Jennison Associates LLC Has $9.59 Million Position in PNM Resources, Inc. (NYSE:PNM)

Jennison Associates LLC lessened its position in PNM Resources, Inc. (NYSE:PNM) by 7.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 230,438 shares of the utilities provider’s stock after selling 19,868 shares during the quarter. Jennison Associates LLC’s holdings in PNM Resources were worth $9,586,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Arizona State Retirement System increased its holdings in PNM Resources by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 23,217 shares of the utilities provider’s stock worth $1,036,000 after purchasing an additional 313 shares in the last quarter. Xponance Inc. increased its holdings in PNM Resources by 2.9% in the 4th quarter. Xponance Inc. now owns 12,598 shares of the utilities provider’s stock worth $524,000 after purchasing an additional 356 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in PNM Resources by 0.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 44,588 shares of the utilities provider’s stock worth $1,989,000 after purchasing an additional 400 shares in the last quarter. Allworth Financial LP increased its holdings in PNM Resources by 59.5% in the 3rd quarter. Allworth Financial LP now owns 1,088 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 406 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in PNM Resources by 64.7% in the 3rd quarter. Fifth Third Bancorp now owns 1,100 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 432 shares in the last quarter. Institutional investors and hedge funds own 91.68% of the company’s stock.

PNM Resources Price Performance

Shares of NYSE:PNM opened at $36.32 on Friday. The business’s 50 day simple moving average is $37.06 and its two-hundred day simple moving average is $39.43. The firm has a market cap of $3.28 billion, a P/E ratio of 35.26, a PEG ratio of 10.04 and a beta of 0.35. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.31 and a current ratio of 0.39. PNM Resources, Inc. has a 52-week low of $34.63 and a 52-week high of $48.71.

PNM Resources (NYSE:PNM) last announced its quarterly earnings results on Tuesday, February 6th. The utilities provider reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.04. The business had revenue of $412.11 million for the quarter, compared to analyst estimates of $705.05 million. PNM Resources had a return on equity of 10.51% and a net margin of 4.54%. During the same quarter in the prior year, the company earned $0.15 earnings per share. As a group, research analysts forecast that PNM Resources, Inc. will post 2.7 EPS for the current fiscal year.

PNM Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Friday, April 26th will be given a dividend of $0.387 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date of this dividend is Thursday, April 25th. PNM Resources’s payout ratio is 150.49%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PNM shares. TheStreet cut PNM Resources from a “b-” rating to a “c+” rating in a research note on Thursday, January 4th. Mizuho cut PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 price target for the company. in a research note on Wednesday, January 3rd. StockNews.com cut PNM Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, January 17th. Barclays increased their price target on PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Finally, Wells Fargo & Company raised PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 price target for the company in a research note on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $46.80.

PNM Resources Profile

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.