Amalgamated Bank Trims Holdings in PNM Resources, Inc. (NYSE:PNM)

Amalgamated Bank trimmed its position in PNM Resources, Inc. (NYSE:PNMFree Report) by 2.5% during the third quarter, Holdings Channel.com reports. The firm owned 50,613 shares of the utilities provider’s stock after selling 1,321 shares during the period. Amalgamated Bank’s holdings in PNM Resources were worth $2,258,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. BlackRock Inc. increased its holdings in PNM Resources by 0.6% in the first quarter. BlackRock Inc. now owns 11,097,571 shares of the utilities provider’s stock valued at $540,230,000 after buying an additional 68,064 shares during the last quarter. Vanguard Group Inc. raised its position in shares of PNM Resources by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 9,045,025 shares of the utilities provider’s stock worth $413,629,000 after acquiring an additional 99,734 shares in the last quarter. State Street Corp lifted its stake in PNM Resources by 1.5% during the first quarter. State Street Corp now owns 3,373,488 shares of the utilities provider’s stock worth $164,221,000 after purchasing an additional 49,528 shares during the last quarter. Hudson Bay Capital Management LP boosted its holdings in PNM Resources by 73.4% in the second quarter. Hudson Bay Capital Management LP now owns 1,874,524 shares of the utilities provider’s stock valued at $84,541,000 after purchasing an additional 793,558 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in PNM Resources by 5.4% in the second quarter. Geode Capital Management LLC now owns 1,723,447 shares of the utilities provider’s stock valued at $77,727,000 after purchasing an additional 87,724 shares during the last quarter. 91.18% of the stock is owned by hedge funds and other institutional investors.

PNM Resources Stock Down 0.2 %

PNM opened at $36.99 on Monday. PNM Resources, Inc. has a 52 week low of $34.63 and a 52 week high of $49.47. The business has a 50 day moving average price of $39.28 and a two-hundred day moving average price of $42.17. The company has a quick ratio of 0.27, a current ratio of 0.33 and a debt-to-equity ratio of 1.71. The company has a market cap of $3.17 billion, a PE ratio of 35.91, a P/E/G ratio of 0.37 and a beta of 0.36.

PNM Resources (NYSE:PNMGet Free Report) last released its quarterly earnings results on Tuesday, February 6th. The utilities provider reported $0.18 EPS for the quarter, topping the consensus estimate of $0.14 by $0.04. PNM Resources had a return on equity of 10.64% and a net margin of 4.54%. The business had revenue of $412.11 million during the quarter, compared to analysts’ expectations of $705.05 million. During the same quarter in the prior year, the business earned $0.15 earnings per share. As a group, research analysts anticipate that PNM Resources, Inc. will post 2.7 EPS for the current year.

PNM Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Stockholders of record on Friday, February 2nd will be paid a dividend of $0.387 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.18%. This is a positive change from PNM Resources’s previous quarterly dividend of $0.37. The ex-dividend date is Thursday, February 1st. PNM Resources’s payout ratio is 150.49%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PNM. Wells Fargo & Company upgraded shares of PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 price objective for the company in a research report on Wednesday, January 3rd. Barclays initiated coverage on PNM Resources in a report on Thursday. They set an “overweight” rating and a $40.00 price objective on the stock. StockNews.com downgraded PNM Resources from a “hold” rating to a “sell” rating in a report on Wednesday, January 17th. TheStreet downgraded PNM Resources from a “b-” rating to a “c+” rating in a research note on Thursday, January 4th. Finally, Mizuho cut PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 price objective for the company. in a research note on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, PNM Resources currently has an average rating of “Hold” and a consensus target price of $46.20.

Read Our Latest Report on PNM Resources

About PNM Resources

(Free Report)

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.

Further Reading

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

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