Allworth Financial LP Lowers Holdings in PNM Resources, Inc. (NYSE:PNM)

Allworth Financial LP decreased its holdings in PNM Resources, Inc. (NYSE:PNM) by 40.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 644 shares of the utilities provider’s stock after selling 444 shares during the quarter. Allworth Financial LP’s holdings in PNM Resources were worth $27,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Arizona State Retirement System grew its holdings in PNM Resources by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 23,217 shares of the utilities provider’s stock valued at $1,036,000 after buying an additional 313 shares during the period. Franklin Resources Inc. grew its holdings in PNM Resources by 2.1% in the 2nd quarter. Franklin Resources Inc. now owns 16,128 shares of the utilities provider’s stock valued at $727,000 after buying an additional 338 shares during the period. Captrust Financial Advisors lifted its stake in shares of PNM Resources by 14.8% in the 1st quarter. Captrust Financial Advisors now owns 2,626 shares of the utilities provider’s stock valued at $125,000 after purchasing an additional 339 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of PNM Resources by 0.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 44,588 shares of the utilities provider’s stock valued at $1,989,000 after purchasing an additional 400 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of PNM Resources by 1.4% in the 4th quarter. AQR Capital Management LLC now owns 31,094 shares of the utilities provider’s stock valued at $1,517,000 after purchasing an additional 420 shares in the last quarter. Hedge funds and other institutional investors own 91.68% of the company’s stock.

PNM Resources Stock Performance

Shares of PNM opened at $36.23 on Monday. The business’s 50 day moving average is $37.15 and its two-hundred day moving average is $39.90. PNM Resources, Inc. has a 52-week low of $34.63 and a 52-week high of $49.08. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 35.18, a PEG ratio of 0.37 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.39 and a debt-to-equity ratio of 1.77.

PNM Resources (NYSE:PNM) last issued its quarterly earnings results on Tuesday, February 6th. The utilities provider reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.04. PNM Resources had a return on equity of 10.51% and a net margin of 4.54%. The business had revenue of $412.11 million during the quarter, compared to the consensus estimate of $705.05 million. During the same period in the previous year, the business earned $0.15 EPS. Analysts forecast that PNM Resources, Inc. will post 2.66 EPS for the current fiscal year.

PNM Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 26th will be issued a $0.387 dividend. The ex-dividend date is Thursday, April 25th. This represents a $1.55 annualized dividend and a dividend yield of 4.27%. PNM Resources’s dividend payout ratio (DPR) is 150.49%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PNM. Mizuho lowered PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 price objective on the stock. in a research note on Wednesday, January 3rd. StockNews.com lowered PNM Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, January 17th. Barclays assumed coverage on PNM Resources in a research report on Thursday, February 8th. They set an “overweight” rating and a $40.00 price target on the stock. Wells Fargo & Company raised PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 price target on the stock in a research report on Wednesday, January 3rd. Finally, TheStreet lowered PNM Resources from a “b-” rating to a “c+” rating in a research report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $46.20.

PNM Resources Company Profile

PNM Resources, 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.