First Hawaiian Bank Cuts Stake in PNM Resources Inc (PNM)

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First Hawaiian Bank lowered its stake in shares of PNM Resources Inc (NYSE:PNM) by 47.3% in the first quarter, HoldingsChannel reports. The firm owned 640 shares of the utilities provider’s stock after selling 575 shares during the period. First Hawaiian Bank’s holdings in PNM Resources were worth $30,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of PNM Resources by 1.9% during the fourth quarter. BlackRock Inc. now owns 9,639,611 shares of the utilities provider’s stock worth $396,091,000 after purchasing an additional 178,580 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of PNM Resources by 1.1% during the third quarter. Vanguard Group Inc. now owns 8,930,685 shares of the utilities provider’s stock worth $352,315,000 after purchasing an additional 97,356 shares in the last quarter. Vanguard Group Inc increased its stake in shares of PNM Resources by 1.1% during the third quarter. Vanguard Group Inc now owns 8,930,685 shares of the utilities provider’s stock worth $352,315,000 after purchasing an additional 97,356 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in PNM Resources by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,753,107 shares of the utilities provider’s stock worth $72,035,000 after acquiring an additional 33,289 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in PNM Resources by 4,009.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,297,417 shares of the utilities provider’s stock worth $32,000 after acquiring an additional 1,265,842 shares during the last quarter. 90.04% of the stock is owned by institutional investors and hedge funds.

PNM opened at $45.73 on Tuesday. The stock has a market cap of $3.66 billion, a P/E ratio of 22.87, a price-to-earnings-growth ratio of 4.49 and a beta of 0.29. PNM Resources Inc has a twelve month low of $34.95 and a twelve month high of $47.92. The company has a current ratio of 0.59, a quick ratio of 0.45 and a debt-to-equity ratio of 1.52.

PNM Resources (NYSE:PNM) last posted its quarterly earnings results on Wednesday, February 27th. The utilities provider reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. The firm had revenue of $343.76 million for the quarter, compared to analyst estimates of $419.86 million. PNM Resources had a net margin of 5.98% and a return on equity of 9.00%. During the same period in the previous year, the business posted $0.24 earnings per share. Equities analysts predict that PNM Resources Inc will post 2.15 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, May 1st. This represents a $1.16 dividend on an annualized basis and a yield of 2.54%. PNM Resources’s payout ratio is presently 58.00%.

PNM has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of PNM Resources from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research report on Saturday, January 12th. Mizuho lowered shares of PNM Resources from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $39.50 to $38.50 in a research report on Monday, January 14th. Bank of America restated an “underperform” rating and set a $43.00 price target (up from $40.00) on shares of PNM Resources in a research report on Thursday, February 28th. Finally, Wells Fargo & Co set a $45.00 price target on shares of PNM Resources and gave the stock a “hold” rating in a research report on Thursday, February 28th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $43.90.

In other PNM Resources news, VP Joseph Don Tarry sold 1,092 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $44.89, for a total value of $49,019.88. Following the transaction, the vice president now directly owns 11,882 shares in the company, valued at approximately $533,382.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Charles N. Eldred sold 14,000 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $44.64, for a total transaction of $624,960.00. Following the completion of the transaction, the chief financial officer now owns 108,289 shares in the company, valued at $4,834,020.96. The disclosure for this sale can be found here. Insiders have sold 24,953 shares of company stock worth $1,110,564 over the last 90 days. 1.25% of the stock is currently owned by company insiders.

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

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