Assenagon Asset Management S.A. Purchases New Holdings in PNM Resources Inc (PNM)

Assenagon Asset Management S.A. purchased a new stake in PNM Resources Inc (NYSE:PNM) in the 1st quarter, HoldingsChannel.com reports. The fund purchased 134,455 shares of the utilities provider’s stock, valued at approximately $6,365,000.

A number of other large investors have also recently made changes to their positions in the business. IFP Advisors Inc boosted its holdings in PNM Resources by 32.9% in the 4th quarter. IFP Advisors Inc now owns 1,720 shares of the utilities provider’s stock valued at $70,000 after purchasing an additional 426 shares during the period. Advisors Asset Management Inc. boosted its holdings in 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 purchasing an additional 481 shares during the period. Comerica Bank boosted its holdings in 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 purchasing an additional 598 shares during the period. Arizona State Retirement System boosted its holdings in 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 purchasing an additional 613 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in PNM Resources by 5.6% in the 4th quarter. Van ECK Associates Corp now owns 15,651 shares of the utilities provider’s stock valued at $643,000 after purchasing an additional 833 shares during the period. 90.02% of the stock is owned by hedge funds and other institutional investors.

Several research analysts have commented on PNM shares. Wells Fargo & Co set a $45.00 price target on shares of PNM Resources and gave the company a “hold” rating in a report on Thursday, February 28th. Zacks Investment Research raised shares of PNM Resources from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a report on Saturday, March 2nd. Mizuho downgraded shares of PNM Resources from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $39.50 to $38.50 in a report on Monday, January 14th. Bank of America reaffirmed an “underperform” rating and set a $43.00 price objective (up from $40.00) on shares of PNM Resources in a report on Thursday, February 28th. Finally, Williams Capital reaffirmed a “sell” rating on shares of PNM Resources in a report on Monday, March 18th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. PNM Resources has a consensus rating of “Hold” and an average target price of $44.90.

In other news, CFO Charles N. Eldred sold 14,000 shares of PNM Resources stock in a transaction on Friday, March 8th. The shares were sold at an average price of $44.64, for a total transaction of $624,960.00. Following the completion of the sale, the chief financial officer now directly owns 108,289 shares of the company’s stock, valued at approximately $4,834,020.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Patrick V. Apodaca sold 4,800 shares of PNM Resources stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $44.32, for a total transaction of $212,736.00. Following the sale, the senior vice president now directly owns 63,258 shares of the company’s stock, valued at $2,803,594.56. The disclosure for this sale can be found here. Insiders have sold a total of 24,953 shares of company stock valued at $1,110,564 over the last ninety days. 1.25% of the stock is currently owned by insiders.

NYSE PNM opened at $45.67 on Monday. PNM Resources Inc has a 52-week low of $34.95 and a 52-week high of $47.92. The company has a quick ratio of 0.45, a current ratio of 0.59 and a debt-to-equity ratio of 1.52. The firm has a market cap of $3.64 billion, a PE ratio of 22.84, a P/E/G ratio of 4.45 and a beta of 0.29.

PNM Resources (NYSE:PNM) last posted its quarterly earnings data on Wednesday, February 27th. The utilities provider reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. PNM Resources had a net margin of 5.98% and a return on equity of 9.00%. The company had revenue of $343.76 million during the quarter, compared to the consensus estimate of $419.86 million. During the same period in the previous year, the firm posted $0.24 EPS. On average, equities analysts expect that PNM Resources Inc will post 2.15 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Wednesday, May 1st. PNM Resources’s dividend payout ratio is currently 58.00%.

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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.

See Also: Net Income

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

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