PNC Financial Services Group Inc. Lowers Stake in PNM Resources, Inc. (NYSE:PNM)

PNC Financial Services Group Inc. reduced its holdings in shares of PNM Resources, Inc. (NYSE:PNMFree Report) by 46.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,618 shares of the utilities provider’s stock after selling 4,806 shares during the period. PNC Financial Services Group Inc.’s holdings in PNM Resources were worth $234,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. River Road Asset Management LLC lifted its position in PNM Resources by 107.9% during the 4th quarter. River Road Asset Management LLC now owns 1,154,420 shares of the utilities provider’s stock valued at $48,024,000 after acquiring an additional 599,211 shares during the period. Crestline Management LP purchased a new position in PNM Resources during the 4th quarter valued at about $8,320,000. State of New Jersey Common Pension Fund D lifted its position in PNM Resources by 6.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 59,797 shares of the utilities provider’s stock valued at $2,488,000 after acquiring an additional 3,425 shares during the period. Advisors Preferred LLC purchased a new position in PNM Resources in the fourth quarter worth about $2,439,000. Finally, Vanguard Group Inc. raised its holdings in PNM Resources by 0.4% in the third quarter. Vanguard Group Inc. now owns 9,379,034 shares of the utilities provider’s stock worth $418,399,000 after buying an additional 40,253 shares during the last quarter. 91.68% of the stock is owned by hedge funds and other institutional investors.

PNM Resources Stock Down 1.8 %

PNM opened at $36.28 on Tuesday. The company has a quick ratio of 0.27, a current ratio of 0.37 and a debt-to-equity ratio of 1.81. The firm has a 50 day moving average price of $37.34 and a 200-day moving average price of $37.63. PNM Resources, Inc. has a twelve month low of $34.63 and a twelve month high of $45.94. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of 39.87 and a beta of 0.35.

PNM Resources (NYSE:PNMGet Free Report) last announced its earnings results on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.27). The business had revenue of $436.90 million for the quarter, compared to the consensus estimate of $531.00 million. PNM Resources had a net margin of 4.38% and a return on equity of 9.91%. The business’s quarterly revenue was down 19.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.55 earnings per share. Equities research analysts forecast that PNM Resources, Inc. will post 2.7 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PNM shares. StockNews.com raised shares of PNM Resources from a “sell” rating to a “hold” rating in a report on Tuesday, June 25th. Evercore ISI started coverage on shares of PNM Resources in a report on Thursday, May 30th. They issued an “in-line” rating and a $38.00 target price for the company. Finally, Barclays lifted their target price on shares of PNM Resources from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, PNM Resources currently has a consensus rating of “Hold” and a consensus target price of $43.40.

Get Our Latest Stock Analysis on PNM

About PNM Resources

(Free Report)

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.

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

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