Vanguard Group Inc. lessened its holdings in PNM Resources, Inc. (NYSE:PNM – Free Report) by 0.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,330,930 shares of the utilities provider’s stock after selling 48,104 shares during the period. Vanguard Group Inc. owned approximately 10.34% of PNM Resources worth $388,167,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. UBS Group AG grew its stake in shares of PNM Resources by 13.5% during the third quarter. UBS Group AG now owns 89,066 shares of the utilities provider’s stock valued at $3,973,000 after purchasing an additional 10,600 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of PNM Resources by 148.1% during the third quarter. PNC Financial Services Group Inc. now owns 10,424 shares of the utilities provider’s stock worth $465,000 after acquiring an additional 6,222 shares during the period. FMR LLC increased its stake in PNM Resources by 1.5% in the 3rd quarter. FMR LLC now owns 214,578 shares of the utilities provider’s stock valued at $9,572,000 after buying an additional 3,156 shares during the last quarter. Mariner LLC increased its stake in PNM Resources by 8.9% in the 3rd quarter. Mariner LLC now owns 11,199 shares of the utilities provider’s stock valued at $500,000 after buying an additional 918 shares during the last quarter. Finally, Natixis Advisors L.P. increased its stake in PNM Resources by 7.3% in the 3rd quarter. Natixis Advisors L.P. now owns 11,538 shares of the utilities provider’s stock valued at $515,000 after buying an additional 784 shares during the last quarter. Institutional investors and hedge funds own 91.68% of the company’s stock.
PNM Resources Price Performance
PNM stock opened at $36.93 on Friday. The company has a 50 day simple moving average of $37.34 and a 200 day simple moving average of $37.77. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 40.58 and a beta of 0.38. PNM Resources, Inc. has a 1 year low of $34.63 and a 1 year high of $45.94. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.37 and a quick ratio of 0.27.
Wall Street Analysts Forecast Growth
PNM has been the subject of a number of analyst reports. StockNews.com raised shares of PNM Resources from a “sell” rating to a “hold” rating in a research report on Tuesday. Barclays boosted their price objective on shares of PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Finally, Evercore ISI initiated coverage on shares of PNM Resources in a research report on Thursday, May 30th. They issued an “in-line” rating and a $38.00 target price for the company. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, PNM Resources presently has a consensus rating of “Hold” and an average price target of $43.40.
Check Out Our Latest Stock Report on PNM Resources
About PNM Resources
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.
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