PNM Resources Inc (PNM) Shares Sold by Goldman Sachs Group Inc.
Goldman Sachs Group Inc. reduced its holdings in shares of PNM Resources Inc (NYSE:PNM) by 0.8% during the fourth quarter, HoldingsChannel reports. The firm owned 2,421,526 shares of the utilities provider’s stock after selling 19,851 shares during the period. Goldman Sachs Group Inc.’s holdings in PNM Resources were worth $97,950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. James Investment Research Inc. lifted its holdings in shares of PNM Resources by 15.6% during the fourth quarter. James Investment Research Inc. now owns 223,574 shares of the utilities provider’s stock valued at $9,043,000 after purchasing an additional 30,172 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in PNM Resources by 36.3% in the fourth quarter. Lazard Asset Management LLC now owns 445,740 shares of the utilities provider’s stock valued at $18,029,000 after acquiring an additional 118,715 shares during the period. Van ECK Associates Corp bought a new position in PNM Resources in the third quarter valued at about $374,000. Swiss National Bank lifted its holdings in PNM Resources by 2.0% in the fourth quarter. Swiss National Bank now owns 135,700 shares of the utilities provider’s stock valued at $5,489,000 after acquiring an additional 2,600 shares during the period. Finally, 361 Capital LLC bought a new position in PNM Resources in the third quarter valued at about $2,034,000. 91.80% of the stock is currently owned by hedge funds and other institutional investors.
PNM Resources Inc (NYSE:PNM) opened at $36.15 on Wednesday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.35 and a quick ratio of 0.27. PNM Resources Inc has a 12 month low of $33.75 and a 12 month high of $46.00. The company has a market capitalization of $2,883.46, a PE ratio of 36.15, a PEG ratio of 3.38 and a beta of 0.34.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 16th. Investors of record on Wednesday, May 2nd will be given a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Tuesday, May 1st. PNM Resources’s dividend payout ratio is currently 106.00%.
In related news, CFO Charles N. Eldred sold 1,500 shares of the stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $35.55, for a total transaction of $53,325.00. Following the completion of the sale, the chief financial officer now owns 115,888 shares in the company, valued at $4,119,818.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Joseph Don Tarry sold 2,954 shares of the stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $35.70, for a total value of $105,457.80. Following the sale, the vice president now owns 13,845 shares of the company’s stock, valued at approximately $494,266.50. The disclosure for this sale can be found here. Insiders have sold 7,616 shares of company stock valued at $272,457 in the last quarter. 1.26% of the stock is currently owned by company insiders.
A number of research analysts have weighed in on the company. Zacks Investment Research downgraded PNM Resources from a “buy” rating to a “hold” rating in a report on Tuesday, December 26th. SunTrust Banks reissued a “hold” rating and issued a $39.00 target price on shares of PNM Resources in a report on Tuesday, December 26th. Mizuho reissued a “sell” rating and issued a $30.50 target price on shares of PNM Resources in a report on Thursday, January 11th. UBS Group assumed coverage on PNM Resources in a report on Friday, February 2nd. They issued a “sell” rating and a $36.00 target price on the stock. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $40.00 target price on shares of PNM Resources in a report on Thursday, February 1st. Four analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $38.66.
PNM Resources Profile
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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