Federated Hermes Inc. Cuts Stock Holdings in PNM Resources, Inc. (NYSE:PNM)

Federated Hermes Inc. cut its stake in shares of PNM Resources, Inc. (NYSE:PNM) by 16.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 9,726 shares of the utilities provider’s stock after selling 1,953 shares during the quarter. Federated Hermes Inc.’s holdings in PNM Resources were worth $405,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Asset Management One Co. Ltd. acquired a new position in shares of PNM Resources in the 3rd quarter valued at about $522,000. Raymond James & Associates acquired a new position in shares of PNM Resources during the 3rd quarter valued at $978,000. Bank of New York Mellon Corp boosted its position in PNM Resources by 23.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,253,239 shares of the utilities provider’s stock worth $55,907,000 after purchasing an additional 237,654 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in PNM Resources by 15.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,582 shares of the utilities provider’s stock valued at $651,000 after purchasing an additional 1,977 shares in the last quarter. Finally, IFM Investors Pty Ltd raised its position in PNM Resources by 8.5% in the third quarter. IFM Investors Pty Ltd now owns 11,422 shares of the utilities provider’s stock valued at $510,000 after purchasing an additional 899 shares during the period. 91.68% of the stock is currently owned by institutional investors and hedge funds.

PNM Resources Stock Up 0.2 %

PNM stock opened at $37.78 on Friday. The company has a current ratio of 0.39, a quick ratio of 0.31 and a debt-to-equity ratio of 1.77. The firm has a 50 day simple moving average of $37.03 and a 200-day simple moving average of $39.17. The company has a market capitalization of $3.41 billion, a P/E ratio of 41.52, a PEG ratio of 3.04 and a beta of 0.35. PNM Resources, Inc. has a twelve month low of $34.63 and a twelve month high of $48.71.

PNM Resources (NYSE:PNM) last announced its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.27). The company had revenue of $436.90 million for the quarter, compared to analyst estimates of $531.00 million. PNM Resources had a return on equity of 9.99% and a net margin of 4.38%. PNM Resources’s revenue was down 19.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.55 earnings per share. On average, equities research analysts predict that PNM Resources, Inc. will post 2.71 earnings per share for the current fiscal year.

PNM Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 26th will be issued a $0.387 dividend. The ex-dividend date is Thursday, April 25th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.10%. PNM Resources’s dividend payout ratio (DPR) is 170.33%.

Analysts Set New Price Targets

Several equities research analysts recently commented on PNM shares. Barclays raised their target price on PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, April 15th. StockNews.com cut shares of PNM Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, January 17th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $46.80.

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.