Bank of Montreal Can bought a new position in shares of PNM Resources Inc. (NYSE:PNM) during the second quarter, Holdings Channel reports. The fund bought 169,692 shares of the company’s stock, valued at approximately $6,014,000.
A number of other hedge funds have also bought and sold shares of the stock. Aperio Group LLC raised its position in PNM Resources by 19.8% in the first quarter. Aperio Group LLC now owns 33,771 shares of the company’s stock worth $1,139,000 after buying an additional 5,593 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its position in PNM Resources by 16.4% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 28,023 shares of the company’s stock worth $945,000 after buying an additional 3,940 shares during the period. Teachers Advisors Inc. raised its position in PNM Resources by 4.9% in the first quarter. Teachers Advisors Inc. now owns 121,148 shares of the company’s stock worth $4,085,000 after buying an additional 5,615 shares during the period. BlackRock Inc. raised its position in PNM Resources by 53.0% in the first quarter. BlackRock Inc. now owns 52,688 shares of the company’s stock worth $1,777,000 after buying an additional 18,254 shares during the period. Finally, BlackRock Group LTD raised its position in PNM Resources by 95.9% in the first quarter. BlackRock Group LTD now owns 102,365 shares of the company’s stock worth $3,452,000 after buying an additional 50,099 shares during the period. 92.60% of the stock is currently owned by institutional investors and hedge funds.
Shares of PNM Resources Inc. (NYSE:PNM) traded up 1.80% during trading on Monday, reaching $31.72. 630,192 shares of the company traded hands. The company has a 50 day moving average price of $32.59 and a 200 day moving average price of $33.12. PNM Resources Inc. has a 12-month low of $26.56 and a 12-month high of $36.15. The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of 348.57 and a beta of 0.38.
PNM Resources (NYSE:PNM) last released its quarterly earnings results on Monday, August 8th. The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. PNM Resources had a net margin of 0.54% and a return on equity of 7.00%. The business had revenue of $315.39 million for the quarter, compared to analyst estimates of $379 million. During the same period last year, the firm earned $0.44 earnings per share. PNM Resources’s revenue for the quarter was down 10.6% compared to the same quarter last year. On average, equities analysts predict that PNM Resources Inc. will post $1.58 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 14th. Shareholders of record on Monday, October 31st will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.77%. The ex-dividend date is Thursday, October 27th. PNM Resources’s dividend payout ratio is currently 1,100.00%.
A number of equities analysts have commented on PNM shares. Zacks Investment Research lowered shares of PNM Resources from a “hold” rating to a “sell” rating in a research report on Saturday, June 18th. Jefferies Group restated a “hold” rating on shares of PNM Resources in a research report on Monday, July 18th. SunTrust Banks Inc. reduced their price target on shares of PNM Resources from $35.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, August 29th. TheStreet lowered shares of PNM Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 26th. Finally, Argus reduced their price target on shares of PNM Resources from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, September 22nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. PNM Resources currently has an average rating of “Buy” and a consensus target price of $36.21.
About PNM Resources
PNM Resources, Inc (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are Public Service Company of New Mexico and Subsidiaries (PNM) and Texas-New Mexico Power Company and Subsidiaries (TNMP).
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