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Manufacturers’ Life Insurance Company reduced its stake in PNM Resources (NYSE: PNM – Get Rating) by 9.2% in the third quarter, according to its latest Form 13F filed with the SEC. The institutional investor owned 99,843 shares in the utility company after selling 10,142 of his shares during the quarter. Manufacturers’ Life Insurance Company said at the end of the most recent quarter he owned 0.12% of his PNM resources worth $4,566,000.
Other big investors have also recently changed positions in the company. Quadrant Capital Group LLC raised his 265.5% stake in PNM Resources in the second quarter. Quadrant Capital Group LLC owns 541 shares of the utility company worth $26,000 after acquiring an additional 393 shares in the previous quarter. Wipfli Financial Advisors LLC purchased new shares in his PNM Resources worth approximately $26,000 in the third quarter. Trust Co. of Vermont purchased his stake in PNM Resources in the second quarter for approximately $72,000. Captrust Financial Advisors upped his stake in PNM Resources by 14.8% in the first quarter. Captrust Financial Advisors owns 2,626 shares in a utility company valued at $125,000 after acquiring an additional 339 shares in the previous quarter. Finally, Meeder Asset Management Inc. increased his stake in PNM Resources by 161.0% in the second quarter. Meeder Asset Management Inc. owns 3,946 shares of the utility company valued at $189,000 after acquiring an additional 2,434 shares in the previous quarter. 89.88% of the shares are owned by hedge funds and other institutional investors.
Analyst upgrades and downgrades
Several research analysts recently published reports on equities. Mizuho downgraded PNM Resources’ stock from a ‘buy’ rating to a ‘neutral’ rating and lowered his price target from $51.00 to $50.30, in his Monday, January 9 report. StockNews.com covered his stake in PNM Resources in a report on Wednesday, Oct. 12. They issued a “Hold” rating on the stock. Finally, Wells Fargo & Company raised its price target on PNM Resources stock to $48.00 in a report on Wednesday, December 14th.
0.2% reduction in inventory of PNM resources
PNM Resources shares opened at $49.17 on Tuesday. The company has an equity ratio of 1.73, a quick ratio of 0.52 and a current ratio of 0.61. PNM Resources, Inc. has a 52-week low of $43.43 and a 52-week high of $49.60. The stock has a market capitalization of $4.22 billion, a price/earnings ratio of 25.61, a P/E/G ratio of 4.39 and a beta of 0.41. The company has a 50-day moving average price of $48.98 and a 200-day moving average price of $47.84.
PNM Resources (NYSE:PNM – Get Rating) reported final results on Friday, November 4th. The utility posted earnings per share (EPS) of $1.46 for the quarter, beating consensus expectations of $1.29 by $0.17. The company’s quarterly revenue was $729.89 million. PNM Resources had a net profit margin of 8.03% and a return on equity of 10.72%. Equity research analysts expect PNM Resources, Inc. to post 2.6 EPS this year.
PNM resource increases dividend
The company recently announced a quarterly dividend payable on Friday, February 17th. Dividends of $0.368 will be issued to investors of record on Friday, February 3rd. The ex-dividend date is Thursday, February 2nd. This represents his $1.47 dividend and his 2.99% yield on an annualized basis. This is an increase from PNM Resources’ previous quarterly dividend of $0.35. PNM Resources has a payout percentage of 72.40%.
PNM Resources Company Profile
(get rating)
PNM Resources, Inc operates as an investor-owned holding company and provides power and utility services in New Mexico and Texas. It operates through the following segments: New Mexico Public Service Company (PNM), Texas and New Mexico Power Company (TNMP), and Corporate and Other. The PNM segment includes the Company’s retail electricity business.
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