Allianz Asset Management GmbH Grows Position in PNM Resources Inc (PNM)

Allianz Asset Management GmbH lifted its stake in PNM Resources Inc (NYSE:PNM) by 33.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 30,582 shares of the utilities provider’s stock after acquiring an additional 7,667 shares during the period. Allianz Asset Management GmbH’s holdings in PNM Resources were worth $1,237,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNM. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of PNM Resources by 41.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,807 shares of the utilities provider’s stock valued at $194,000 after buying an additional 1,399 shares during the period. Parametrica Management Ltd bought a new position in PNM Resources during the fourth quarter worth about $200,000. Signition LP bought a new position in PNM Resources during the fourth quarter worth about $223,000. Acadian Asset Management LLC bought a new position in PNM Resources during the fourth quarter worth about $229,000. Finally, First Washington CORP bought a new position in PNM Resources during the fourth quarter worth about $231,000. Institutional investors and hedge funds own 91.79% of the company’s stock.

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A number of brokerages have commented on PNM. Mizuho restated a “sell” rating and set a $30.50 price target on shares of PNM Resources in a research note on Thursday, January 11th. UBS assumed coverage on shares of PNM Resources in a research note on Friday, February 2nd. They set a “sell” rating and a $36.00 price target for the company. Royal Bank of Canada reiterated a “hold” rating and issued a $40.00 target price on shares of PNM Resources in a research note on Thursday, February 1st. Zacks Investment Research upgraded shares of PNM Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, February 13th. Finally, SunTrust Banks set a $34.00 target price on shares of PNM Resources and gave the company a “hold” rating in a research note on Monday, February 12th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. PNM Resources has a consensus rating of “Hold” and an average target price of $38.66.

In other PNM Resources news, CFO Charles N. Eldred sold 1,500 shares of PNM Resources stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $35.55, for a total transaction of $53,325.00. Following the completion of the sale, the chief financial officer now owns 115,888 shares of the company’s stock, valued at approximately $4,119,818.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Ronald N. Darnell sold 3,162 shares of PNM Resources stock in a transaction on Monday, March 5th. The stock was sold at an average price of $35.95, for a total transaction of $113,673.90. Following the sale, the senior vice president now directly owns 29,726 shares of the company’s stock, valued at approximately $1,068,649.70. The disclosure for this sale can be found here. In the last three months, insiders sold 7,616 shares of company stock valued at $272,457. 1.26% of the stock is currently owned by company insiders.

PNM Resources Inc (NYSE:PNM) opened at $36.45 on Monday. PNM Resources Inc has a one year low of $33.75 and a one year high of $46.00. The company has a quick ratio of 0.27, a current ratio of 0.35 and a debt-to-equity ratio of 1.24. The stock has a market cap of $2,903.39, a P/E ratio of 36.45, a PEG ratio of 3.40 and a beta of 0.34.

PNM Resources (NYSE:PNM) last issued its quarterly earnings results on Tuesday, February 27th. The utilities provider reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The business had revenue of $332.61 million during the quarter, compared to analyst estimates of $330.25 million. PNM Resources had a net margin of 5.55% and a return on equity of 8.71%. During the same quarter last year, the business posted $0.34 earnings per share. sell-side analysts forecast that PNM Resources Inc will post 1.86 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 16th. Investors of record on Wednesday, May 2nd will be issued a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Tuesday, May 1st. PNM Resources’s dividend payout ratio is currently 106.00%.

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

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