Envestnet Asset Management Inc. Boosts Stock Holdings in PNM Resources, Inc. (NYSE:PNM)

Envestnet Asset Management Inc. boosted its position in shares of PNM Resources, Inc. (NYSE:PNMGet Rating) by 275.5% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 21,916 shares of the utilities provider’s stock after buying an additional 16,080 shares during the period. Envestnet Asset Management Inc.’s holdings in PNM Resources were worth $1,047,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Van ECK Associates Corp boosted its holdings in shares of PNM Resources by 5.9% during the 2nd quarter. Van ECK Associates Corp now owns 47,863 shares of the utilities provider’s stock worth $2,287,000 after purchasing an additional 2,669 shares during the last quarter. Assetmark Inc. boosted its holdings in shares of PNM Resources by 10.9% during the 2nd quarter. Assetmark Inc. now owns 17,784 shares of the utilities provider’s stock worth $850,000 after purchasing an additional 1,749 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in shares of PNM Resources by 0.4% during the 2nd quarter. Retirement Systems of Alabama now owns 113,072 shares of the utilities provider’s stock worth $5,403,000 after purchasing an additional 447 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of PNM Resources by 1.6% during the 2nd quarter. Jennison Associates LLC now owns 899,083 shares of the utilities provider’s stock worth $42,958,000 after purchasing an additional 13,844 shares during the last quarter. Finally, Xponance Inc. boosted its holdings in shares of PNM Resources by 5.5% during the 2nd quarter. Xponance Inc. now owns 13,308 shares of the utilities provider’s stock worth $636,000 after purchasing an additional 688 shares during the last quarter. 91.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PNM. Mizuho lowered their target price on PNM Resources from $52.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, September 7th. Wells Fargo & Company cut PNM Resources from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $53.00 to $45.00 in a report on Thursday, October 20th. Finally, StockNews.com initiated coverage on PNM Resources in a report on Wednesday, October 12th. They issued a “hold” rating on the stock.

PNM Resources Trading Up 0.2 %

PNM opened at $48.55 on Thursday. PNM Resources, Inc. has a one year low of $43.43 and a one year high of $49.88. The stock has a market capitalization of $4.17 billion, a PE ratio of 25.29, a P/E/G ratio of 4.32 and a beta of 0.41. The business’s 50 day moving average price is $46.79 and its 200 day moving average price is $47.07. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.52 and a current ratio of 0.61.

PNM Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Thursday, October 27th were given a $0.347 dividend. This represents a $1.39 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date was Wednesday, October 26th. PNM Resources’s payout ratio is 72.40%.

PNM Resources Company Profile

(Get Rating)

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.

Recommended Stories

Want to see what other hedge funds are holding PNM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PNM Resources, Inc. (NYSE:PNMGet Rating).

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

Receive News & Ratings for PNM Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNM Resources and related companies with MarketBeat.com's FREE daily email newsletter.