Stevens Capital Management LP grew its position in PNM Resources Inc (NYSE:PNM) by 34.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,127 shares of the utilities provider’s stock after buying an additional 9,443 shares during the quarter. Stevens Capital Management LP’s holdings in PNM Resources were worth $1,465,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the business. Massachusetts Financial Services Co. MA lifted its position in shares of PNM Resources by 15.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 39,917 shares of the utilities provider’s stock worth $1,552,000 after purchasing an additional 5,467 shares during the last quarter. TD Asset Management Inc. lifted its position in shares of PNM Resources by 11.8% during the 2nd quarter. TD Asset Management Inc. now owns 86,780 shares of the utilities provider’s stock worth $3,376,000 after purchasing an additional 9,180 shares during the last quarter. Wedge Capital Management L L P NC lifted its position in shares of PNM Resources by 45.9% during the 2nd quarter. Wedge Capital Management L L P NC now owns 28,255 shares of the utilities provider’s stock worth $1,099,000 after purchasing an additional 8,893 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of PNM Resources by 6.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,205,332 shares of the utilities provider’s stock worth $46,888,000 after purchasing an additional 69,638 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of PNM Resources during the 2nd quarter worth $836,000. Institutional investors own 89.97% of the company’s stock.
Several research firms have recently issued reports on PNM. Bank of America reaffirmed an “underperform” rating and set a $42.00 price objective (up from $39.00) on shares of PNM Resources in a research report on Tuesday. Barclays lifted their price objective on shares of PNM Resources from $38.00 to $39.00 and gave the stock a “sell” rating in a research report on Monday, November 19th. Finally, Zacks Investment Research cut shares of PNM Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 9th. Three equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. PNM Resources currently has an average rating of “Hold” and an average price target of $39.25.
PNM Resources (NYSE:PNM) last announced 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. PNM Resources had a net margin of 6.08% and a return on equity of 9.25%. The firm had revenue of $422.67 million during the quarter, compared to analysts’ expectations of $483.08 million. During the same period in the previous year, the company earned $0.93 earnings per share. As a group, sell-side analysts predict that PNM Resources Inc will post 1.97 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 16th. Investors 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 dividend on an annualized basis and a yield of 2.44%. PNM Resources’s dividend payout ratio (DPR) is presently 54.64%.
PNM Resources Company Profile
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.
Recommended Story: Intrinsic Value and Stock Selection
Want to see what other hedge funds are holding PNM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PNM Resources Inc (NYSE:PNM).
Receive News & Ratings for PNM Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNM Resources and related companies with MarketBeat.com's FREE daily email newsletter.