Federated Hermes Inc. Reduces Stock Position in PNM Resources, Inc. (NYSE:PNM)

Federated Hermes Inc. cut its holdings in PNM Resources, Inc. (NYSE:PNM) by 16.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,726 shares of the utilities provider’s stock after selling 1,953 shares during the period. Federated Hermes Inc.’s holdings in PNM Resources were worth $405,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC boosted 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 worth $45,000 after purchasing an additional 1,056 shares during the period. Fifth Third Bancorp boosted its stake in shares of PNM Resources by 64.7% during the 3rd quarter. Fifth Third Bancorp now owns 1,100 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 432 shares during the period. Allworth Financial LP grew its holdings in PNM Resources by 59.5% during the 3rd quarter. Allworth Financial LP now owns 1,088 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 406 shares during the last quarter. Millburn Ridgefield Corp bought a new position in PNM Resources during the 3rd quarter valued at about $66,000. Finally, Catalyst Capital Advisors LLC purchased a new position in shares of PNM Resources during the third quarter valued at approximately $66,000. Hedge funds and other institutional investors own 91.68% of the company’s stock.

Wall Street Analyst Weigh In

PNM has been the subject of a number of recent analyst reports. Barclays boosted their price objective on PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, April 15th. StockNews.com cut shares of PNM Resources from a “hold” rating to a “sell” rating in a report on Wednesday, January 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $46.80.

PNM Resources Price Performance

Shares of PNM stock opened at $37.78 on Friday. PNM Resources, Inc. has a twelve month low of $34.63 and a twelve month high of $48.71. The company has a current ratio of 0.39, a quick ratio of 0.31 and a debt-to-equity ratio of 1.77. The stock has a fifty day simple moving average of $37.03 and a two-hundred day simple moving average of $39.17. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 41.52, a P/E/G ratio of 3.04 and a beta of 0.35.

PNM Resources (NYSE:PNM) last released its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.27). PNM Resources had a net margin of 4.38% and a return on equity of 9.99%. The firm had revenue of $436.90 million during the quarter, compared to the consensus estimate of $531.00 million. During the same quarter in the previous year, the firm earned $0.55 earnings per share. The business’s revenue was down 19.7% compared to the same quarter last year. On average, analysts predict that PNM Resources, Inc. will post 2.71 EPS for the current fiscal year.

PNM Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 26th will be issued a dividend of $0.387 per share. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.55 dividend on an annualized basis and a yield of 4.10%. PNM Resources’s dividend payout ratio is currently 170.33%.

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.