Jennison Associates LLC Has $9.59 Million Position in PNM Resources, Inc. (NYSE:PNM)

Jennison Associates LLC reduced its stake in shares of PNM Resources, Inc. (NYSE:PNM) by 7.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 230,438 shares of the utilities provider’s stock after selling 19,868 shares during the quarter. Jennison Associates LLC owned 0.27% of PNM Resources worth $9,586,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. International Assets Investment Management LLC increased its stake in shares of PNM Resources by 4,061.5% in the fourth quarter. International Assets Investment Management LLC now owns 1,082 shares of the utilities provider’s stock valued at $45,000 after buying an additional 1,056 shares in the last quarter. Allworth Financial LP increased its stake in shares of PNM Resources by 59.5% in the third quarter. Allworth Financial LP now owns 1,088 shares of the utilities provider’s stock valued at $49,000 after buying an additional 406 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of PNM Resources by 64.7% in the third quarter. Fifth Third Bancorp now owns 1,100 shares of the utilities provider’s stock valued at $49,000 after buying an additional 432 shares in the last quarter. Millburn Ridgefield Corp acquired a new stake in shares of PNM Resources in the third quarter valued at $66,000. Finally, Catalyst Capital Advisors LLC acquired a new stake in shares of PNM Resources in the third quarter valued at $66,000. 91.68% of the stock is currently owned by institutional investors and hedge funds.

PNM Resources Price Performance

Shares of PNM opened at $36.32 on Friday. The company has a current ratio of 0.39, a quick ratio of 0.31 and a debt-to-equity ratio of 1.77. PNM Resources, Inc. has a 1 year low of $34.63 and a 1 year high of $48.71. The stock has a market cap of $3.28 billion, a P/E ratio of 35.26, a price-to-earnings-growth ratio of 10.04 and a beta of 0.35. The stock’s 50-day moving average price is $37.06 and its two-hundred day moving average price is $39.43.

PNM Resources (NYSE:PNM) last issued its earnings results on Tuesday, February 6th. The utilities provider reported $0.18 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $412.11 million for the quarter, compared to analysts’ expectations of $705.05 million. During the same quarter last year, the business earned $0.15 earnings per share. On average, equities analysts predict that PNM Resources, Inc. will post 2.7 earnings per share for the current year.

PNM Resources Dividend Announcement

The firm 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 dividend of $0.387 per share. This represents a $1.55 annualized dividend and a dividend yield of 4.26%. The ex-dividend date is Thursday, April 25th. PNM Resources’s dividend payout ratio (DPR) is presently 150.49%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PNM shares. Mizuho lowered PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 target price for the company. in a research note on Wednesday, January 3rd. TheStreet cut PNM Resources from a “b-” rating to a “c+” rating in a report on Thursday, January 4th. StockNews.com cut PNM Resources from a “hold” rating to a “sell” rating in a report on Wednesday, January 17th. Barclays raised their price target on PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Finally, Wells Fargo & Company upgraded PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 price target on the stock in a report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $46.80.

PNM Resources 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.