BlackRock Inc. raised its stake in PNM Resources Inc (NYSE:PNM) by 2.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,277,263 shares of the utilities provider’s stock after purchasing an additional 261,154 shares during the period. BlackRock Inc. owned approximately 11.65% of PNM Resources worth $360,886,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the business. Arizona State Retirement System boosted its holdings in PNM Resources by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 55,302 shares of the utilities provider’s stock valued at $2,151,000 after purchasing an additional 1,369 shares during the period. GAM Holding AG boosted its holdings in PNM Resources by 15.3% in the 2nd quarter. GAM Holding AG now owns 11,203 shares of the utilities provider’s stock valued at $436,000 after purchasing an additional 1,483 shares during the period. SG Americas Securities LLC boosted its holdings in PNM Resources by 9.6% in the 2nd quarter. SG Americas Securities LLC now owns 22,018 shares of the utilities provider’s stock valued at $856,000 after purchasing an additional 1,933 shares during the period. Segall Bryant & Hamill LLC boosted its holdings in PNM Resources by 1.9% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 114,441 shares of the utilities provider’s stock valued at $4,452,000 after purchasing an additional 2,121 shares during the period. Finally, Mutual of America Capital Management LLC boosted its holdings in PNM Resources by 1.3% in the 2nd quarter. Mutual of America Capital Management LLC now owns 191,544 shares of the utilities provider’s stock valued at $7,451,000 after purchasing an additional 2,367 shares during the period. 91.78% of the stock is owned by hedge funds and other institutional investors.
PNM has been the subject of a number of research reports. ValuEngine downgraded shares of PNM Resources from a “hold” rating to a “sell” rating in a report on Monday, June 11th. Barclays initiated coverage on shares of PNM Resources in a report on Tuesday, July 10th. They issued an “underweight” rating and a $37.00 price target for the company. Finally, Zacks Investment Research raised shares of PNM Resources from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a report on Thursday, August 2nd. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. PNM Resources presently has a consensus rating of “Hold” and a consensus price target of $38.25.
Shares of PNM stock opened at $39.75 on Friday. PNM Resources Inc has a 52-week low of $33.75 and a 52-week high of $46.00. The firm has a market capitalization of $3.15 billion, a PE ratio of 20.44, a price-to-earnings-growth ratio of 4.40 and a beta of 0.16. The company has a quick ratio of 0.27, a current ratio of 0.34 and a debt-to-equity ratio of 1.19.
PNM Resources (NYSE:PNM) last announced its quarterly earnings data on Tuesday, July 31st. The utilities provider reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.10. PNM Resources had a net margin of 5.12% and a return on equity of 8.58%. The company had revenue of $352.30 million during the quarter, compared to analysts’ expectations of $362.10 million. During the same quarter in the prior year, the company posted $0.49 EPS. The business’s revenue was down 2.8% on a year-over-year basis. equities research analysts forecast that PNM Resources Inc will post 1.94 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 17th. Stockholders of record on Monday, August 6th were paid a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date was Friday, August 3rd. PNM Resources’s dividend payout ratio is 54.64%.
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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