PNM Resources, Inc. (NYSE:PNM) Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lowered its position in shares of PNM Resources, Inc. (NYSE:PNM) by 6.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,302 shares of the utilities provider’s stock after selling 586 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in PNM Resources were worth $307,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. LRI Investments LLC purchased a new stake in PNM Resources during the 1st quarter worth $30,000. Fortis Group Advisors LLC boosted its holdings in PNM Resources by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 800 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 400 shares during the last quarter. GAMMA Investing LLC increased its position in shares of PNM Resources by 106.4% in the 1st quarter. GAMMA Investing LLC now owns 834 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 430 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of PNM Resources by 152.3% in the 1st quarter. Fifth Third Bancorp now owns 1,062 shares of the utilities provider’s stock valued at $40,000 after acquiring an additional 641 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in PNM Resources by 4,061.5% in the fourth quarter. International Assets Investment Management LLC now owns 1,082 shares of the utilities provider’s stock worth $45,000 after acquiring an additional 1,056 shares during the last quarter. 91.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PNM. StockNews.com assumed coverage on PNM Resources in a research report on Monday. They set a “sell” rating for the company. Wells Fargo & Company upped their price objective on shares of PNM Resources from $41.00 to $46.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Barclays lifted their price target on PNM Resources from $43.00 to $45.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Finally, Evercore ISI initiated coverage on shares of PNM Resources in a report on Thursday, May 30th. They set an “in-line” rating and a $38.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, PNM Resources currently has a consensus rating of “Hold” and an average target price of $44.20.

PNM Resources Trading Down 1.0 %

NYSE:PNM opened at $41.77 on Monday. The company has a quick ratio of 0.27, a current ratio of 0.37 and a debt-to-equity ratio of 1.81. The company’s 50 day moving average is $38.50 and its 200-day moving average is $37.63. The firm has a market cap of $3.77 billion, a price-to-earnings ratio of 45.90 and a beta of 0.35. PNM Resources, Inc. has a 12 month low of $34.63 and a 12 month high of $45.10.

PNM Resources (NYSE:PNM) last announced its earnings results on Wednesday, July 31st. The utilities provider reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.05. PNM Resources had a return on equity of 10.15% and a net margin of 4.50%. The firm had revenue of $488.10 million during the quarter, compared to the consensus estimate of $481.02 million. During the same quarter in the prior year, the company earned $0.55 EPS. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. Equities analysts anticipate that PNM Resources, Inc. will post 2.72 EPS for the current year.

PNM Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 9th. Investors of record on Friday, July 26th were paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.71%. The ex-dividend date was Friday, July 26th. PNM Resources’s payout ratio is presently 170.33%.

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.