California Public Employees Retirement System reduced its stake in PNM Resources (NYSE:PNM) by 15.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 198,430 shares of the utilities provider’s stock after selling 36,871 shares during the quarter. California Public Employees Retirement System owned about 0.25% of PNM Resources worth $7,590,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of PNM. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of PNM Resources by 41.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,807 shares of the utilities provider’s stock worth $194,000 after purchasing an additional 1,399 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of PNM Resources by 315.8% in the 4th quarter. Teacher Retirement System of Texas now owns 27,307 shares of the utilities provider’s stock worth $1,105,000 after purchasing an additional 20,739 shares in the last quarter. Swiss National Bank boosted its position in shares of PNM Resources by 2.0% in the 4th 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. New Mexico Educational Retirement Board bought a new stake in shares of PNM Resources in the 4th quarter worth approximately $797,000. Finally, Wells Fargo & Company MN boosted its position in shares of PNM Resources by 23.9% in the 4th quarter. Wells Fargo & Company MN now owns 301,264 shares of the utilities provider’s stock worth $12,187,000 after purchasing an additional 58,113 shares in the last quarter. 90.55% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently commented on PNM shares. Zacks Investment Research raised PNM Resources from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Tuesday, March 6th. ValuEngine raised PNM Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, April 24th. SunTrust Banks reaffirmed a “hold” rating and issued a $37.00 price objective on shares of PNM Resources in a research report on Monday, April 2nd. Finally, Wells Fargo & Co set a $38.00 price objective on PNM Resources and gave the company a “hold” rating in a research report on Wednesday, February 28th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $38.91.
PNM Resources opened at $37.80 on Thursday, Marketbeat.com reports. The company has a market capitalization of $3.01 billion, a P/E ratio of 19.48, a price-to-earnings-growth ratio of 3.96 and a beta of 0.27. PNM Resources has a 12-month low of $33.75 and a 12-month high of $46.00. The company has a current ratio of 0.35, a quick ratio of 0.27 and a debt-to-equity ratio of 1.30.
PNM Resources (NYSE:PNM) last announced its earnings results on Friday, April 27th. The utilities provider reported $0.21 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.21. The business had revenue of $317.88 million during the quarter, compared to analyst estimates of $257.44 million. PNM Resources had a net margin of 5.03% and a return on equity of 8.41%. During the same period in the previous year, the business earned $0.28 EPS. analysts forecast that PNM Resources will post 1.87 EPS for the current year.
In related news, Director Norman P. Becker bought 1,250 shares of the firm’s stock in a transaction on Tuesday, May 8th. The stock was acquired at an average cost of $38.50 per share, for a total transaction of $48,125.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.25% of the stock is currently owned by insiders.
PNM Resources Profile
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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