United Services Automobile Association grew its position in shares of PNM Resources Inc (NYSE:PNM) by 258.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 71,995 shares of the utilities provider’s stock after purchasing an additional 51,882 shares during the quarter. United Services Automobile Association owned approximately 0.09% of PNM Resources worth $2,958,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Hsbc Holdings PLC grew its holdings in PNM Resources by 186.2% during the fourth quarter. Hsbc Holdings PLC now owns 90,744 shares of the utilities provider’s stock worth $3,729,000 after buying an additional 59,042 shares in the last quarter. Teachers Advisors LLC grew its holdings in PNM Resources by 0.5% during the third quarter. Teachers Advisors LLC now owns 504,589 shares of the utilities provider’s stock worth $19,906,000 after buying an additional 2,513 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in PNM Resources by 7.3% during the third quarter. Advisors Asset Management Inc. now owns 26,401 shares of the utilities provider’s stock worth $1,042,000 after buying an additional 1,801 shares in the last quarter. Jane Street Group LLC bought a new stake in PNM Resources during the third quarter worth $251,000. Finally, GSA Capital Partners LLP grew its holdings in PNM Resources by 152.3% during the third quarter. GSA Capital Partners LLP now owns 99,291 shares of the utilities provider’s stock worth $3,917,000 after buying an additional 59,935 shares in the last quarter. 90.04% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE PNM traded down $0.24 during trading on Monday, reaching $45.73. 213,882 shares of the stock traded hands, compared to its average volume of 421,213. PNM Resources Inc has a 52-week low of $34.95 and a 52-week high of $47.92. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.59 and a quick ratio of 0.45. The stock has a market capitalization of $3.66 billion, a PE ratio of 22.87, a P/E/G ratio of 4.49 and a beta of 0.29.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be paid a dividend of $0.29 per share. The ex-dividend date is Wednesday, May 1st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.54%. PNM Resources’s payout ratio is 58.00%.
Several research firms have weighed in on PNM. Williams Capital reissued a “sell” rating on shares of PNM Resources in a research report on Monday, March 18th. Mizuho raised PNM Resources from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $42.50 to $43.50 in a research report on Friday, March 8th. Zacks Investment Research raised PNM Resources from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research report on Saturday, March 2nd. Wells Fargo & Co set a $45.00 price objective on PNM Resources and gave the stock a “hold” rating in a research report on Thursday, February 28th. Finally, Bank of America reissued an “underperform” rating and issued a $43.00 price objective (up previously from $40.00) on shares of PNM Resources in a research report on Thursday, February 28th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. PNM Resources has a consensus rating of “Hold” and an average target price of $43.90.
In other PNM Resources news, SVP Patrick V. Apodaca sold 4,800 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $44.32, for a total value of $212,736.00. Following the transaction, the senior vice president now directly owns 63,258 shares in the company, valued at approximately $2,803,594.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Charles N. Eldred sold 14,000 shares of the company’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $44.64, for a total value of $624,960.00. Following the completion of the transaction, the chief financial officer now owns 108,289 shares in the company, valued at $4,834,020.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,953 shares of company stock worth $1,110,564. 1.25% of the stock is currently owned by corporate insiders.
About PNM Resources
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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