Metropolitan Life Insurance Co NY decreased its position in PNM Resources Inc (NYSE:PNM) by 1.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,847 shares of the utilities provider’s stock after selling 616 shares during the quarter. Metropolitan Life Insurance Co NY owned 0.06% of PNM Resources worth $2,336,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of PNM. Vanguard Group Inc. grew its holdings in PNM Resources by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 9,394,723 shares of the utilities provider’s stock worth $478,285,000 after acquiring an additional 187,521 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of PNM Resources by 6.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 7,402,748 shares of the utilities provider’s stock worth $376,874,000 after purchasing an additional 449,729 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of PNM Resources by 0.3% during the second quarter. Renaissance Technologies LLC now owns 2,532,700 shares of the utilities provider’s stock worth $128,940,000 after purchasing an additional 6,900 shares in the last quarter. Northern Trust Corp grew its stake in shares of PNM Resources by 1.1% during the second quarter. Northern Trust Corp now owns 2,200,925 shares of the utilities provider’s stock worth $112,049,000 after purchasing an additional 24,958 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of PNM Resources by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 1,073,219 shares of the utilities provider’s stock worth $54,638,000 after purchasing an additional 21,752 shares in the last quarter. 90.69% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PNM Resources stock opened at $48.00 on Tuesday. The company has a fifty day simple moving average of $49.83 and a 200-day simple moving average of $50.12. PNM Resources Inc has a 12-month low of $39.51 and a 12-month high of $52.98. The company has a current ratio of 0.36, a quick ratio of 0.28 and a debt-to-equity ratio of 1.48. The stock has a market cap of $3.86 billion, a price-to-earnings ratio of 24.00, a PEG ratio of 4.13 and a beta of 0.15.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 1st were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend was Thursday, October 31st. PNM Resources’s payout ratio is 58.00%.
A number of analysts have weighed in on the company. TheStreet upgraded PNM Resources from a “c+” rating to a “b-” rating in a research note on Thursday, August 29th. Bank of America raised PNM Resources from a “neutral” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Monday, September 30th. UBS Group increased their price objective on PNM Resources from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Friday, September 6th. ValuEngine upgraded PNM Resources from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Barclays raised PNM Resources from an “underweight” rating to an “equal weight” rating and cut their target price for the stock from $52.00 to $51.00 in a research report on Thursday, November 21st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. PNM Resources has a consensus rating of “Hold” and a consensus target price of $52.14.
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.
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