Panagora Asset Management Inc. increased its holdings in shares of PNM Resources Inc (NYSE:PNM) by 8.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 619,290 shares of the utilities provider’s stock after acquiring an additional 47,088 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.78% of PNM Resources worth $24,430,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Hartford Investment Management Co. acquired a new stake in shares of PNM Resources in the second quarter valued at approximately $207,000. Engineers Gate Manager LP acquired a new stake in shares of PNM Resources in the third quarter valued at approximately $216,000. Sun Life Financial INC acquired a new stake in shares of PNM Resources in the second quarter valued at approximately $224,000. Commonwealth Bank of Australia acquired a new stake in shares of PNM Resources in the third quarter valued at approximately $319,000. Finally, GAM Holding AG increased its stake in shares of PNM Resources by 15.3% in the second 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. Hedge funds and other institutional investors own 91.51% of the company’s stock.
Shares of NYSE:PNM opened at $42.22 on Friday. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of 21.76, a P/E/G ratio of 4.62 and a beta of 0.16. PNM Resources Inc has a 12-month low of $33.75 and a 12-month high of $46.00. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.37 and a quick ratio of 0.29.
PNM Resources (NYSE:PNM) last released its quarterly earnings results on Tuesday, November 6th. The utilities provider reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The business had revenue of $422.67 million for the quarter, compared to the consensus estimate of $483.08 million. PNM Resources had a net margin of 6.08% and a return on equity of 9.25%. During the same quarter last year, the firm earned $0.93 EPS. Equities analysts forecast that PNM Resources Inc will post 1.97 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 16th. Shareholders of record on Friday, November 2nd were given a $0.265 dividend. The ex-dividend date was Thursday, November 1st. This represents a $1.06 annualized dividend and a yield of 2.51%. PNM Resources’s dividend payout ratio is 54.64%.
Several brokerages have commented on PNM. Zacks Investment Research upgraded shares of PNM Resources from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Thursday, August 2nd. Barclays raised their price objective on shares of PNM Resources from $38.00 to $39.00 and gave the company a “sell” rating in a research note on Monday, November 19th. Finally, Bank of America lowered their price objective on shares of PNM Resources from $38.00 to $36.00 and set an “underperform” rating on the stock in a research note on Tuesday, October 16th. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The stock has an average rating of “Hold” and an average price target of $38.88.
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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