Convergence Investment Partners LLC Reduces Stake in PNM Resources Inc (PNM)
Convergence Investment Partners LLC cut its stake in PNM Resources Inc (NYSE:PNM) by 35.8% during the fourth quarter, Holdings Channel reports. The fund owned 60,327 shares of the utilities provider’s stock after selling 33,595 shares during the quarter. Convergence Investment Partners LLC’s holdings in PNM Resources were worth $2,440,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Public Employees Retirement System of Ohio increased its stake in shares of PNM Resources by 181.0% in the second quarter. Public Employees Retirement System of Ohio now owns 20,951 shares of the utilities provider’s stock worth $801,000 after acquiring an additional 13,495 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of PNM Resources in the second quarter worth $956,000. 361 Capital LLC acquired a new position in shares of PNM Resources in the third quarter worth $2,034,000. Van ECK Associates Corp acquired a new position in shares of PNM Resources in the third quarter worth $374,000. Finally, Adams Diversified Equity Fund Inc. acquired a new position in shares of PNM Resources in the third quarter worth $999,000. 92.46% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently weighed in on PNM shares. Zacks Investment Research raised shares of PNM Resources from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Wednesday, November 1st. SunTrust Banks reaffirmed a “hold” rating and issued a $39.00 price target on shares of PNM Resources in a research note on Tuesday, December 26th. ValuEngine downgraded shares of PNM Resources from a “buy” rating to a “hold” rating in a research note on Friday, September 22nd. Wells Fargo & Co started coverage on shares of PNM Resources in a research note on Friday, September 22nd. They issued a “market perform” rating and a $42.00 price target on the stock. Finally, Mizuho reaffirmed a “sell” rating and issued a $35.00 price target on shares of PNM Resources in a research note on Monday, October 30th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $39.37.
PNM Resources (NYSE:PNM) last issued its quarterly earnings data on Friday, October 27th. The utilities provider reported $0.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.08. The firm had revenue of $419.90 million during the quarter, compared to analysts’ expectations of $422.71 million. PNM Resources had a net margin of 11.27% and a return on equity of 9.18%. During the same period in the prior year, the company posted $0.78 earnings per share. analysts anticipate that PNM Resources Inc will post 1.86 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Thursday, January 18th will be issued a $0.265 dividend. The ex-dividend date is Wednesday, January 17th. This is a boost from PNM Resources’s previous quarterly dividend of $0.24. This represents a $1.06 dividend on an annualized basis and a yield of 2.98%. PNM Resources’s dividend payout ratio is currently 48.99%.
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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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