Tower Research Capital LLC TRC Sells 2,954 Shares of PNM Resources Inc (NYSE:PNM)

Tower Research Capital LLC TRC decreased its position in shares of PNM Resources Inc (NYSE:PNM) by 81.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 666 shares of the utilities provider’s stock after selling 2,954 shares during the period. Tower Research Capital LLC TRC’s holdings in PNM Resources were worth $35,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Municipal Employees Retirement System of Michigan boosted its holdings in PNM Resources by 1.4% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 14,730 shares of the utilities provider’s stock valued at $750,000 after purchasing an additional 210 shares during the period. GWM Advisors LLC raised its position in shares of PNM Resources by 0.5% during the second quarter. GWM Advisors LLC now owns 41,917 shares of the utilities provider’s stock valued at $2,134,000 after buying an additional 228 shares during the last quarter. Commonwealth Equity Services LLC raised its position in shares of PNM Resources by 7.3% during the third quarter. Commonwealth Equity Services LLC now owns 5,269 shares of the utilities provider’s stock valued at $274,000 after buying an additional 357 shares during the last quarter. AMP Capital Investors Ltd lifted its stake in shares of PNM Resources by 1.2% in the second quarter. AMP Capital Investors Ltd now owns 33,157 shares of the utilities provider’s stock valued at $1,686,000 after buying an additional 380 shares during the period. Finally, Meeder Asset Management Inc. lifted its stake in shares of PNM Resources by 18.7% in the second quarter. Meeder Asset Management Inc. now owns 3,076 shares of the utilities provider’s stock valued at $157,000 after buying an additional 485 shares during the period. 90.69% of the stock is owned by hedge funds and other institutional investors.

A number of research firms recently weighed in on PNM. Barclays raised PNM Resources from an “underweight” rating to an “equal weight” rating and decreased their target price for the stock from $52.00 to $51.00 in a research report on Thursday, November 21st. Wells Fargo & Co reaffirmed a “hold” rating on shares of PNM Resources in a report on Friday, November 1st. SunTrust Banks raised their price objective on PNM Resources from $49.00 to $50.00 and gave the stock a “hold” rating in a research report on Monday, September 30th. ValuEngine raised PNM Resources from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, TheStreet raised PNM Resources from a “c+” rating to a “b-” rating in a report on Thursday, August 29th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. PNM Resources currently has a consensus rating of “Hold” and an average target price of $52.14.

NYSE:PNM opened at $48.83 on Friday. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.28 and a current ratio of 0.36. The company has a 50-day moving average of $49.69 and a 200-day moving average of $50.13. PNM Resources Inc has a 52 week low of $39.51 and a 52 week high of $52.98. The company has a market capitalization of $3.86 billion, a price-to-earnings ratio of 24.42, a PEG ratio of 4.13 and a beta of 0.15.

PNM Resources (NYSE:PNM) last posted its earnings results on Friday, November 1st. The utilities provider reported $1.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.04. PNM Resources had a negative net margin of 0.64% and a positive return on equity of 9.18%. The business had revenue of $433.59 million for the quarter, compared to analysts’ expectations of $562.33 million. During the same quarter in the previous year, the firm posted $1.08 earnings per share. Sell-side analysts forecast that PNM Resources Inc will post 2.1 EPS for the current year.

The business 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 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date was Thursday, October 31st. PNM Resources’s payout ratio is 58.00%.

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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Institutional Ownership by Quarter for PNM Resources (NYSE:PNM)

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