American International Group Inc. Decreases Stock Holdings in PNM Resources, Inc. (NYSE:PNM)

American International Group Inc. trimmed its position in shares of PNM Resources, Inc. (NYSE:PNM) by 3.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 157,887 shares of the utilities provider’s stock after selling 5,143 shares during the period. American International Group Inc. owned approximately 0.18% of PNM Resources worth $6,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. International Assets Investment Management LLC raised its holdings in shares of PNM Resources by 4,061.5% during the 4th 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 in the last quarter. DGS Capital Management LLC purchased a new stake in shares of PNM Resources during the 4th quarter worth approximately $235,000. West Family Investments Inc. purchased a new stake in shares of PNM Resources during the 4th quarter worth approximately $283,000. Virtu Financial LLC purchased a new stake in shares of PNM Resources during the 4th quarter worth approximately $342,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of PNM Resources by 148.1% during the 3rd 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 in the last quarter. 91.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Barclays boosted their target price on PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Evercore ISI assumed coverage on PNM Resources in a research report on Thursday, May 30th. They set an “in-line” rating and a $38.00 target price on the stock. Finally, StockNews.com downgraded PNM Resources from a “hold” rating to a “sell” rating in a research report on Friday, June 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $43.40.

PNM Resources Stock Performance

Shares of PNM Resources stock opened at $36.41 on Friday. The stock’s fifty day moving average is $37.29 and its two-hundred day moving average is $37.97. The company has a market capitalization of $3.28 billion, a PE ratio of 40.01 and a beta of 0.38. The company has a quick ratio of 0.27, a current ratio of 0.37 and a debt-to-equity ratio of 1.81. PNM Resources, Inc. has a 52 week low of $34.63 and a 52 week high of $46.08.

PNM Resources (NYSE:PNM) last announced its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $0.41 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.27). The business had revenue of $436.90 million during the quarter, compared to the consensus estimate of $531.00 million. PNM Resources had a net margin of 4.38% and a return on equity of 9.91%. The business’s revenue was down 19.7% compared to the same quarter last year. During the same period last year, the company earned $0.55 EPS. As a group, analysts expect that PNM Resources, Inc. will post 2.7 earnings per share for the current year.

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.