Millennium Management LLC Decreases Stake in TXNM Energy, Inc. $TXNM

Key Points

• Millennium Management LLC has reduced its stake in TXNM Energy, Inc. by 72.1%, leaving it with 427,833 shares valued at approximately $22.88 million.
• Recent analyst ratings have been mixed, with Wall Street Zen downgrading TXNM Energy from "hold" to "sell" while Scotiabank raised its target price from $55 to $60.
• TXNM Energy declared a quarterly dividend of $0.4075 per share, with an annualized yield of 2.9% and a payout ratio of 84.02%.

Millennium Management LLC trimmed its stake in shares of TXNM Energy, Inc. (NYSE:TXNM - Free Report) by 72.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 427,833 shares of the company's stock after selling 1,105,829 shares during the quarter. Millennium Management LLC owned about 0.46% of TXNM Energy worth $22,881,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TXNM. Hughes Financial Services LLC acquired a new stake in shares of TXNM Energy during the first quarter worth $25,000. Versant Capital Management Inc acquired a new position in TXNM Energy during the first quarter worth about $35,000. Fifth Third Bancorp acquired a new position in TXNM Energy during the first quarter worth about $40,000. Financial Gravity Asset Management Inc. acquired a new position in TXNM Energy during the first quarter worth about $41,000. Finally, Smartleaf Asset Management LLC acquired a new position in shares of TXNM Energy in the first quarter valued at approximately $43,000. 91.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TXNM has been the subject of several recent research reports. Barclays reaffirmed an "overweight" rating and issued a $61.00 price objective (up previously from $57.00) on shares of TXNM Energy in a research note on Wednesday, May 21st. Wall Street Zen cut TXNM Energy from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, Siebert Williams Shank cut TXNM Energy from a "strong-buy" rating to a "hold" rating in a report on Friday, May 23rd. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $54.86.

TXNM Energy Stock Performance

Shares of TXNM Energy stock traded up $0.07 during trading hours on Thursday, hitting $56.68. 905,224 shares of the company's stock traded hands, compared to its average volume of 731,816. TXNM Energy, Inc. has a 12-month low of $42.09 and a 12-month high of $57.42. The stock has a market capitalization of $5.97 billion, a price-to-earnings ratio of 29.22, a PEG ratio of 2.68 and a beta of 0.09. The company has a fifty day simple moving average of $56.80 and a 200-day simple moving average of $55.03. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.51 and a quick ratio of 0.36.

TXNM Energy (NYSE:TXNM - Get Free Report) last announced its earnings results on Friday, August 1st. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.21). TXNM Energy had a net margin of 8.75% and a return on equity of 7.34%. The business had revenue of $502.42 million for the quarter, compared to analysts' expectations of $493.90 million. The firm's revenue was up 2.9% on a year-over-year basis. Equities research analysts anticipate that TXNM Energy, Inc. will post 2.73 EPS for the current fiscal year.

TXNM Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were issued a $0.4075 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.63 annualized dividend and a yield of 2.9%. TXNM Energy's dividend payout ratio (DPR) is 84.02%.

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.