California Public Employees Retirement System Sells 75,866 Shares of TXNM Energy, Inc. $TXNM

Key Points

• CalPERS cut its TXNM Energy stake by 30.6% in the first quarter, selling 75,866 shares and leaving it with 171,831 shares valued at about $10.0 million.
• Analyst sentiment is cautious: the stock has a consensus rating of “Hold,” with a $61.25 average price target, and Wall Street Zen recently downgraded TXNM from “hold” to “sell.”
• TXNM Energy missed earnings estimates in its latest quarterly report, posting $0.21 EPS versus $0.30 expected, while revenue came in roughly in line and rose 4.6% year over year.

California Public Employees Retirement System reduced its stake in TXNM Energy, Inc. (NYSE:TXNM - Free Report) by 30.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 171,831 shares of the company's stock after selling 75,866 shares during the period. California Public Employees Retirement System owned approximately 0.16% of TXNM Energy worth $10,045,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Empowered Funds LLC purchased a new position in shares of TXNM Energy during the first quarter valued at about $547,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of TXNM Energy by 12.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 297,350 shares of the company's stock worth $15,902,000 after buying an additional 32,776 shares in the last quarter. M&T Bank Corp boosted its stake in TXNM Energy by 29.4% during the second quarter. M&T Bank Corp now owns 6,271 shares of the company's stock valued at $353,000 after buying an additional 1,426 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in TXNM Energy by 215.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,528 shares of the company's stock valued at $86,000 after buying an additional 1,043 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in TXNM Energy by 323.5% during the 2nd quarter. Marshall Wace LLP now owns 126,600 shares of the company's stock valued at $7,130,000 after buying an additional 96,708 shares in the last quarter. Hedge funds and other institutional investors own 91.68% of the company's stock.

Analyst Upgrades and Downgrades

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

TXNM Energy Price Performance

TXNM opened at $58.34 on Friday. The business has a fifty day moving average of $57.87 and a 200 day moving average of $58.59. TXNM Energy, Inc. has a 52-week low of $55.64 and a 52-week high of $59.53. The company has a quick ratio of 0.36, a current ratio of 0.55 and a debt-to-equity ratio of 1.46. The stock has a market cap of $6.46 billion, a P/E ratio of 41.97, a PEG ratio of 2.52 and a beta of 0.17.

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

TXNM Energy Cuts Dividend

The business 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 is Monday, August 3rd. This represents a $1.69 dividend on an annualized basis and a dividend yield of 2.9%. TXNM Energy's dividend payout ratio is presently 121.58%.

TXNM Energy Company Profile

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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