First Trust Advisors LP reduced its stake in PNM Resources Inc. (NYSE:PNM) by 63.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,191 shares of the company’s stock after selling 53,097 shares during the period. First Trust Advisors LP’s holdings in PNM Resources were worth $1,105,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the company. State Street Corp boosted its stake in shares of PNM Resources by 1.8% in the first quarter. State Street Corp now owns 2,726,625 shares of the company’s stock worth $91,943,000 after buying an additional 49,025 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of PNM Resources by 58.3% in the first quarter. Renaissance Technologies LLC now owns 848,800 shares of the company’s stock worth $28,622,000 after buying an additional 312,700 shares during the last quarter. BlackRock Group LTD boosted its stake in shares of PNM Resources by 95.9% in the first quarter. BlackRock Group LTD now owns 102,365 shares of the company’s stock worth $3,452,000 after buying an additional 50,099 shares during the last quarter. Societe Generale purchased a new stake in shares of PNM Resources during the second quarter worth $919,000. Finally, Aperio Group LLC boosted its stake in shares of PNM Resources by 19.8% in the first quarter. Aperio Group LLC now owns 33,771 shares of the company’s stock worth $1,139,000 after buying an additional 5,593 shares during the last quarter. 92.60% of the stock is owned by institutional investors.
Shares of PNM Resources Inc. (NYSE:PNM) traded down 2.01% during trading on Tuesday, hitting $31.63. 229,157 shares of the stock were exchanged. PNM Resources Inc. has a 1-year low of $26.56 and a 1-year high of $36.15. The firm’s 50-day moving average is $32.74 and its 200 day moving average is $33.17. The company has a market cap of $2.52 billion, a P/E ratio of 347.58 and a beta of 0.38.
PNM Resources (NYSE:PNM) last issued its quarterly earnings results on Monday, August 8th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.01. The company earned $315.39 million during the quarter, compared to analysts’ expectations of $379 million. PNM Resources had a net margin of 0.54% and a return on equity of 7.00%. The business’s quarterly revenue was down 10.6% on a year-over-year basis. During the same period last year, the business earned $0.44 EPS. Equities analysts forecast that PNM Resources Inc. will post $1.58 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, October 27th. This represents a $0.88 annualized dividend and a dividend yield of 2.73%. PNM Resources’s dividend payout ratio is currently 1,100.00%.
PNM has been the subject of a number of analyst reports. Argus reduced their price objective on shares of PNM Resources from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Thursday, September 22nd. Jefferies Group upgraded shares of PNM Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, September 20th. Williams Capital upgraded shares of PNM Resources from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Tuesday. Zacks Investment Research upgraded shares of PNM Resources from a “sell” rating to a “hold” rating in a research note on Friday, August 26th. Finally, TheStreet cut shares of PNM Resources from a “buy” rating to a “hold” rating in a research note on Friday, August 26th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $36.21.
About PNM Resources
PNM Resources, Inc (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are Public Service Company of New Mexico and Subsidiaries (PNM) and Texas-New Mexico Power Company and Subsidiaries (TNMP).
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