Magellan Asset Management Ltd Buys Shares of 116,027 TXNM Energy, Inc. $TXNM

Key Points

• Magellan Asset Management purchased 116,027 shares of TXNM Energy worth approximately $6.6 million, giving it a 0.11% stake. Institutional investors collectively own 91.68% of the company.
• TXNM Energy reported quarterly earnings of $0.58 per share, beating estimates of $0.56, while revenue of $548.55 million fell short of the $567 million consensus estimate.
• The company pays a quarterly dividend of $0.4225, or $1.69 annually, for a 3.0% yield; analysts maintain an overall “Hold” rating with an average price target of $61.25.

Magellan Asset Management Ltd purchased a new position in shares of TXNM Energy, Inc. (NYSE:TXNM - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 116,027 shares of the company's stock, valued at approximately $6,588,000. Magellan Asset Management Ltd owned 0.11% of TXNM Energy at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Public Employees Retirement System of Ohio boosted its position in shares of TXNM Energy by 4.9% during the 1st quarter. Public Employees Retirement System of Ohio now owns 3,787 shares of the company's stock worth $221,000 after purchasing an additional 176 shares during the period. EverSource Wealth Advisors LLC lifted its stake in TXNM Energy by 17.1% during the first quarter. EverSource Wealth Advisors LLC now owns 1,257 shares of the company's stock worth $73,000 after purchasing an additional 184 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of TXNM Energy by 3.3% during the second quarter. Federated Hermes Inc. now owns 6,314 shares of the company's stock worth $356,000 after buying an additional 199 shares during the period. Bank of Montreal Can boosted its position in shares of TXNM Energy by 1.4% during the fourth quarter. Bank of Montreal Can now owns 15,804 shares of the company's stock worth $931,000 after buying an additional 219 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in shares of TXNM Energy by 3.6% in the first quarter. PNC Financial Services Group Inc. now owns 6,368 shares of the company's stock valued at $372,000 after buying an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 91.68% of the company's stock.

TXNM Energy Trading Up 0.1%

NYSE TXNM opened at $57.27 on Monday. The firm's fifty day moving average is $57.34 and its two-hundred day moving average is $58.37. TXNM Energy, Inc. has a one year low of $55.64 and a one year high of $59.53. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.39 and a current ratio of 0.56. The firm has a market cap of $5.90 billion, a PE ratio of 31.64, a P/E/G ratio of 2.47 and a beta of 0.17.

TXNM Energy (NYSE:TXNM - Get Free Report) last announced its earnings results on Friday, July 31st. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.02. TXNM Energy had a net margin of 9.04% and a return on equity of 8.11%. The business had revenue of $548.55 million during the quarter, compared to the consensus estimate of $567.00 million. Analysts expect that TXNM Energy, Inc. will post 3.07 earnings per share for the current year.

TXNM Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were paid a $0.4225 dividend. This represents a $1.69 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Monday, August 3rd. TXNM Energy's payout ratio is currently 93.37%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TXNM. Wall Street Zen raised shares of TXNM Energy from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings upgraded TXNM Energy from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, August 3rd. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target 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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