PNM Resources Inc. (NYSE:PNM) dropped 2% during trading on Friday . The company traded as low as $32.57 and last traded at $32.78, with a volume of 397,772 shares changing hands. The stock had previously closed at $33.46.

A number of research analysts have issued reports on PNM shares. Zacks Investment Research raised PNM Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, May 18th. Jefferies Group reissued a “hold” rating on shares of PNM Resources in a research note on Monday, July 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $35.50.

The stock has a market capitalization of $2.60 billion and a P/E ratio of 225.03. The firm has a 50-day moving average of $34.28 and a 200-day moving average of $32.92.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 22nd. Investors of record on Monday, August 8th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Thursday, August 4th.

Other hedge funds and institutional investors recently made changes to their positions in the company. Liberty Mutual Group Asset Management Inc. raised its position in shares of PNM Resources by 51.8% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 51,346 shares of the company’s stock valued at $1,570,000 after buying an additional 17,511 shares in the last quarter. State of Wisconsin Investment Board raised its position in shares of PNM Resources by 3.1% in the fourth quarter. State of Wisconsin Investment Board now owns 58,050 shares of the company’s stock valued at $1,775,000 after buying an additional 1,736 shares in the last quarter. California Public Employees Retirement System raised its position in shares of PNM Resources by 8.3% in the fourth quarter. California Public Employees Retirement System now owns 267,700 shares of the company’s stock valued at $8,184,000 after buying an additional 20,500 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of PNM Resources by 0.7% in the fourth quarter. Wells Fargo & Company MN now owns 549,087 shares of the company’s stock valued at $16,785,000 after buying an additional 3,678 shares in the last quarter.

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).

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