Clearbridge LLC Has $15.48 Million Stake in PNM Resources Inc (PNM)

Clearbridge LLC cut its holdings in shares of PNM Resources Inc (NYSE:PNM) by 27.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 382,719 shares of the utilities provider’s stock after selling 143,655 shares during the period. Clearbridge LLC’s holdings in PNM Resources were worth $15,481,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in PNM Resources by 41.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,807 shares of the utilities provider’s stock worth $194,000 after purchasing an additional 1,399 shares during the period. Parametrica Management Ltd acquired a new stake in PNM Resources in the fourth quarter worth approximately $200,000. World Asset Management Inc acquired a new stake in PNM Resources in the third quarter worth approximately $206,000. Signition LP acquired a new stake in PNM Resources in the fourth quarter worth approximately $223,000. Finally, Acadian Asset Management LLC acquired a new stake in PNM Resources in the fourth quarter worth approximately $229,000. Hedge funds and other institutional investors own 91.86% of the company’s stock.

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Shares of PNM Resources Inc (PNM) opened at $35.70 on Friday. PNM Resources Inc has a 52-week low of $33.75 and a 52-week high of $46.00. The company has a market capitalization of $2,840.00, a price-to-earnings ratio of 26.06, a PEG ratio of 3.33 and a beta of 0.34. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.27 and a current ratio of 0.35.

PNM Resources (NYSE:PNM) last announced its earnings results on Tuesday, February 27th. The utilities provider reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.05. PNM Resources had a net margin of 5.55% and a return on equity of 8.71%. The company had revenue of $332.61 million for the quarter, compared to the consensus estimate of $330.25 million. During the same period in the previous year, the business earned $0.34 EPS. sell-side analysts forecast that PNM Resources Inc will post 1.83 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 16th. Shareholders of record on Wednesday, May 2nd will be paid a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Tuesday, May 1st. PNM Resources’s dividend payout ratio (DPR) is currently 77.37%.

In other PNM Resources news, CFO Charles N. Eldred sold 1,500 shares of the business’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $35.55, for a total transaction of $53,325.00. Following the sale, the chief financial officer now directly owns 115,888 shares of the company’s stock, valued at approximately $4,119,818.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Ronald N. Darnell sold 3,162 shares of the business’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $35.95, for a total transaction of $113,673.90. Following the sale, the senior vice president now directly owns 29,726 shares in the company, valued at $1,068,649.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,616 shares of company stock worth $272,457. Company insiders own 1.26% of the company’s stock.

A number of equities research analysts have weighed in on the company. Zacks Investment Research upgraded PNM Resources from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Tuesday. Wells Fargo & Co set a $38.00 price objective on PNM Resources and gave the company a “hold” rating in a research report on Wednesday, February 28th. SunTrust Banks set a $35.00 price objective on PNM Resources and gave the company a “hold” rating in a research report on Monday, February 5th. Mizuho reiterated a “sell” rating and set a $30.50 price objective on shares of PNM Resources in a research report on Thursday, January 11th. Finally, UBS Group initiated coverage on PNM Resources in a research report on Friday, February 2nd. They set a “sell” rating and a $36.00 price objective for the company. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. PNM Resources has a consensus rating of “Hold” and a consensus price target of $38.66.

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About PNM Resources

PNM Resources, Inc (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other.

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Institutional Ownership by Quarter for PNM Resources (NYSE:PNM)

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