BCK Capital Management LP Sells 167,103 Shares of PNM Resources, Inc. (NYSE:PNM)

BCK Capital Management LP trimmed its holdings in PNM Resources, Inc. (NYSE:PNM - Free Report) by 81.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,133 shares of the utilities provider's stock after selling 167,103 shares during the period. PNM Resources comprises about 1.5% of BCK Capital Management LP's holdings, making the stock its 17th largest position. BCK Capital Management LP's holdings in PNM Resources were worth $1,545,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Hudson Bay Capital Management LP increased its position in shares of PNM Resources by 42.5% during the third quarter. Hudson Bay Capital Management LP now owns 2,670,601 shares of the utilities provider's stock valued at $119,136,000 after acquiring an additional 796,077 shares during the last quarter. River Road Asset Management LLC increased its position in shares of PNM Resources by 107.9% during the fourth quarter. River Road Asset Management LLC now owns 1,154,420 shares of the utilities provider's stock valued at $48,024,000 after acquiring an additional 599,211 shares during the last quarter. Alpha Wave Global LP increased its position in shares of PNM Resources by 82.3% during the third quarter. Alpha Wave Global LP now owns 1,273,853 shares of the utilities provider's stock valued at $56,827,000 after acquiring an additional 575,012 shares during the last quarter. Walleye Capital LLC purchased a new stake in shares of PNM Resources during the third quarter valued at approximately $24,754,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of PNM Resources by 73.0% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,272,800 shares of the utilities provider's stock valued at $56,780,000 after acquiring an additional 536,900 shares during the last quarter. 91.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PNM shares. StockNews.com lowered PNM Resources from a "hold" rating to a "sell" rating in a report on Wednesday, January 17th. Barclays raised their price target on PNM Resources from $40.00 to $43.00 and gave the stock an "overweight" rating in a report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $46.80.

PNM Resources Stock Performance

PNM traded up $0.45 during mid-day trading on Monday, reaching $38.23. 1,040,955 shares of the company traded hands, compared to its average volume of 1,341,979. The stock has a market capitalization of $3.45 billion, a P/E ratio of 42.01, a P/E/G ratio of 3.04 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.39 and a debt-to-equity ratio of 1.77. The company's fifty day moving average price is $37.06 and its 200-day moving average price is $39.09. PNM Resources, Inc. has a 52-week low of $34.63 and a 52-week high of $48.48.

PNM Resources (NYSE:PNM - Get Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $0.41 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.27). The company had revenue of $436.90 million during the quarter, compared to analysts' expectations of $531.00 million. PNM Resources had a return on equity of 9.99% and a net margin of 4.38%. The company's revenue for the quarter was down 19.7% on a year-over-year basis. During the same quarter last year, the company earned $0.55 earnings per share. On average, sell-side analysts expect that PNM Resources, Inc. will post 2.71 EPS for the current year.

PNM Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Friday, April 26th will be issued a $0.387 dividend. This represents a $1.55 annualized dividend and a yield of 4.05%. The ex-dividend date is Thursday, April 25th. PNM Resources's dividend payout ratio is currently 170.33%.

PNM Resources Profile

PNM Resources, 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.

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