PNM Resources, Inc. (NYSE:PNM) Shares Sold by Swiss National Bank

Swiss National Bank lowered its position in shares of PNM Resources, Inc. (NYSE:PNM) by 10.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 176,000 shares of the utilities provider’s stock after selling 20,900 shares during the period. Swiss National Bank owned 0.21% of PNM Resources worth $8,568,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. California Public Employees Retirement System grew its stake in shares of PNM Resources by 60.4% during the fourth quarter. California Public Employees Retirement System now owns 456,080 shares of the utilities provider’s stock worth $22,252,000 after purchasing an additional 171,711 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of PNM Resources by 220.5% during the first quarter. Tower Research Capital LLC TRC now owns 13,139 shares of the utilities provider’s stock worth $640,000 after purchasing an additional 9,039 shares in the last quarter. Jennison Associates LLC boosted its stake in PNM Resources by 1.6% in the fourth quarter. Jennison Associates LLC now owns 991,827 shares of the utilities provider’s stock valued at $48,391,000 after acquiring an additional 15,818 shares in the last quarter. Pacer Advisors Inc. acquired a new position in PNM Resources in the fourth quarter valued at $803,000. Finally, Edgestream Partners L.P. acquired a new position in PNM Resources in the fourth quarter valued at $9,447,000. Institutional investors and hedge funds own 87.78% of the company’s stock.

PNM Resources Price Performance

Shares of NYSE:PNM opened at $44.00 on Friday. The company has a 50-day simple moving average of $44.97 and a 200-day simple moving average of $46.96. PNM Resources, Inc. has a one year low of $43.69 and a one year high of $49.60. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.29 and a current ratio of 0.37. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 3.62 and a beta of 0.41.

PNM Resources (NYSE:PNM) last announced its earnings results on Friday, August 4th. The utilities provider reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.01). PNM Resources had a net margin of 10.26% and a return on equity of 10.31%. The business had revenue of $477.20 million during the quarter, compared to analysts’ expectations of $446.75 million. During the same period in the previous year, the company posted $0.57 earnings per share. PNM Resources’s quarterly revenue was down 4.5% on a year-over-year basis. On average, analysts predict that PNM Resources, Inc. will post 2.72 EPS for the current year.

PNM Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were issued a $0.3675 dividend. The ex-dividend date of this dividend was Thursday, August 10th. This represents a $1.47 dividend on an annualized basis and a dividend yield of 3.34%. PNM Resources’s payout ratio is 53.07%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PNM shares. Siebert Williams Shank upgraded shares of PNM Resources from a “hold” rating to a “buy” rating and upped their price objective for the company from $53.00 to $55.00 in a research note on Tuesday, May 16th. StockNews.com started coverage on shares of PNM Resources in a research note on Thursday, August 17th. They issued a “hold” rating for the company.

PNM Resources Company Profile

PNM Resources, Inc, through its subsidiaries, provides electricity and electric services 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 engages in the generation, transmission, and distribution of electricity.