Municipal Employees Retirement System of Michigan bought a new position in shares of PNM Resources Inc (NYSE:PNM) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 19,140 shares of the utilities provider’s stock, valued at approximately $786,000.
Other hedge funds have also made changes to their positions in the company. Oregon Public Employees Retirement Fund grew its stake in PNM Resources by 4,009.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,297,417 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 1,265,842 shares in the last quarter. Dubuque Bank & Trust Co. acquired a new stake in PNM Resources during the 4th quarter worth approximately $56,000. IFP Advisors Inc lifted its holdings in PNM Resources by 32.9% during the 4th quarter. IFP Advisors Inc now owns 1,720 shares of the utilities provider’s stock worth $70,000 after purchasing an additional 426 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in PNM Resources by 38.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,925 shares of the utilities provider’s stock worth $162,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Hartford Investment Management Co. acquired a new stake in PNM Resources during the 4th quarter worth approximately $205,000. Institutional investors own 90.03% of the company’s stock.
In other news, CFO Charles N. Eldred sold 14,000 shares of the company’s stock in a transaction that occurred on 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 directly owns 108,289 shares of the company’s stock, valued at $4,834,020.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Joseph Don Tarry sold 1,092 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $44.89, for a total value of $49,019.88. Following the transaction, the vice president now directly owns 11,882 shares of the company’s stock, valued at $533,382.98. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,953 shares of company stock valued at $1,110,564. Company insiders own 1.25% of the company’s stock.
PNM Resources (NYSE:PNM) last posted its quarterly earnings results on Wednesday, February 27th. The utilities provider reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. PNM Resources had a return on equity of 9.00% and a net margin of 5.98%. The business had revenue of $343.76 million for the quarter, compared to the consensus estimate of $419.86 million. During the same period in the prior year, the business earned $0.24 EPS. On average, sell-side analysts expect that PNM Resources Inc will post 2.15 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 2.60%. The ex-dividend date is Wednesday, May 1st. PNM Resources’s dividend payout ratio (DPR) is presently 58.00%.
Several brokerages have weighed in on PNM. Williams Capital reaffirmed a “sell” rating on shares of PNM Resources in a report on Monday, March 18th. Mizuho raised PNM Resources from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $42.50 to $43.50 in a 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 target for the company in a 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 restated an “underperform” rating and set a $43.00 price objective (up previously from $40.00) on shares of PNM Resources in a research report on Thursday, February 28th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $43.90.
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PNM Resources Company 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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