Moody Lynn & Lieberson LLC Reduces Position in PNM Resources Inc (PNM)
Moody Lynn & Lieberson LLC lowered its holdings in PNM Resources Inc (NYSE:PNM) by 3.4% in the first quarter, HoldingsChannel reports. The firm owned 14,150 shares of the utilities provider’s stock after selling 492 shares during the quarter. Moody Lynn & Lieberson LLC’s holdings in PNM Resources were worth $670,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Oregon Public Employees Retirement Fund grew its holdings in shares of PNM Resources by 4,009.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,297,417 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 1,265,842 shares in the last quarter. Dubuque Bank & Trust Co. acquired a new position in shares of PNM Resources in the fourth quarter valued at approximately $56,000. IFP Advisors Inc grew its holdings in shares of PNM Resources by 32.9% in the fourth 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 in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of PNM Resources in the first quarter valued at approximately $123,000. Finally, PNC Financial Services Group Inc. grew its holdings in shares of PNM Resources by 38.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,925 shares of the utilities provider’s stock valued at $162,000 after purchasing an additional 1,100 shares in the last quarter. Hedge funds and other institutional investors own 90.03% of the company’s stock.
PNM Resources stock traded up $0.37 during trading hours on Tuesday, reaching $44.91. 11,901 shares of the stock were exchanged, compared to its average volume of 413,899. The company has a market cap of $3.56 billion, a P/E ratio of 22.36, a PEG ratio of 4.35 and a beta of 0.29. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.45 and a current ratio of 0.59. PNM Resources Inc has a 52-week low of $34.95 and a 52-week high of $47.92.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, May 1st. This represents a $1.16 dividend on an annualized basis and a yield of 2.58%. PNM Resources’s payout ratio is currently 58.00%.
In other news, CFO Charles N. Eldred sold 14,000 shares of the company’s 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 transaction, 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 filing with the SEC, which is accessible through the SEC website. Also, VP Joseph Don Tarry sold 1,092 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $44.89, for a total transaction of $49,019.88. Following the transaction, the vice president now directly owns 11,882 shares in the company, valued at $533,382.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,953 shares of company stock valued at $1,110,564. 1.25% of the stock is owned by insiders.
A number of equities analysts have commented on the stock. Zacks Investment Research upgraded shares of PNM Resources from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Saturday, January 12th. Bank of America restated an “underperform” rating and set a $43.00 price objective (up previously from $40.00) on shares of PNM Resources in a research report on Thursday, February 28th. Williams Capital restated a “sell” rating on shares of PNM Resources in a research report on Monday, March 18th. Finally, Mizuho upgraded shares of PNM Resources from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $42.50 to $43.50 in a research report on Friday, March 8th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. PNM Resources presently has a consensus rating of “Hold” and a consensus price target of $43.90.
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PNM Resources Profile
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.
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