PNM Resources, Inc. (NYSE:PNM) Shares Purchased by Covestor Ltd

Covestor Ltd increased its stake in shares of PNM Resources, Inc. (NYSE:PNM) by 712.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,876 shares of the utilities provider’s stock after purchasing an additional 1,645 shares during the quarter. Covestor Ltd’s holdings in PNM Resources were worth $71,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PNM. Reaves W H & Co. Inc. grew its stake in PNM Resources by 6,084.6% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,740,227 shares of the utilities provider’s stock worth $65,503,000 after purchasing an additional 1,712,089 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in PNM Resources during the 1st quarter worth about $35,136,000. River Road Asset Management LLC lifted its holdings in PNM Resources by 107.9% during the 4th quarter. River Road Asset Management LLC now owns 1,154,420 shares of the utilities provider’s stock worth $48,024,000 after buying an additional 599,211 shares during the last quarter. Raymond James & Associates lifted its holdings in PNM Resources by 814.2% during the 1st quarter. Raymond James & Associates now owns 654,511 shares of the utilities provider’s stock worth $24,636,000 after buying an additional 582,919 shares during the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in PNM Resources during the 4th quarter worth about $17,740,000. 91.68% of the stock is owned by institutional investors and hedge funds.

PNM Resources Stock Up 1.4 %

PNM Resources stock opened at $40.70 on Thursday. PNM Resources, Inc. has a fifty-two week low of $34.63 and a fifty-two week high of $45.54. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.27 and a current ratio of 0.37. The company has a market capitalization of $3.67 billion, a P/E ratio of 44.73 and a beta of 0.35. The stock has a 50-day simple moving average of $37.58 and a 200-day simple moving average of $37.27.

PNM Resources (NYSE:PNM) last posted its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $0.41 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.27). The company had revenue of $436.90 million for the quarter, compared to analysts’ expectations of $531.00 million. PNM Resources had a net margin of 4.38% and a return on equity of 9.91%. The firm’s revenue was down 19.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.55 earnings per share. Equities research analysts expect that PNM Resources, Inc. will post 2.7 earnings per share for the current year.

PNM Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, July 26th will be paid a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 3.81%. The ex-dividend date is Friday, July 26th. PNM Resources’s dividend payout ratio is presently 170.33%.

Analysts Set New Price Targets

PNM has been the subject of a number of recent analyst reports. Barclays lifted their price target on PNM Resources from $43.00 to $45.00 and gave the stock an “overweight” rating in a report on Monday. Evercore ISI assumed coverage on PNM Resources in a report on Thursday, May 30th. They set an “in-line” rating and a $38.00 price target for the company. Finally, StockNews.com downgraded PNM Resources from a “hold” rating to a “sell” rating in a report on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $43.80.

PNM Resources Company Profile

PNM Resources, Inc, through its subsidiaries, provides electricity and electric services 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 engages in the generation, transmission, and distribution of electricity.