West Family Investments Inc. Buys New Position in PNM Resources, Inc. (NYSE:PNM)

West Family Investments Inc. bought a new stake in shares of PNM Resources, Inc. (NYSE:PNM) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 6,798 shares of the utilities provider’s stock, valued at approximately $283,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Asset Management One Co. Ltd. purchased a new stake in PNM Resources in the third quarter worth $522,000. Raymond James & Associates purchased a new stake in PNM Resources in the third quarter worth $978,000. Bank of New York Mellon Corp grew its stake in PNM Resources by 23.4% in the third quarter. Bank of New York Mellon Corp now owns 1,253,239 shares of the utilities provider’s stock worth $55,907,000 after purchasing an additional 237,654 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in PNM Resources by 15.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,582 shares of the utilities provider’s stock worth $651,000 after purchasing an additional 1,977 shares during the period. Finally, IFM Investors Pty Ltd grew its stake in PNM Resources by 8.5% in the third quarter. IFM Investors Pty Ltd now owns 11,422 shares of the utilities provider’s stock worth $510,000 after purchasing an additional 899 shares during the period. Institutional investors own 91.68% of the company’s stock.

PNM Resources Price Performance

NYSE PNM traded up $0.17 during trading hours on Thursday, reaching $37.56. The company’s stock had a trading volume of 201,703 shares, compared to its average volume of 1,351,120. The firm’s 50-day moving average price is $37.03 and its 200-day moving average price is $39.26. The company has a quick ratio of 0.31, a current ratio of 0.39 and a debt-to-equity ratio of 1.77. PNM Resources, Inc. has a 1 year low of $34.63 and a 1 year high of $48.71. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 41.23, a PEG ratio of 10.24 and a beta of 0.35.

PNM Resources (NYSE:PNM) last posted its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.27). PNM Resources had a return on equity of 9.99% and a net margin of 4.38%. The business had revenue of $436.90 million during the quarter, compared to analysts’ expectations of $531.00 million. During the same period in the prior year, the firm posted $0.55 earnings per share. The firm’s revenue for the quarter was down 19.7% on a year-over-year basis. On average, equities research analysts predict that PNM Resources, Inc. will post 2.7 EPS for the current fiscal year.

PNM Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Shareholders 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 yield of 4.12%. The ex-dividend date of this dividend is Thursday, April 25th. PNM Resources’s payout ratio is 170.33%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PNM shares. Barclays upped their price target on PNM Resources from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Mizuho cut PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 target price on the stock. in a research note on Wednesday, January 3rd. TheStreet cut PNM Resources from a “b-” rating to a “c+” rating in a research note on Thursday, January 4th. StockNews.com cut PNM Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, January 17th. Finally, Wells Fargo & Company raised PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 target price on the stock in a research note on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $46.80.

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.