Prudential Financial Inc. trimmed its position in PNM Resources Inc (NYSE:PNM) by 36.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 159,107 shares of the utilities provider’s stock after selling 91,814 shares during the period. Prudential Financial Inc. owned about 0.20% of PNM Resources worth $8,100,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the business. AJO LP raised its position in shares of PNM Resources by 53.7% in the first quarter. AJO LP now owns 804,837 shares of the utilities provider’s stock valued at $38,101,000 after buying an additional 281,037 shares during the last quarter. JPMorgan Chase & Co. boosted its position in PNM Resources by 26.0% during the first quarter. JPMorgan Chase & Co. now owns 501,920 shares of the utilities provider’s stock worth $23,761,000 after acquiring an additional 103,643 shares during the last quarter. Geode Capital Management LLC grew its stake in PNM Resources by 10.3% in the 4th quarter. Geode Capital Management LLC now owns 872,225 shares of the utilities provider’s stock worth $35,839,000 after acquiring an additional 81,603 shares during the period. First Trust Advisors LP grew its stake in PNM Resources by 666.0% in the 1st quarter. First Trust Advisors LP now owns 91,091 shares of the utilities provider’s stock worth $4,312,000 after acquiring an additional 79,200 shares during the period. Finally, Dorsey Wright & Associates acquired a new position in PNM Resources in the 2nd quarter valued at $3,481,000. 90.49% of the stock is currently owned by institutional investors.
PNM has been the topic of several research analyst reports. Barclays reissued a “sell” rating and issued a $49.00 target price on shares of PNM Resources in a research report on Wednesday, June 19th. TheStreet upgraded shares of PNM Resources from a “c+” rating to a “b-” rating in a report on Thursday, August 29th. UBS Group lifted their price target on shares of PNM Resources from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Friday. Wells Fargo & Co set a $52.00 price objective on shares of PNM Resources and gave the company a “hold” rating in a research note on Monday, July 15th. Finally, Zacks Investment Research downgraded PNM Resources from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. PNM Resources has an average rating of “Hold” and a consensus price target of $50.83.
PNM Resources (NYSE:PNM) last issued its earnings results on Friday, August 2nd. The utilities provider reported $0.37 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.37. PNM Resources had a positive return on equity of 8.08% and a negative net margin of 1.69%. The company had revenue of $330.23 million during the quarter. As a group, research analysts anticipate that PNM Resources Inc will post 2.08 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 2.37%. The ex-dividend date was Monday, August 5th. PNM Resources’s dividend payout ratio (DPR) is presently 58.00%.
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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