James Investment Research Inc. trimmed its holdings in PNM Resources Inc (NYSE:PNM) by 13.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,899 shares of the utilities provider’s stock after selling 10,349 shares during the quarter. James Investment Research Inc. owned 0.09% of PNM Resources worth $3,443,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. Invesco Ltd. increased its holdings in shares of PNM Resources by 6.7% in the second quarter. Invesco Ltd. now owns 984,765 shares of the utilities provider’s stock valued at $50,135,000 after buying an additional 62,070 shares in the last quarter. Zimmer Partners LP bought a new stake in shares of PNM Resources during the 3rd quarter worth $23,436,000. Nuveen Asset Management LLC grew its holdings in shares of PNM Resources by 5,554.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 358,152 shares of the utilities provider’s stock worth $18,233,000 after acquiring an additional 351,818 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of PNM Resources by 2.9% in the 3rd quarter. Rhumbline Advisers now owns 272,367 shares of the utilities provider’s stock worth $14,185,000 after acquiring an additional 7,775 shares during the last quarter. Finally, Millennium Management LLC raised its position in shares of PNM Resources by 475.8% during the third quarter. Millennium Management LLC now owns 259,806 shares of the utilities provider’s stock worth $13,530,000 after purchasing an additional 214,687 shares during the period. Institutional investors own 90.30% of the company’s stock.
A number of research firms recently weighed in on PNM. Bank of America upgraded PNM Resources from a “neutral” rating to a “buy” rating and set a $56.00 price target for the company in a research report on Monday, September 30th. Mizuho boosted their price objective on PNM Resources from $54.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, January 13th. ValuEngine raised shares of PNM Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, December 3rd. Wells Fargo & Co raised their target price on shares of PNM Resources from $53.00 to $54.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. Finally, Barclays upgraded shares of PNM Resources from an “underweight” rating to an “equal weight” rating and decreased their target price for the stock from $52.00 to $51.00 in a report on Thursday, November 21st. One analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $53.14.
PNM Resources (NYSE:PNM) last issued its quarterly earnings results on Friday, November 1st. The utilities provider reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.04. The business had revenue of $433.59 million for the quarter, compared to the consensus estimate of $562.33 million. PNM Resources had a positive return on equity of 9.18% and a negative net margin of 0.64%. During the same quarter in the previous year, the company posted $1.08 earnings per share. On average, analysts expect that PNM Resources Inc will post 2.15 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Monday, February 3rd will be given a dividend of $0.3075 per share. The ex-dividend date is Friday, January 31st. This is a positive change from PNM Resources’s previous quarterly dividend of $0.29. This represents a $1.23 dividend on an annualized basis and a yield of 2.30%. PNM Resources’s dividend payout ratio (DPR) 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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