Magellan Asset Management Ltd Boosts Holdings in TXNM Energy, Inc. $TXNM

Key Points

• Magellan Asset Management boosted its TXNM Energy stake by 75.3% in Q1, buying 47,852 additional shares and bringing its total to 111,395 shares worth about $6.5 million.
• TXNM Energy reported Q1 earnings below expectations, posting $0.21 per share versus the $0.30 consensus estimate, while revenue came in just under forecasts at $504.98 million.
• The company declared a quarterly dividend of $0.4225 per share and has a current dividend yield of 2.9%, though the payout ratio is high at 121.58%.

Magellan Asset Management Ltd lifted its position in shares of TXNM Energy, Inc. (NYSE:TXNM - Free Report) by 75.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 111,395 shares of the company's stock after buying an additional 47,852 shares during the period. Magellan Asset Management Ltd owned approximately 0.10% of TXNM Energy worth $6,512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Federated Hermes Inc. lifted its holdings in TXNM Energy by 3.3% in the second quarter. Federated Hermes Inc. now owns 6,314 shares of the company's stock valued at $356,000 after acquiring an additional 199 shares during the last quarter. Bank of Montreal Can grew its position in TXNM Energy by 1.4% in the fourth quarter. Bank of Montreal Can now owns 15,804 shares of the company's stock worth $931,000 after acquiring an additional 219 shares during the period. PNC Financial Services Group Inc. increased its stake in TXNM Energy by 3.6% during the first quarter. PNC Financial Services Group Inc. now owns 6,368 shares of the company's stock worth $372,000 after acquiring an additional 223 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in TXNM Energy by 23.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,262 shares of the company's stock worth $74,000 after acquiring an additional 236 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in TXNM Energy by 22.5% in the fourth quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $86,000 after purchasing an additional 268 shares during the period. Hedge funds and other institutional investors own 91.68% of the company's stock.

TXNM Energy Stock Performance

Shares of TXNM stock opened at $58.06 on Wednesday. The firm's 50 day moving average price is $57.93 and its 200-day moving average price is $58.60. 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, Inc. has a one year low of $55.64 and a one year high of $59.53. The firm has a market cap of $6.43 billion, a P/E ratio of 41.77, a P/E/G ratio of 2.49 and a beta of 0.17.

TXNM Energy (NYSE:TXNM - Get Free Report) last posted its earnings results on Friday, May 1st. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.09). The company had revenue of $504.98 million during 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 firm's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the business posted $0.19 EPS. As a group, equities research analysts predict that TXNM Energy, Inc. will post 3.07 EPS for the current year.

TXNM Energy Cuts Dividend

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

Analyst Ratings Changes

TXNM has been the topic of several recent analyst reports. Wall Street Zen lowered TXNM Energy from a "hold" rating to a "sell" rating in a research note on Sunday, July 5th. Weiss Ratings reissued a "hold (c)" rating on shares of TXNM Energy in a research report on Friday, May 29th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $61.25.

TXNM Energy 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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