Principal Financial Group Inc. raised its position in shares of PNM Resources Inc. (NYSE:PNM) by 7.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 630,120 shares of the company’s stock after buying an additional 43,276 shares during the period. Principal Financial Group Inc. owned about 0.79% of PNM Resources worth $22,331,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Meeder Asset Management Inc. boosted its position in shares of PNM Resources by 514.3% in the first quarter. Meeder Asset Management Inc. now owns 3,686 shares of the company’s stock worth $124,000 after buying an additional 3,086 shares during the period. State Street Corp boosted its position 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 period. NWQ Investment Management Company LLC acquired a new position in shares of PNM Resources during the first quarter worth $28,637,000. Mesirow Financial Investment Management US Value Equity boosted its position in shares of PNM Resources by 34.5% in the first quarter. Mesirow Financial Investment Management US Value Equity now owns 30,968 shares of the company’s stock worth $1,044,000 after buying an additional 7,947 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of PNM Resources by 0.8% in the first quarter. JPMorgan Chase & Co. now owns 435,267 shares of the company’s stock worth $14,678,000 after buying an additional 3,546 shares during the period. Hedge funds and other institutional investors own 92.60% of the company’s stock.
Shares of PNM Resources Inc. (NYSE:PNM) traded down 0.457% during mid-day trading on Friday, hitting $33.088. 106,713 shares of the stock traded hands. The stock has a 50-day moving average of $32.80 and a 200 day moving average of $33.19. PNM Resources Inc. has a one year low of $26.56 and a one year high of $36.15. The stock has a market cap of $2.64 billion, a PE ratio of 363.604 and a beta of 0.24.
PNM Resources (NYSE:PNM) last released its quarterly earnings results on Monday, August 8th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. PNM Resources had a net margin of 0.54% and a return on equity of 7.00%. The business earned $315.39 million during the quarter, compared to the consensus estimate of $379 million. During the same quarter last year, the company earned $0.44 earnings per share. The business’s quarterly revenue was down 10.6% compared to the same quarter last year. Equities analysts predict that PNM Resources Inc. will post $1.58 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Monday, October 31st will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Thursday, October 27th. PNM Resources’s dividend payout ratio (DPR) is presently 1,100.00%.
Several research firms have commented on PNM. Williams Capital reiterated a “hold” rating on shares of PNM Resources in a report on Wednesday, September 21st. SunTrust Banks Inc. boosted their price target on shares of PNM Resources from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday. Argus lowered their price target on shares of PNM Resources from $40.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, September 22nd. Jefferies Group reiterated a “hold” rating on shares of PNM Resources in a report on Monday, July 18th. Finally, Zacks Investment Research upgraded shares of PNM Resources from a “sell” rating to a “hold” rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $36.42.
PNM Resources Company Profile
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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