Nuveen Asset Management LLC reduced its stake in shares of PNM Resources Inc (NYSE:PNM) by 82.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,523 shares of the utilities provider’s stock after selling 29,964 shares during the quarter. Nuveen Asset Management LLC’s holdings in PNM Resources were worth $268,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in PNM. Dubuque Bank & Trust Co. bought a new position in PNM Resources in the fourth quarter valued at about $56,000. IFP Advisors Inc boosted its holdings in PNM Resources by 32.9% in the fourth quarter. IFP Advisors Inc now owns 1,720 shares of the utilities provider’s stock valued at $70,000 after acquiring an additional 426 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in PNM Resources by 38.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,925 shares of the utilities provider’s stock valued at $162,000 after acquiring an additional 1,100 shares during the last quarter. Hartford Investment Management Co. bought a new position in PNM Resources during the fourth quarter worth about $205,000. Finally, Cambridge Investment Research Advisors Inc. bought a new position in PNM Resources during the fourth quarter worth about $214,000. Institutional investors own 90.03% of the company’s stock.
PNM has been the topic of a number of recent analyst reports. Zacks Investment Research cut PNM Resources from a “buy” rating to a “hold” rating in a report on Tuesday, January 22nd. Wells Fargo & Co set a $45.00 target price on PNM Resources and gave the stock a “hold” rating in a report on Thursday, February 28th. Bank of America restated an “underperform” rating and set a $43.00 target price (up previously from $40.00) on shares of PNM Resources in a report on Thursday, February 28th. Williams Capital reiterated a “sell” rating on shares of PNM Resources in a report on Monday, March 18th. Finally, Mizuho upgraded PNM Resources from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $42.50 to $43.50 in a report on Friday, March 8th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. PNM Resources currently has a consensus rating of “Hold” and a consensus price target of $43.90.
Shares of NYSE:PNM traded up $0.33 during trading on Wednesday, hitting $45.14. 238,900 shares of the company’s stock traded hands, compared to its average volume of 412,038. PNM Resources Inc has a 52 week low of $34.95 and a 52 week high of $47.92. The stock has a market capitalization of $3.56 billion, a PE ratio of 22.57, a price-to-earnings-growth ratio of 4.35 and a beta of 0.29. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.59 and a quick ratio of 0.45.
PNM Resources (NYSE:PNM) last announced its earnings results on Wednesday, February 27th. The utilities provider reported $0.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 analyst estimates of $419.86 million. During the same quarter last year, the firm earned $0.24 EPS. On average, research analysts expect that PNM Resources Inc will post 2.15 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date is Wednesday, May 1st. PNM Resources’s dividend payout ratio is presently 58.00%.
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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