UBS Group AG Sells 578,842 Shares of PNM Resources, Inc. (NYSE:PNM)

UBS Group AG cut its holdings in PNM Resources, Inc. (NYSE:PNMGet Rating) by 44.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 737,167 shares of the utilities provider’s stock after selling 578,842 shares during the period. UBS Group AG’s holdings in PNM Resources were worth $35,222,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Meeder Asset Management Inc. bought a new stake in PNM Resources in the 1st quarter valued at about $72,000. Trust Co. of Vermont bought a new stake in PNM Resources in the 2nd quarter valued at about $72,000. Captrust Financial Advisors increased its position in PNM Resources by 14.8% in the 1st quarter. Captrust Financial Advisors now owns 2,626 shares of the utilities provider’s stock valued at $125,000 after buying an additional 339 shares in the last quarter. Hightower 6M Holding LLC bought a new stake in PNM Resources in the 1st quarter valued at about $218,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in PNM Resources by 50.5% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 4,770 shares of the utilities provider’s stock valued at $227,000 after buying an additional 1,600 shares in the last quarter. 91.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

PNM Resources Stock Performance

Shares of PNM opened at $48.55 on Thursday. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.52 and a current ratio of 0.61. The stock has a 50 day moving average price of $46.79 and a two-hundred day moving average price of $47.07. The firm has a market capitalization of $4.17 billion, a P/E ratio of 25.29, a P/E/G ratio of 4.32 and a beta of 0.41. PNM Resources, Inc. has a 52 week low of $43.43 and a 52 week high of $49.88.

PNM Resources Announces Dividend

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

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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