Cornercap Investment Counsel Inc. acquired a new stake in PNM Resources Inc (NYSE:PNM) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 18,495 shares of the utilities provider’s stock, valued at approximately $748,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. James Investment Research Inc. increased its holdings in PNM Resources by 15.6% in the fourth quarter. James Investment Research Inc. now owns 223,574 shares of the utilities provider’s stock valued at $9,043,000 after buying an additional 30,172 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of PNM Resources by 36.3% during the fourth quarter. Lazard Asset Management LLC now owns 445,740 shares of the utilities provider’s stock worth $18,029,000 after purchasing an additional 118,715 shares in the last quarter. Van ECK Associates Corp purchased a new stake in shares of PNM Resources during the third quarter worth about $374,000. Swiss National Bank increased its stake in shares of PNM Resources by 2.0% during the fourth quarter. Swiss National Bank now owns 135,700 shares of the utilities provider’s stock worth $5,489,000 after purchasing an additional 2,600 shares in the last quarter. Finally, 361 Capital LLC purchased a new stake in shares of PNM Resources during the third quarter worth about $2,034,000. 91.80% of the stock is owned by institutional investors.
PNM Resources Inc (NYSE PNM) opened at $36.15 on Wednesday. The firm has a market cap of $2,883.46, a PE ratio of 18.66, a P/E/G ratio of 3.38 and a beta of 0.34. PNM Resources Inc has a 52-week low of $33.75 and a 52-week high of $46.00. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.27 and a current ratio of 0.35.
PNM Resources (NYSE:PNM) last posted its quarterly earnings results on Tuesday, February 27th. The utilities provider reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. The firm had revenue of $332.61 million for the quarter, compared to analyst estimates of $330.25 million. PNM Resources had a net margin of 5.55% and a return on equity of 8.71%. During the same period in the previous year, the business posted $0.34 earnings per share. analysts anticipate that PNM Resources Inc will post 1.86 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 16th. Shareholders of record on Wednesday, May 2nd will be issued a $0.265 dividend. The ex-dividend date of this dividend is Tuesday, May 1st. This represents a $1.06 annualized dividend and a yield of 2.93%. PNM Resources’s payout ratio is 106.00%.
PNM has been the subject of a number of research reports. Zacks Investment Research cut shares of PNM Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. SunTrust Banks set a $35.00 target price on shares of PNM Resources and gave the stock a “hold” rating in a research note on Monday, February 5th. Mizuho reissued a “sell” rating and set a $30.50 target price on shares of PNM Resources in a research note on Thursday, January 11th. UBS Group initiated coverage on shares of PNM Resources in a research note on Friday, February 2nd. They set a “sell” rating and a $36.00 target price for the company. Finally, Royal Bank of Canada reissued a “hold” rating and set a $40.00 target price on shares of PNM Resources in a research note on Thursday, February 1st. Four analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $38.66.
In other PNM Resources news, CFO Charles N. Eldred sold 1,500 shares of the business’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $35.55, for a total value of $53,325.00. Following the transaction, the chief financial officer now directly owns 115,888 shares in the company, valued at approximately $4,119,818.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Ronald N. Darnell sold 3,162 shares of the business’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $35.95, for a total transaction of $113,673.90. Following the completion of the transaction, the senior vice president now owns 29,726 shares in the company, valued at $1,068,649.70. The disclosure for this sale can be found here. Insiders sold a total of 7,616 shares of company stock worth $272,457 over the last quarter. 1.26% of the stock is currently owned by company insiders.
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About PNM Resources
PNM Resources, Inc (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other.
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