Bailard Inc. cut its position in shares of PNM Resources Inc (NYSE:PNM) by 34.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,175 shares of the utilities provider’s stock after selling 12,025 shares during the quarter. Bailard Inc.’s holdings in PNM Resources were worth $902,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in PNM. Hartford Investment Management Co. bought a new position in shares of PNM Resources during the 2nd quarter valued at about $207,000. Zeke Capital Advisors LLC increased its position in shares of PNM Resources by 55.2% during the 1st quarter. Zeke Capital Advisors LLC now owns 7,698 shares of the utilities provider’s stock valued at $294,000 after purchasing an additional 2,739 shares during the last quarter. Dalton Greiner Hartman Maher & Co. bought a new position in shares of PNM Resources during the 2nd quarter valued at about $323,000. Ramsey Quantitative Systems bought a new position in shares of PNM Resources during the 2nd quarter valued at about $338,000. Finally, FormulaFolio Investments LLC bought a new position in shares of PNM Resources during the 1st quarter valued at about $407,000. Hedge funds and other institutional investors own 90.47% of the company’s stock.
Several brokerages have recently commented on PNM. ValuEngine upgraded PNM Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, April 24th. Zacks Investment Research upgraded PNM Resources from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research report on Thursday, August 2nd. Finally, Barclays began coverage on PNM Resources in a research report on Tuesday, July 10th. They set an “underweight” rating and a $37.00 price objective on the stock. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. PNM Resources presently has a consensus rating of “Hold” and an average target price of $38.68.
Shares of PNM stock opened at $40.65 on Friday. The stock has a market cap of $3.17 billion, a P/E ratio of 20.95, a P/E/G ratio of 4.43 and a beta of 0.23. PNM Resources Inc has a 1-year low of $33.75 and a 1-year high of $46.00. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.34 and a quick ratio of 0.27.
PNM Resources (NYSE:PNM) last issued its earnings results on Tuesday, July 31st. The utilities provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.10. The company had revenue of $352.30 million during the quarter, compared to analysts’ expectations of $362.10 million. PNM Resources had a return on equity of 8.58% and a net margin of 5.12%. PNM Resources’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.49 EPS. equities research analysts expect that PNM Resources Inc will post 1.94 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 17th. Investors of record on Monday, August 6th were issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend was Friday, August 3rd. PNM Resources’s dividend payout ratio is presently 54.64%.
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.
Recommended Story: Investing in Growth Stocks
Receive News & Ratings for PNM Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNM Resources and related companies with MarketBeat.com's FREE daily email newsletter.