Pictet Asset Management SA Trims Stake in PNM Resources, Inc. (NYSE:PNM)

Pictet Asset Management SA reduced its position in shares of PNM Resources, Inc. (NYSE:PNMGet Rating) by 16.9% in the second quarter, Holdings Channel reports. The firm owned 5,336 shares of the utilities provider’s stock after selling 1,086 shares during the period. Pictet Asset Management SA’s holdings in PNM Resources were worth $255,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Mutual of America Capital Management LLC grew its position in PNM Resources by 2.0% in the first quarter. Mutual of America Capital Management LLC now owns 78,249 shares of the utilities provider’s stock worth $3,730,000 after acquiring an additional 1,509 shares in the last quarter. Victory Capital Management Inc. grew its position in PNM Resources by 72.7% in the first quarter. Victory Capital Management Inc. now owns 19,403 shares of the utilities provider’s stock worth $905,000 after acquiring an additional 8,165 shares in the last quarter. BCK Capital Management LP grew its position in PNM Resources by 158.8% in the first quarter. BCK Capital Management LP now owns 87,562 shares of the utilities provider’s stock worth $4,174,000 after acquiring an additional 53,733 shares in the last quarter. Russell Investments Group Ltd. grew its position in PNM Resources by 47.3% in the first quarter. Russell Investments Group Ltd. now owns 190,277 shares of the utilities provider’s stock worth $9,067,000 after acquiring an additional 61,116 shares in the last quarter. Finally, IFM Investors Pty Ltd purchased a new position in PNM Resources in the first quarter worth $538,000. 91.18% of the stock is currently owned by hedge funds and other institutional investors.

PNM Resources Stock Performance

PNM Resources stock opened at $48.55 on Thursday. The company has a quick ratio of 0.52, a current ratio of 0.61 and a debt-to-equity ratio of 1.73. The company 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 firm has a fifty day simple moving average of $46.79 and a two-hundred day simple moving average of $47.07. PNM Resources, Inc. has a twelve month low of $43.43 and a twelve month high of $49.88.

PNM Resources Announces Dividend

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

Analysts Set New Price Targets

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

PNM Resources Company Profile

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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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