Principal Financial Group Inc. Increases Position in PNM Resources, Inc. (NYSE:PNM)

Principal Financial Group Inc. grew its position in PNM Resources, Inc. (NYSE:PNMGet Rating) by 14.9% during the 2nd quarter, Holdings Channel.com reports. The firm owned 333,622 shares of the utilities provider’s stock after purchasing an additional 43,189 shares during the period. Principal Financial Group Inc.’s holdings in PNM Resources were worth $15,941,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in PNM Resources by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 8,847,754 shares of the utilities provider’s stock worth $421,772,000 after buying an additional 111,969 shares during the last quarter. State Street Corp grew its stake in shares of PNM Resources by 17.5% during the first quarter. State Street Corp now owns 3,160,826 shares of the utilities provider’s stock worth $150,677,000 after acquiring an additional 471,143 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of PNM Resources by 87.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,783,851 shares of the utilities provider’s stock valued at $132,706,000 after acquiring an additional 1,295,002 shares in the last quarter. Cohen & Steers Inc. raised its position in shares of PNM Resources by 52.4% in the 1st quarter. Cohen & Steers Inc. now owns 2,061,337 shares of the utilities provider’s stock valued at $98,264,000 after purchasing an additional 708,896 shares during the last quarter. Finally, Segantii Capital Management Ltd boosted its stake in PNM Resources by 9.5% in the 2nd quarter. Segantii Capital Management Ltd now owns 1,725,000 shares of the utilities provider’s stock worth $82,421,000 after purchasing an additional 150,000 shares in the last quarter. 91.18% of the stock is owned by institutional investors and hedge funds.

PNM Resources Trading Up 0.2 %

Shares of PNM Resources stock opened at $48.55 on Thursday. The stock has a market cap of $4.17 billion, a PE ratio of 25.29, a price-to-earnings-growth ratio of 4.32 and a beta of 0.41. The firm has a fifty day moving average price of $46.79 and a 200 day moving average price of $47.07. PNM Resources, Inc. has a 1 year low of $43.43 and a 1 year high of $49.88. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.61 and a quick ratio of 0.52.

PNM Resources Dividend Announcement

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

Analysts Set New Price Targets

PNM has been the topic of a number of research analyst reports. Mizuho dropped their price objective on shares of PNM Resources from $52.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, September 7th. StockNews.com began coverage on PNM Resources in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Wells Fargo & Company cut PNM Resources from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $53.00 to $45.00 in a research note on Thursday, October 20th.

About PNM Resources

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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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