. Bank of America upgraded shares of PNM Resources from an “underperform” rating to a “neutral” rating and set a $48.00 target price for the company in a report on Thursday, April 25th. Zacks Investment Research downgraded shares of PNM Resources from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Finally, Mizuho increased their target price on shares of PNM Resources from $52.50 to $54.00 and gave the company a “buy” rating in a report on Monday, July 15th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $50.19.
PNM Resources 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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