PNM Resources, Inc. (NYSE:PNM) Shares Sold by Arizona State Retirement System

Arizona State Retirement System cut its position in shares of PNM Resources, Inc. (NYSE:PNM) by 1.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,796 shares of the utilities provider’s stock after selling 421 shares during the quarter. Arizona State Retirement System’s holdings in PNM Resources were worth $948,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNM. Great West Life Assurance Co. Can increased its stake in PNM Resources by 8.2% during the first quarter. Great West Life Assurance Co. Can now owns 46,260 shares of the utilities provider’s stock worth $2,263,000 after acquiring an additional 3,493 shares during the last quarter. Yousif Capital Management LLC increased its stake in PNM Resources by 1.6% during the first quarter. Yousif Capital Management LLC now owns 45,120 shares of the utilities provider’s stock worth $2,151,000 after acquiring an additional 724 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in PNM Resources during the first quarter worth about $5,387,000. Sei Investments Co. increased its stake in PNM Resources by 114.7% during the first quarter. Sei Investments Co. now owns 238,673 shares of the utilities provider’s stock worth $11,378,000 after acquiring an additional 127,483 shares during the last quarter. Finally, Allianz Asset Management GmbH increased its stake in PNM Resources by 0.8% during the first quarter. Allianz Asset Management GmbH now owns 391,228 shares of the utilities provider’s stock worth $18,650,000 after acquiring an additional 2,959 shares during the last quarter. 91.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNM has been the subject of several research analyst reports. Mizuho lowered PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 price target for the company. in a research note on Wednesday, January 3rd. Wells Fargo & Company raised PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 target price for the company in a research report on Wednesday, January 3rd. Barclays upped their target price on PNM Resources from $40.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday. TheStreet downgraded PNM Resources from a “b-” rating to a “c+” rating in a research report on Thursday, January 4th. Finally, StockNews.com downgraded PNM Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, January 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, PNM Resources currently has an average rating of “Hold” and a consensus price target of $46.80.

PNM Resources Trading Down 0.5 %

Shares of PNM opened at $35.98 on Wednesday. The company has a market capitalization of $3.25 billion, a P/E ratio of 34.92, a P/E/G ratio of 0.37 and a beta of 0.35. PNM Resources, Inc. has a one year low of $34.63 and a one year high of $49.08. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.31 and a current ratio of 0.39. The stock has a 50-day moving average price of $37.18 and a 200 day moving average price of $39.84.

PNM Resources (NYSE:PNM) last issued its quarterly earnings results on Tuesday, February 6th. The utilities provider reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.04. The firm had revenue of $412.11 million during the quarter, compared to the consensus estimate of $705.05 million. PNM Resources had a return on equity of 10.51% and a net margin of 4.54%. During the same quarter in the prior year, the business posted $0.15 earnings per share. Sell-side analysts forecast that PNM Resources, Inc. will post 2.66 EPS for the current fiscal year.

PNM Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Friday, April 26th will be issued a $0.387 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 4.30%. The ex-dividend date is Thursday, April 25th. PNM Resources’s dividend payout ratio is currently 150.49%.

About PNM Resources

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.