PNM Resources Inc (PNM) Shares Bought by Van ECK Associates Corp
Van ECK Associates Corp lifted its holdings in shares of PNM Resources Inc (NYSE:PNM) by 5.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,651 shares of the utilities provider’s stock after purchasing an additional 833 shares during the quarter. Van ECK Associates Corp’s holdings in PNM Resources were worth $643,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in PNM. IFP Advisors Inc boosted its holdings in PNM Resources by 32.9% during the 4th quarter. IFP Advisors Inc now owns 1,720 shares of the utilities provider’s stock valued at $70,000 after acquiring an additional 426 shares during the period. Advisors Asset Management Inc. boosted its stake in shares of PNM Resources by 1.8% in the 4th quarter. Advisors Asset Management Inc. now owns 26,882 shares of the utilities provider’s stock valued at $1,105,000 after buying an additional 481 shares during the period. Comerica Bank boosted its stake in shares of PNM Resources by 1.2% in the 4th quarter. Comerica Bank now owns 52,292 shares of the utilities provider’s stock valued at $2,194,000 after buying an additional 598 shares during the period. Arizona State Retirement System boosted its stake in shares of PNM Resources by 1.1% in the 4th quarter. Arizona State Retirement System now owns 57,171 shares of the utilities provider’s stock valued at $2,349,000 after buying an additional 613 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in shares of PNM Resources by 38.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,925 shares of the utilities provider’s stock valued at $162,000 after buying an additional 1,100 shares during the period. Institutional investors and hedge funds own 90.06% of the company’s stock.
Shares of NYSE PNM traded up $0.30 during midday trading on Friday, hitting $46.83. 1,859 shares of the company’s stock were exchanged, compared to its average volume of 421,605. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.45 and a current ratio of 0.59. PNM Resources Inc has a twelve month low of $34.95 and a twelve month high of $47.39. The firm has a market capitalization of $3.76 billion, a PE ratio of 23.45, a price-to-earnings-growth ratio of 4.74 and a beta of 0.28.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Wednesday, May 1st. PNM Resources’s dividend payout ratio (DPR) is presently 58.00%.
In other news, VP Joseph Don Tarry sold 1,092 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $44.89, for a total transaction of $49,019.88. Following the sale, the vice president now owns 11,882 shares of the company’s stock, valued at approximately $533,382.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Charles N. Eldred sold 14,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $44.64, for a total value of $624,960.00. Following the sale, the chief financial officer now directly owns 108,289 shares in the company, valued at approximately $4,834,020.96. The disclosure for this sale can be found here. Insiders have sold a total of 24,953 shares of company stock worth $1,110,564 in the last three months. Corporate insiders own 1.25% of the company’s stock.
Several equities analysts have recently issued reports on PNM shares. Barclays lifted their price objective on PNM Resources from $38.00 to $39.00 and gave the company a “sell” rating in a research note on Monday, November 19th. Bank of America reiterated an “underperform” rating and issued a $42.00 price objective (up previously from $39.00) on shares of PNM Resources in a research note on Tuesday, December 4th. Zacks Investment Research upgraded PNM Resources from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research note on Saturday, January 12th. Finally, Mizuho cut PNM Resources from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $39.50 to $38.50 in a research note on Monday, January 14th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $42.75.
PNM Resources Company 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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