BlackRock Inc. lifted its position in shares of PNM Resources Inc (NYSE:PNM) by 2.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,277,263 shares of the utilities provider’s stock after acquiring an additional 261,154 shares during the quarter. BlackRock Inc. owned approximately 11.65% of PNM Resources worth $360,886,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. GAM Holding AG increased its holdings in 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 last quarter. Sun Life Financial INC bought a new stake in PNM Resources in the second quarter valued at about $224,000. GSA Capital Partners LLP bought a new stake in PNM Resources in the second quarter valued at about $1,531,000. Mutual of America Capital Management LLC increased its holdings in PNM Resources by 1.3% in the second 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 last quarter. Finally, Martingale Asset Management L P increased its holdings in PNM Resources by 56.3% in the second quarter. Martingale Asset Management L P now owns 194,562 shares of the utilities provider’s stock valued at $7,569,000 after purchasing an additional 70,113 shares during the last quarter. Institutional investors own 91.78% of the company’s stock.
PNM has been the subject of a number of recent analyst reports. ValuEngine upgraded PNM Resources from a “sell” rating to a “hold” rating in a report on Monday, June 18th. Barclays started coverage on 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 upgraded 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. Three equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. PNM Resources presently has a consensus rating of “Hold” and an average price target of $38.38.
Shares of PNM Resources stock traded up $0.38 during trading hours on Friday, hitting $39.52. The company’s stock had a trading volume of 455,137 shares, compared to its average volume of 528,059. PNM Resources Inc has a 12 month low of $33.75 and a 12 month high of $46.00. The company has a market capitalization of $3.14 billion, a P/E ratio of 20.37, a price-to-earnings-growth ratio of 4.39 and a beta of 0.15. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.34 and a quick ratio of 0.27.
PNM Resources (NYSE:PNM) last announced its quarterly earnings results on Tuesday, July 31st. The utilities provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.10. PNM Resources had a return on equity of 8.58% and a net margin of 5.12%. The company had revenue of $352.30 million during the quarter, compared to the consensus estimate of $362.10 million. During the same period in the prior year, the company earned $0.49 earnings per share. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, equities analysts anticipate that PNM Resources Inc will post 1.94 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 16th. Shareholders of record on Friday, November 2nd will be issued a $0.265 dividend. The ex-dividend date is Thursday, November 1st. This represents a $1.06 annualized dividend and a dividend yield of 2.68%. PNM Resources’s dividend payout ratio (DPR) is currently 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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