TXNM Energy, Inc. $TXNM Shares Sold by Readystate Asset Management LP

Key Points

• Readystate Asset Management cut its TXNM Energy stake by 18.3% in the second quarter, selling 83,482 shares and retaining 372,964 shares valued at approximately $21.2 million. Institutional investors and hedge funds collectively own 91.68% of the company.
• TXNM Energy reported quarterly EPS of $0.58, beating estimates by $0.02, although revenue of $548.55 million fell short of expectations. The company pays an annualized dividend of $1.69, yielding about 2.9%, with a high 93.37% payout ratio.
• Analysts maintain a consensus “Hold” rating, with an average price target of $61.25 versus the stock’s recent price of $58.03.

Readystate Asset Management LP lessened its stake in shares of TXNM Energy, Inc. (NYSE:TXNM - Free Report) by 18.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 372,964 shares of the company's stock after selling 83,482 shares during the quarter. Readystate Asset Management LP owned about 0.36% of TXNM Energy worth $21,177,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Empowered Funds LLC purchased a new position in TXNM Energy in the 1st quarter valued at about $547,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of TXNM Energy by 12.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 297,350 shares of the company's stock valued at $15,902,000 after acquiring an additional 32,776 shares during the last quarter. M&T Bank Corp grew its holdings in TXNM Energy by 29.4% in the second quarter. M&T Bank Corp now owns 6,271 shares of the company's stock valued at $353,000 after purchasing an additional 1,426 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of TXNM Energy by 215.1% during the 2nd 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 period. Finally, Marshall Wace LLP boosted its holdings in TXNM Energy by 323.5% in the second quarter. Marshall Wace LLP now owns 126,600 shares of the company's stock valued at $7,130,000 after acquiring an additional 96,708 shares during the last quarter. 91.68% of the stock is owned by institutional investors and hedge funds.

TXNM Energy Price Performance

TXNM stock opened at $58.03 on Monday. The firm has a market cap of $6.39 billion, a P/E ratio of 32.06, a price-to-earnings-growth ratio of 2.53 and a beta of 0.17. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.39 and a current ratio of 0.56. TXNM Energy, Inc. has a 1 year low of $55.64 and a 1 year high of $59.53. The stock has a 50-day simple moving average of $57.46 and a 200-day simple moving average of $58.27.

TXNM Energy (NYSE:TXNM - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The company reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.56 by $0.02. The firm had revenue of $548.55 million during the quarter, compared to analysts' expectations of $567.00 million. TXNM Energy had a return on equity of 8.11% and a net margin of 9.04%. On average, equities analysts predict that TXNM Energy, Inc. will post 3.03 earnings per share for the current fiscal 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 given a $0.4225 dividend. This represents a $1.69 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Monday, August 3rd. TXNM Energy's dividend payout ratio is presently 93.37%.

Wall Street Analyst Weigh In

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