Lazard Asset Management LLC cut its stake in shares of PNM Resources, Inc. (NYSE:PNM – Get Rating) by 97.7% during the 2nd quarter, Holdings Channel reports. The fund owned 1,463 shares of the utilities provider’s stock after selling 61,393 shares during the period. Lazard Asset Management LLC’s holdings in PNM Resources were worth $69,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of PNM. Meeder Asset Management Inc. purchased a new position in shares of PNM Resources during the first quarter valued at approximately $72,000. Trust Co. of Vermont purchased a new stake in PNM Resources in the 2nd quarter valued at about $72,000. Captrust Financial Advisors boosted its stake in shares of PNM Resources by 14.8% in the 1st quarter. Captrust Financial Advisors now owns 2,626 shares of the utilities provider’s stock worth $125,000 after buying an additional 339 shares during the last quarter. Hightower 6M Holding LLC bought a new position in shares of PNM Resources in the first quarter valued at approximately $218,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in shares of PNM Resources by 50.5% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 4,770 shares of the utilities provider’s stock valued at $227,000 after acquiring an additional 1,600 shares during the last quarter. 91.18% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages have issued reports on PNM. StockNews.com assumed coverage on PNM Resources in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Mizuho decreased their price objective on shares of PNM Resources from $52.00 to $51.00 and set a “buy” rating for the company in a report on Wednesday, September 7th. Finally, Wells Fargo & Company cut shares of PNM Resources from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $53.00 to $45.00 in a research note on Thursday, October 20th.
PNM Resources Stock Up 0.2 %
PNM Resources Announces Dividend
The firm 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 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 (DPR) is presently 72.40%.
About PNM Resources
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.
- Get a free copy of the StockNews.com research report on PNM Resources (PNM)
- Microsoft Shares: Is it Time to Back Up the Truck?
- Is the 60/40 Portfolio Mix Still in Vogue?
- Institutional Support for Analog Devices Remains High
- Salesforce Cuts Labor, Shows Strong Earnings Despite Challenges
- Three CBD Stocks to Dominate a Budding Industry
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.