PNM Resources Inc (PNM) Holdings Lifted by Millennium Management LLC

Millennium Management LLC lifted its stake in PNM Resources Inc (NYSE:PNM) by 212.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 947,749 shares of the utilities provider’s stock after acquiring an additional 644,357 shares during the quarter. Millennium Management LLC owned 1.19% of PNM Resources worth $38,943,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Legal & General Group Plc increased its holdings in PNM Resources by 5.5% during the 4th quarter. Legal & General Group Plc now owns 436,097 shares of the utilities provider’s stock valued at $17,919,000 after acquiring an additional 22,746 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of PNM Resources by 1.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 521,315 shares of the utilities provider’s stock worth $21,421,000 after acquiring an additional 5,785 shares during the last quarter. Segall Bryant & Hamill LLC lifted its position in PNM Resources by 22.6% during the fourth quarter. Segall Bryant & Hamill LLC now owns 248,545 shares of the utilities provider’s stock valued at $10,213,000 after buying an additional 45,770 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new position in PNM Resources during the fourth quarter valued at approximately $786,000. Finally, Metropolitan Life Insurance Co. NY lifted its position in PNM Resources by 74.0% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 45,818 shares of the utilities provider’s stock valued at $1,883,000 after buying an additional 19,480 shares in the last quarter. Hedge funds and other institutional investors own 90.03% of the company’s stock.

A number of research analysts have weighed in on PNM shares. Zacks Investment Research raised shares of PNM Resources from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research report on Saturday, January 12th. Mizuho lowered shares of PNM Resources from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $39.50 to $38.50 in a research note on Monday, January 14th. Bank of America reiterated an “underperform” rating and set a $43.00 price objective (up previously from $40.00) on shares of PNM Resources in a research note on Thursday, February 28th. Finally, Williams Capital restated a “sell” rating on shares of PNM Resources in a research note on Monday, March 18th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. PNM Resources has an average rating of “Hold” and an average target price of $43.90.

In other news, CFO Charles N. Eldred sold 5,061 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $44.23, for a total value of $223,848.03. Following the transaction, the chief financial officer now owns 108,289 shares in the company, valued at approximately $4,789,622.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Charles N. Eldred sold 14,000 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were 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 approximately $4,834,020.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,953 shares of company stock worth $1,110,564. Corporate insiders own 1.25% of the company’s stock.

PNM stock traded down $0.30 during trading on Friday, hitting $44.65. The company had a trading volume of 338,875 shares, compared to its average volume of 377,891. PNM Resources Inc has a fifty-two week low of $34.95 and a fifty-two week high of $47.92. The company has a quick ratio of 0.45, a current ratio of 0.59 and a debt-to-equity ratio of 1.52. The company has a market capitalization of $3.56 billion, a P/E ratio of 22.33, a PEG ratio of 4.35 and a beta of 0.29.

PNM Resources (NYSE:PNM) last issued its quarterly earnings results on Wednesday, February 27th. The utilities provider reported $0.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.01. PNM Resources had a net margin of 5.98% and a return on equity of 9.00%. The company had revenue of $343.76 million during the quarter, compared to the consensus estimate of $419.86 million. During the same period in the prior year, the company earned $0.24 EPS. Equities analysts anticipate that PNM Resources Inc will post 2.15 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, May 1st. This represents a $1.16 annualized dividend and a yield of 2.60%. PNM Resources’s payout ratio is presently 58.00%.

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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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Institutional Ownership by Quarter for PNM Resources (NYSE:PNM)

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