American International Group Inc. Trims Stake in PNM Resources, Inc. (NYSE:PNM)

American International Group Inc. reduced its position in PNM Resources, Inc. (NYSE:PNM) by 3.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 157,887 shares of the utilities provider’s stock after selling 5,143 shares during the period. American International Group Inc.’s holdings in PNM Resources were worth $6,568,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC lifted its holdings in shares of PNM Resources by 4,061.5% in the 4th quarter. International Assets Investment Management LLC now owns 1,082 shares of the utilities provider’s stock valued at $45,000 after purchasing an additional 1,056 shares during the last quarter. DGS Capital Management LLC purchased a new stake in shares of PNM Resources in the 4th quarter valued at about $235,000. West Family Investments Inc. purchased a new stake in PNM Resources during the 4th quarter valued at approximately $283,000. Virtu Financial LLC purchased a new stake in PNM Resources during the 4th quarter valued at approximately $342,000. Finally, PNC Financial Services Group Inc. raised its stake in PNM Resources by 148.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 10,424 shares of the utilities provider’s stock valued at $465,000 after acquiring an additional 6,222 shares during the last quarter. 91.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on PNM. Barclays upped their price objective on PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Evercore ISI began coverage on PNM Resources in a research note on Thursday, May 30th. They set an “in-line” rating and a $38.00 price objective for the company. Finally, StockNews.com downgraded PNM Resources from a “hold” rating to a “sell” rating in a research note on Friday, June 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $43.40.

PNM Resources Stock Performance

NYSE PNM opened at $36.41 on Friday. The company has a current ratio of 0.37, a quick ratio of 0.27 and a debt-to-equity ratio of 1.81. The business’s 50 day moving average is $37.29 and its two-hundred day moving average is $37.97. PNM Resources, Inc. has a 12-month low of $34.63 and a 12-month high of $46.08. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of 40.01 and a beta of 0.38.

PNM Resources (NYSE:PNM) last released its earnings results on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.27). PNM Resources had a return on equity of 9.91% and a net margin of 4.38%. The business had revenue of $436.90 million for the quarter, compared to analyst estimates of $531.00 million. During the same quarter in the previous year, the firm posted $0.55 EPS. The business’s revenue for the quarter was down 19.7% on a year-over-year basis. Research analysts expect that PNM Resources, Inc. will post 2.7 EPS for the current year.

PNM Resources Profile

PNM Resources, Inc, through its subsidiaries, provides electricity and electric services 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 engages in the generation, transmission, and distribution of electricity.