Paloma Partners Management Co acquired a new stake in PNM Resources Inc (NYSE:PNM) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 20,056 shares of the utilities provider’s stock, valued at approximately $812,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Raymond James & Associates raised its stake in PNM Resources by 6.6% in the fourth quarter. Raymond James & Associates now owns 70,857 shares of the utilities provider’s stock valued at $2,866,000 after buying an additional 4,379 shares in the last quarter. Two Sigma Advisers LP raised its stake in PNM Resources by 678.8% in the fourth quarter. Two Sigma Advisers LP now owns 102,226 shares of the utilities provider’s stock valued at $4,135,000 after buying an additional 89,100 shares in the last quarter. Cornercap Investment Counsel Inc. acquired a new stake in PNM Resources in the fourth quarter valued at $748,000. Guggenheim Capital LLC raised its stake in PNM Resources by 182.1% in the fourth quarter. Guggenheim Capital LLC now owns 152,289 shares of the utilities provider’s stock valued at $6,163,000 after buying an additional 98,314 shares in the last quarter. Finally, Deutsche Bank AG raised its stake in PNM Resources by 171.0% in the fourth quarter. Deutsche Bank AG now owns 273,492 shares of the utilities provider’s stock valued at $11,060,000 after buying an additional 172,560 shares in the last quarter. Institutional investors and hedge funds own 91.79% of the company’s stock.
Shares of PNM stock opened at $37.00 on Wednesday. The company has a current ratio of 0.35, a quick ratio of 0.27 and a debt-to-equity ratio of 1.24. PNM Resources Inc has a 52-week low of $33.75 and a 52-week high of $46.00. The company has a market capitalization of $2,955.15, a PE ratio of 19.12, a PEG ratio of 3.46 and a beta of 0.34.
PNM Resources (NYSE:PNM) last posted its earnings results on Tuesday, February 27th. The utilities provider reported $0.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.05. PNM Resources had a return on equity of 8.71% and a net margin of 5.55%. The business had revenue of $332.61 million for the quarter, compared to analysts’ expectations of $330.25 million. During the same quarter in the previous year, the firm earned $0.34 earnings per share. research analysts forecast 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. Stockholders of record on Wednesday, May 2nd will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date is Tuesday, May 1st. PNM Resources’s dividend payout ratio (DPR) is currently 106.00%.
In other news, CFO Charles N. Eldred sold 1,500 shares of PNM Resources stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $35.55, for a total transaction of $53,325.00. Following the sale, the chief financial officer now owns 115,888 shares in the company, valued at $4,119,818.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Joseph Don Tarry sold 2,954 shares of PNM Resources stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $35.70, for a total value of $105,457.80. Following the sale, the vice president now owns 13,845 shares in the company, valued at approximately $494,266.50. The disclosure for this sale can be found here. Insiders have sold 7,616 shares of company stock worth $272,457 in the last quarter. Insiders own 1.26% of the company’s stock.
A number of research firms have weighed in on PNM. Zacks Investment Research upgraded PNM Resources from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Tuesday, March 6th. Wells Fargo set a $38.00 price target on PNM Resources and gave the company a “hold” rating in a research note on Wednesday, February 28th. SunTrust Banks set a $34.00 price target on PNM Resources and gave the company a “hold” rating in a research note on Monday, February 12th. UBS began coverage on PNM Resources in a research note on Friday, February 2nd. They issued a “sell” rating and a $36.00 price target on the stock. Finally, Royal Bank of Canada restated a “hold” rating and issued a $40.00 price target on shares of PNM Resources in a research note on Thursday, February 1st. Four research 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’s stock. The company currently has a consensus rating of “Hold” and an average target price of $38.66.
About PNM Resources
PNM Resources, Inc, through its subsidiaries, engages in the energy and energy-related businesses 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 is primarily involved in the generation, transmission, and distribution of electricity.
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