Nordea Investment Management AB increased its position in PNM Resources Inc. (NYSE:PNM) by 87.3% during the third quarter, Holdings Channel reports. The fund owned 35,502 shares of the company’s stock after buying an additional 16,544 shares during the period. Nordea Investment Management AB’s holdings in PNM Resources were worth $1,162,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of PNM. Creative Planning boosted its stake in PNM Resources by 119.6% in the second quarter. Creative Planning now owns 2,875 shares of the company’s stock worth $102,000 after buying an additional 1,566 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in PNM Resources during the second quarter worth $163,000. LS Investment Advisors LLC boosted its stake in PNM Resources by 72.6% in the second quarter. LS Investment Advisors LLC now owns 4,754 shares of the company’s stock worth $168,000 after buying an additional 2,000 shares during the last quarter. Boothbay Fund Management LLC bought a new stake in PNM Resources during the first quarter worth $200,000. Finally, Neuberger Berman Group LLC bought a new stake in PNM Resources during the second quarter worth $213,000. 93.77% of the stock is currently owned by hedge funds and other institutional investors.
PNM Resources Inc. (NYSE:PNM) traded up 1.54% during trading on Friday, reaching $32.95. 241,098 shares of the company traded hands. The firm’s 50 day moving average price is $32.12 and its 200 day moving average price is $33.03. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 6590.00 and a beta of 0.28. PNM Resources Inc. has a 12-month low of $27.90 and a 12-month high of $36.15.
PNM Resources (NYSE:PNM) last issued its quarterly earnings results on Friday, October 28th. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.03. PNM Resources had a net margin of 0.07% and a return on equity of 7.14%. The company earned $400.37 million during the quarter, compared to analysts’ expectations of $740 million. During the same period last year, the company posted $0.76 EPS. PNM Resources’s revenue was down 4.1% on a year-over-year basis. Equities research analysts expect that PNM Resources Inc. will post $1.58 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Monday, October 31st were issued a $0.22 dividend. The ex-dividend date was Thursday, October 27th. This represents a $0.88 annualized dividend and a yield of 2.67%.
PNM has been the topic of a number of research reports. Jefferies Group reaffirmed a “buy” rating and set a $37.50 target price on shares of PNM Resources in a research note on Thursday, September 29th. Argus decreased their target price on shares of PNM Resources from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, September 22nd. Williams Capital raised shares of PNM Resources from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a research note on Tuesday, October 4th. Zacks Investment Research upgraded shares of PNM Resources from a “sell” rating to a “hold” rating in a report on Thursday, September 15th. Finally, TheStreet lowered shares of PNM Resources from a “buy” rating to a “hold” rating in a report on Friday, August 26th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $36.21.
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 and Subsidiaries (PNM) and Texas-New Mexico Power Company and Subsidiaries (TNMP).