Los Angeles Capital Management & Equity Research Inc. acquired a new stake in PNM Resources Inc (NYSE:PNM) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 5,910 shares of the utilities provider’s stock, valued at approximately $280,000.
Other hedge funds also recently made changes to their positions in the company. Hsbc Holdings PLC lifted its position in PNM Resources by 186.2% in the fourth quarter. Hsbc Holdings PLC now owns 90,744 shares of the utilities provider’s stock valued at $3,729,000 after purchasing an additional 59,042 shares during the last quarter. Deutsche Bank AG lifted its position in PNM Resources by 59.9% in the fourth quarter. Deutsche Bank AG now owns 318,993 shares of the utilities provider’s stock valued at $13,106,000 after purchasing an additional 119,512 shares during the last quarter. Jane Street Group LLC bought a new stake in PNM Resources in the third quarter valued at approximately $251,000. JPMorgan Chase & Co. lifted its position in PNM Resources by 5.0% in the third quarter. JPMorgan Chase & Co. now owns 322,498 shares of the utilities provider’s stock valued at $12,722,000 after purchasing an additional 15,453 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY lifted its position in PNM Resources by 74.0% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 45,818 shares of the utilities provider’s stock valued at $1,883,000 after purchasing an additional 19,480 shares during the last quarter. Hedge funds and other institutional investors own 89.93% of the company’s stock.
Shares of PNM Resources stock opened at $47.74 on Wednesday. The company has a quick ratio of 0.45, a current ratio of 0.69 and a debt-to-equity ratio of 1.66. The company has a market cap of $3.71 billion, a P/E ratio of 23.87, a price-to-earnings-growth ratio of 4.52 and a beta of 0.28. PNM Resources Inc has a 52 week low of $34.95 and a 52 week high of $48.35.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, May 1st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.43%. PNM Resources’s dividend payout ratio is presently 58.00%.
Several analysts have weighed in on PNM shares. Wells Fargo & Co set a $45.00 price objective on PNM Resources and gave the company a “hold” rating in a research report on Thursday, February 28th. Zacks Investment Research upgraded PNM Resources from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Saturday, March 2nd. Mizuho upgraded PNM Resources from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $42.50 to $43.50 in a research report on Friday, March 8th. Williams Capital reiterated a “sell” rating on shares of PNM Resources in a research report on Monday, March 18th. Finally, Bank of America reiterated an “underperform” rating and issued a $43.00 price objective (up previously from $40.00) on shares of PNM Resources in a research report on Thursday, February 28th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $46.10.
In related news, VP Joseph Don Tarry sold 1,092 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $44.89, for a total transaction of $49,019.88. Following the completion of the transaction, the vice president now owns 11,882 shares in the company, valued at $533,382.98. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Charles N. Eldred sold 5,061 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $44.23, for a total value of $223,848.03. Following the transaction, the chief financial officer now owns 108,289 shares of the company’s stock, valued at approximately $4,789,622.47. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,953 shares of company stock valued at $1,110,564. 1.24% of the stock is owned by corporate insiders.
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PNM Resources 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.
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