Magellan Asset Management Ltd Takes Position in TXNM Energy, Inc. $TXNM

Magellan Asset Management Ltd bought a new stake in TXNM Energy, Inc. (NYSE:TXNM) in the second quarter, HoldingsChannel reports. The institutional investor bought 116,027 shares of the company’s stock, valued at approximately $6,588,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC acquired a new position in TXNM Energy during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC boosted its stake in shares of TXNM Energy by 17.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,257 shares of the company’s stock worth $73,000 after acquiring an additional 184 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of TXNM Energy by 23.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,262 shares of the company’s stock worth $74,000 after acquiring an additional 236 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of TXNM Energy in the 4th quarter worth approximately $74,000. Finally, Larson Financial Group LLC grew its holdings in shares of TXNM Energy by 81.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,385 shares of the company’s stock worth $78,000 after acquiring an additional 623 shares during the period. Hedge funds and other institutional investors own 91.68% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on TXNM shares. Weiss Ratings raised TXNM Energy from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, August 3rd. Wall Street Zen upgraded TXNM Energy from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $61.25.

TXNM Energy Price Performance

TXNM stock opened at $57.27 on Monday. The stock’s 50 day moving average price is $57.34 and its 200 day moving average price is $58.37. The firm has a market cap of $5.90 billion, a P/E ratio of 31.64, a PEG ratio of 2.47 and a beta of 0.17. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.39 and a current ratio of 0.56. TXNM Energy, Inc. has a 1 year low of $55.64 and a 1 year high of $59.53.

TXNM Energy (NYSE:TXNM) last issued its quarterly earnings results on Friday, July 31st. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The business had revenue of $548.55 million during the quarter, compared to the consensus estimate of $567.00 million. TXNM Energy had a net margin of 9.04% and a return on equity of 8.11%. On average, sell-side analysts expect that TXNM Energy, Inc. will post 3.07 earnings per share for the current fiscal year.

TXNM Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were issued a $0.4225 dividend. The ex-dividend date was Monday, August 3rd. This represents a $1.69 annualized dividend and a yield of 3.0%. TXNM Energy’s payout ratio is 93.37%.

About TXNM Energy

TXNM Energy, 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. The segment owns and leases communications, office and other equipment, office space, vehicles, and real estate. It generates electricity using coal, natural gas and oil, and nuclear fuel and waste, as well as solar, wind, geothermal, and battery storage energy sources.