Bank of New York Mellon Corp Decreases Stock Holdings in TXNM Energy, Inc. $TXNM

Key Points

• Bank of New York Mellon reduced its TXNM Energy stake by 3.1% in the first quarter, selling 23,883 shares and ending with 753,314 shares valued at about $44.0 million.
• Analyst sentiment is cautious, with TXNM Energy carrying a consensus “Hold” rating and an average price target of $61.25; one analyst recently cut the stock to “Sell.”
• Recent results showed mixed performance: TXNM posted earnings of $0.21 per share, missing estimates, while revenue came in slightly below expectations but still rose 4.6% year over year. The company also declared a quarterly dividend of $0.4225 per share, implying a 2.9% yield.

Bank of New York Mellon Corp lowered its holdings in TXNM Energy, Inc. (NYSE:TXNM - Free Report) by 3.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 753,314 shares of the company's stock after selling 23,883 shares during the period. Bank of New York Mellon Corp owned approximately 0.68% of TXNM Energy worth $44,039,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Los Angeles Capital Management LLC acquired a new stake in TXNM Energy in the 4th quarter valued at $27,000. Smartleaf Asset Management LLC boosted its position in shares of TXNM Energy by 23.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,262 shares of the company's stock worth $74,000 after buying an additional 236 shares during the period. Kestra Advisory Services LLC acquired a new stake in shares of TXNM Energy in the fourth quarter valued at about $74,000. Larson Financial Group LLC grew its stake in shares of TXNM Energy by 81.8% in the third quarter. Larson Financial Group LLC now owns 1,385 shares of the company's stock valued at $78,000 after buying an additional 623 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of TXNM Energy by 22.5% during the 4th quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $86,000 after buying an additional 268 shares during the period. Hedge funds and other institutional investors own 91.68% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wall Street Zen cut TXNM Energy from a "hold" rating to a "sell" rating in a report on Sunday, July 5th. Weiss Ratings restated a "hold (c)" rating on shares of TXNM Energy in a research note on Friday, May 29th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $61.25.

TXNM Energy Stock Performance

Shares of TXNM stock opened at $58.34 on Friday. The stock has a market capitalization of $6.46 billion, a price-to-earnings ratio of 41.97, a PEG ratio of 2.51 and a beta of 0.17. TXNM Energy, Inc. has a one year low of $55.64 and a one year high of $59.53. The company's 50-day simple moving average is $57.87 and its 200-day simple moving average is $58.59. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.36 and a current ratio of 0.55.

TXNM Energy (NYSE:TXNM - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.09). The firm had revenue of $504.98 million for the quarter, compared to analyst estimates of $506.24 million. TXNM Energy had a net margin of 6.96% and a return on equity of 7.18%. The business's revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.19 earnings per share. Equities analysts anticipate that TXNM Energy, Inc. will post 3.07 earnings per share for the current fiscal year.

TXNM Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, August 3rd will be issued a $0.4225 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $1.69 annualized dividend and a dividend yield of 2.9%. TXNM Energy's payout ratio is 121.58%.

About TXNM Energy

TXNM Energy, 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. The segment owns and leases communications, office and other equipment, office space, vehicles, and real estate. It generates electricity using coal, natural gas and oil, and nuclear fuel and waste, as well as solar, wind, geothermal, and battery storage energy sources.

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