Wedge Capital Management L L P NC Decreases Position in PNM Resources Inc (NYSE:PNM)

Wedge Capital Management L L P NC cut its position in PNM Resources Inc (NYSE:PNM) by 44.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 12,197 shares of the utilities provider’s stock after selling 9,694 shares during the period. Wedge Capital Management L L P NC’s holdings in PNM Resources were worth $635,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its stake in shares of PNM Resources by 6.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 7,402,748 shares of the utilities provider’s stock worth $376,874,000 after acquiring an additional 449,729 shares during the period. Nuveen Asset Management LLC grew its stake in shares of PNM Resources by 5,554.4% in the second quarter. Nuveen Asset Management LLC now owns 358,152 shares of the utilities provider’s stock worth $18,233,000 after acquiring an additional 351,818 shares during the period. Vanguard Group Inc. grew its stake in shares of PNM Resources by 2.0% in the second quarter. Vanguard Group Inc. now owns 9,394,723 shares of the utilities provider’s stock worth $478,285,000 after acquiring an additional 187,521 shares during the period. Grantham Mayo Van Otterloo & Co. LLC grew its stake in shares of PNM Resources by 66.6% in the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 320,800 shares of the utilities provider’s stock worth $16,332,000 after acquiring an additional 128,200 shares during the period. Finally, Retirement Systems of Alabama grew its stake in shares of PNM Resources by 110.8% in the third quarter. Retirement Systems of Alabama now owns 218,444 shares of the utilities provider’s stock worth $11,377,000 after acquiring an additional 114,838 shares during the period. 90.35% of the stock is owned by institutional investors and hedge funds.

NYSE PNM traded down $0.26 during trading hours on Friday, hitting $47.85. 285,138 shares of the company’s stock traded hands, compared to its average volume of 388,745. The business’s fifty day moving average price is $51.46 and its two-hundred day moving average price is $49.88. The company has a current ratio of 0.36, a quick ratio of 0.34 and a debt-to-equity ratio of 1.48. The firm has a market capitalization of $3.93 billion, a P/E ratio of 23.93, a P/E/G ratio of 4.21 and a beta of 0.18. PNM Resources Inc has a 52 week low of $39.51 and a 52 week high of $52.98.

PNM Resources (NYSE:PNM) last announced its earnings results on Friday, November 1st. The utilities provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.04. The company had revenue of $433.59 million during the quarter, compared to analyst estimates of $562.33 million. PNM Resources had a negative net margin of 0.64% and a positive return on equity of 9.18%. During the same period in the previous year, the business posted $1.08 earnings per share. On average, sell-side analysts expect that PNM Resources Inc will post 2.09 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 1st will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.16 annualized dividend and a yield of 2.42%. PNM Resources’s dividend payout ratio (DPR) is 58.00%.

A number of brokerages have recently commented on PNM. UBS Group lifted their price target on shares of PNM Resources from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Friday, September 6th. TheStreet upgraded shares of PNM Resources from a “c+” rating to a “b-” rating in a research note on Thursday, August 29th. Mizuho lifted their price target on shares of PNM Resources from $52.50 to $54.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Wells Fargo & Co reiterated a “hold” rating on shares of PNM Resources in a research note on Friday, November 1st. Finally, Zacks Investment Research lowered shares of PNM Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $51.86.

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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Institutional Ownership by Quarter for PNM Resources (NYSE:PNM)

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