SG Americas Securities LLC Raises Position in PNM Resources, Inc. (NYSE:PNM)

SG Americas Securities LLC lifted its stake in shares of PNM Resources, Inc. (NYSE:PNM) by 214.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 20,193 shares of the utilities provider’s stock after buying an additional 13,779 shares during the quarter. SG Americas Securities LLC’s holdings in PNM Resources were worth $746,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PNM. Inspire Investing LLC raised its stake in shares of PNM Resources by 3.1% during the first quarter. Inspire Investing LLC now owns 9,530 shares of the utilities provider’s stock valued at $359,000 after purchasing an additional 290 shares during the period. New York State Teachers Retirement System increased its stake in PNM Resources by 0.3% during the 1st quarter. New York State Teachers Retirement System now owns 87,439 shares of the utilities provider’s stock worth $3,291,000 after buying an additional 300 shares during the period. Xponance Inc. lifted 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 buying an additional 356 shares in the last quarter. IFM Investors Pty Ltd boosted its position in PNM Resources by 3.3% in the 1st quarter. IFM Investors Pty Ltd now owns 11,877 shares of the utilities provider’s stock valued at $447,000 after buying an additional 376 shares during the last quarter. Finally, Fortis Group Advisors LLC grew its stake in shares of PNM Resources by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 800 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 400 shares in the last quarter. 91.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently commented on PNM shares. Wells Fargo & Company boosted their price target on PNM Resources from $41.00 to $46.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Evercore ISI started coverage on PNM Resources in a research note on Thursday, May 30th. They set an “in-line” rating and a $38.00 target price for the company. Barclays raised their price target on shares of PNM Resources from $43.00 to $45.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Finally, StockNews.com initiated coverage on shares of PNM Resources in a report on Sunday. They issued a “sell” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $44.20.

PNM Resources Stock Performance

PNM stock opened at $41.77 on Monday. The stock’s 50 day simple moving average is $38.34 and its 200 day simple moving average is $37.56. PNM Resources, Inc. has a 12-month low of $34.63 and a 12-month high of $45.10. The firm has a market cap of $3.77 billion, a P/E ratio of 45.90 and a beta of 0.35. The company has a current ratio of 0.37, a quick ratio of 0.27 and a debt-to-equity ratio of 1.81.

PNM Resources (NYSE:PNM) last issued its earnings results on Wednesday, July 31st. The utilities provider reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05. PNM Resources had a net margin of 4.50% and a return on equity of 10.15%. The company had revenue of $488.10 million for the quarter, compared to analysts’ expectations of $481.02 million. During the same period in the prior year, the company earned $0.55 earnings per share. The firm’s revenue was up 2.3% compared to the same quarter last year. As a group, equities research analysts predict that PNM Resources, Inc. will post 2.72 EPS for the current year.

PNM Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 9th. Stockholders of record on Friday, July 26th were issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 3.71%. The ex-dividend date was Friday, July 26th. PNM Resources’s dividend payout ratio (DPR) is presently 170.33%.

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.