Millennium Management LLC Cuts Position 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 cut 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 & Exchange Commission. The firm owned 427,833 shares of the company's stock after selling 1,105,829 shares during the period. Millennium Management LLC owned approximately 0.46% of TXNM Energy worth $22,881,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Siebert Williams Shank downgraded TXNM Energy from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 23rd. Mizuho cut TXNM Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Barclays reiterated an "overweight" rating and issued a $61.00 price target (up from $57.00) on shares of TXNM Energy in a research note on Wednesday, May 21st. Scotiabank raised their target price on TXNM Energy from $55.00 to $60.00 and gave the stock a "sector perform" rating in a research report on Tuesday, May 20th. Finally, Wall Street Zen lowered TXNM Energy from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.86.

TXNM Energy Stock Performance

Shares of NYSE:TXNM traded up $0.04 during mid-day trading on Monday, reaching $56.90. The company had a trading volume of 1,002,399 shares, compared to its average volume of 821,204. TXNM Energy, Inc. has a one year low of $42.09 and a one year high of $57.42. The firm has a market cap of $6.00 billion, a price-to-earnings ratio of 29.33, a PEG ratio of 2.69 and a beta of 0.09. The company has a current ratio of 0.51, a quick ratio of 0.36 and a debt-to-equity ratio of 1.49. The company's 50-day moving average price is $56.78 and its 200-day moving average price is $54.97.

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

TXNM Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were paid 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 payout ratio is currently 84.02%.

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.