River Road Asset Management LLC Acquires 599,211 Shares of PNM Resources, Inc. (NYSE:PNM)

River Road Asset Management LLC boosted its holdings in shares of PNM Resources, Inc. (NYSE:PNM) by 107.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,154,420 shares of the utilities provider’s stock after acquiring an additional 599,211 shares during the period. River Road Asset Management LLC owned approximately 1.35% of PNM Resources worth $48,024,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNM. Hudson Bay Capital Management LP lifted its holdings in PNM Resources by 42.5% during the third quarter. Hudson Bay Capital Management LP now owns 2,670,601 shares of the utilities provider’s stock worth $119,136,000 after acquiring an additional 796,077 shares in the last quarter. Alpha Wave Global LP lifted its holdings in shares of PNM Resources by 82.3% in the third quarter. Alpha Wave Global LP now owns 1,273,853 shares of the utilities provider’s stock valued at $56,827,000 after purchasing an additional 575,012 shares in the last quarter. Walleye Capital LLC bought a new stake in shares of PNM Resources in the third quarter valued at about $24,754,000. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of PNM Resources by 73.0% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,272,800 shares of the utilities provider’s stock valued at $56,780,000 after purchasing an additional 536,900 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of PNM Resources by 17.5% in the first quarter. State Street Corp now owns 3,160,826 shares of the utilities provider’s stock valued at $150,677,000 after purchasing an additional 471,143 shares in the last quarter. 91.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. StockNews.com lowered PNM Resources from a “hold” rating to a “sell” rating in a report on Wednesday, January 17th. Barclays upped their target price on PNM Resources from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday. Wells Fargo & Company upgraded PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 target price on the stock in a report on Wednesday, January 3rd. TheStreet lowered PNM Resources from a “b-” rating to a “c+” rating in a report on Thursday, January 4th. Finally, Mizuho lowered PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 target price on the stock. in a report on Wednesday, January 3rd. 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 company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $46.80.

PNM Resources Stock Performance

NYSE:PNM traded down $0.08 on Wednesday, hitting $35.89. The company’s stock had a trading volume of 573,803 shares, compared to its average volume of 1,462,667. 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 moving average of $37.18 and a two-hundred day moving average of $39.84. The firm has a market capitalization of $3.24 billion, a P/E ratio of 34.93, a price-to-earnings-growth ratio of 0.36 and a beta of 0.35. PNM Resources, Inc. has a one year low of $34.63 and a one year high of $49.08.

PNM Resources (NYSE:PNM) last released its quarterly earnings data on Tuesday, February 6th. The utilities provider reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.04. PNM Resources had a return on equity of 10.51% and a net margin of 4.54%. The firm had revenue of $412.11 million for the quarter, compared to analyst estimates of $705.05 million. During the same quarter in the prior year, the company earned $0.15 earnings per share. Research analysts predict that PNM Resources, Inc. will post 2.7 earnings per share for the current year.

PNM Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 26th will be paid a $0.387 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date of this dividend is Thursday, April 25th. PNM Resources’s payout ratio is 150.49%.

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.