Bessemer Group Inc. increased its stake in PNM Resources Inc (NYSE:PNM) by 118.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,600 shares of the utilities provider’s stock after buying an additional 29,563 shares during the period. Bessemer Group Inc. owned about 0.07% of PNM Resources worth $2,124,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the stock. Hartford Investment Management Co. acquired a new stake in PNM Resources in the second quarter worth about $207,000. Zeke Capital Advisors LLC lifted its holdings in PNM Resources by 55.2% in the 1st quarter. Zeke Capital Advisors LLC now owns 7,698 shares of the utilities provider’s stock valued at $294,000 after acquiring an additional 2,739 shares during the last quarter. Dalton Greiner Hartman Maher & Co. acquired a new stake in PNM Resources in the 2nd quarter valued at about $323,000. Jane Street Group LLC acquired a new stake in PNM Resources in the 4th quarter valued at about $346,000. Finally, Ramsey Quantitative Systems acquired a new stake in PNM Resources in the 2nd quarter valued at about $338,000. Institutional investors and hedge funds own 90.47% of the company’s stock.
A number of equities research analysts have weighed in on the stock. Zacks Investment Research raised shares of PNM Resources from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a report on Thursday, August 2nd. ValuEngine downgraded PNM Resources from a “hold” rating to a “sell” rating in a report on Monday, June 11th. Finally, Barclays began coverage on PNM Resources in a report on Tuesday, July 10th. They set an “underweight” rating and a $37.00 price objective on the stock. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $38.88.
PNM Resources (NYSE:PNM) last announced its quarterly earnings results on Tuesday, July 31st. The utilities provider reported $0.53 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.10. The business had revenue of $352.30 million during the quarter, compared to analysts’ expectations of $362.10 million. PNM Resources had a return on equity of 8.58% and a net margin of 5.12%. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.49 EPS. sell-side analysts expect that PNM Resources Inc will post 1.94 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 17th. Investors of record on Monday, August 6th will be paid a $0.265 dividend. The ex-dividend date is Friday, August 3rd. This represents a $1.06 annualized dividend and a dividend yield of 2.64%. PNM Resources’s payout ratio is 54.64%.
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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