State of New Jersey Common Pension Fund D Boosts Stake in PNM Resources, Inc. (NYSE:PNM)

State of New Jersey Common Pension Fund D increased its position in PNM Resources, Inc. (NYSE:PNM) by 6.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 59,797 shares of the utilities provider’s stock after purchasing an additional 3,425 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.07% of PNM Resources worth $2,488,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Asset Management One Co. Ltd. bought a new stake in shares of PNM Resources during the 3rd quarter valued at $522,000. Raymond James & Associates purchased a new stake in PNM Resources in the third quarter worth about $978,000. Bank of New York Mellon Corp increased its stake in shares of PNM Resources by 23.4% during the third quarter. Bank of New York Mellon Corp now owns 1,253,239 shares of the utilities provider’s stock valued at $55,907,000 after purchasing an additional 237,654 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of PNM Resources by 15.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,582 shares of the utilities provider’s stock valued at $651,000 after purchasing an additional 1,977 shares during the last quarter. Finally, IFM Investors Pty Ltd boosted its position in shares of PNM Resources by 8.5% in the 3rd quarter. IFM Investors Pty Ltd now owns 11,422 shares of the utilities provider’s stock worth $510,000 after purchasing an additional 899 shares in the last quarter. 91.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PNM shares. Mizuho lowered PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 price objective for the company. in a research report on Wednesday, January 3rd. Barclays upped their price target on shares of PNM Resources from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. TheStreet lowered shares of PNM Resources from a “b-” rating to a “c+” rating in a research note on Thursday, January 4th. Wells Fargo & Company upgraded shares of PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 target price on the stock in a research note on Wednesday, January 3rd. Finally, StockNews.com downgraded shares of PNM Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, January 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $46.80.

PNM Resources Stock Performance

Shares of NYSE PNM opened at $37.38 on Thursday. The firm’s 50-day moving average price is $37.03 and its 200-day moving average price is $39.26. PNM Resources, Inc. has a 52-week low of $34.63 and a 52-week high of $48.71. The company has a market cap of $3.37 billion, a PE ratio of 41.08, a PEG ratio of 10.24 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.39 and a debt-to-equity ratio of 1.77.

PNM Resources (NYSE:PNM) last issued its earnings results on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.27). The company had revenue of $436.90 million during the quarter, compared to analysts’ expectations of $531.00 million. PNM Resources had a return on equity of 9.99% and a net margin of 4.38%. The company’s revenue for the quarter was down 19.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.55 EPS. As a group, analysts anticipate that PNM Resources, Inc. will post 2.7 EPS for the current year.

PNM Resources Dividend Announcement

The company also recently disclosed 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 yield of 4.14%. The ex-dividend date of this dividend is Thursday, April 25th. PNM Resources’s dividend payout ratio (DPR) is presently 170.33%.

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.