Cambridge Trust Co. Sells 447 Shares of PNM Resources, Inc. (NYSE:PNM)

Cambridge Trust Co. trimmed its holdings in shares of PNM Resources, Inc. (NYSE:PNM) by 17.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,110 shares of the utilities provider’s stock after selling 447 shares during the quarter. Cambridge Trust Co.’s holdings in PNM Resources were worth $79,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PNM. Zimmer Partners LP increased its position in shares of PNM Resources by 1,332.6% during the 1st quarter. Zimmer Partners LP now owns 3,551,669 shares of the utilities provider’s stock valued at $133,685,000 after purchasing an additional 3,303,752 shares during the last quarter. Vista Investment Partners LLC purchased a new stake in PNM Resources during the first quarter worth about $1,289,000. Comerica Bank increased its holdings in PNM Resources by 9.9% during the first quarter. Comerica Bank now owns 66,098 shares of the utilities provider’s stock worth $2,488,000 after buying an additional 5,950 shares during the last quarter. Jane Street Group LLC raised its position in PNM Resources by 1,064.2% in the first quarter. Jane Street Group LLC now owns 540,655 shares of the utilities provider’s stock worth $20,350,000 after acquiring an additional 494,215 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in PNM Resources by 9.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 48,546 shares of the utilities provider’s stock valued at $1,828,000 after acquiring an additional 4,105 shares during the last quarter. 91.68% of the stock is currently owned by institutional investors.

PNM Resources Stock Performance

Shares of NYSE:PNM traded down $0.44 during trading on Friday, hitting $41.77. 512,372 shares of the company were exchanged, compared to its average volume of 720,509. PNM Resources, Inc. has a 52-week low of $34.63 and a 52-week high of $45.10. The stock has a 50 day moving average of $38.05 and a 200 day moving average of $37.44. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.37 and a quick ratio of 0.27. The company has a market cap of $3.77 billion, a PE ratio of 45.90 and a beta of 0.35.

PNM Resources (NYSE:PNM) last issued its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05. PNM Resources had a return on equity of 10.15% and a net margin of 4.50%. The business had revenue of $488.10 million for the quarter, compared to analysts’ expectations of $481.02 million. During the same quarter in the prior year, the firm posted $0.55 EPS. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. As a group, equities research analysts predict that PNM Resources, Inc. will post 2.72 EPS for the current year.

PNM Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 26th will be paid a dividend of $0.3875 per share. The ex-dividend date is Friday, July 26th. This represents a $1.55 annualized dividend and a yield of 3.71%. PNM Resources’s dividend payout ratio is currently 170.33%.

Wall Street Analysts Forecast Growth

PNM has been the subject of several research analyst reports. Barclays raised their price target on shares of PNM Resources from $43.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. StockNews.com raised PNM Resources from a “sell” rating to a “hold” rating in a research report on Friday. Wells Fargo & Company upped their price target on PNM Resources from $41.00 to $46.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Evercore ISI started coverage on PNM Resources in a research note on Thursday, May 30th. They set an “in-line” rating and a $38.00 price target for the company. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $44.20.

About PNM Resources

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.