Amalgamated Bank lowered its position in PNM Resources, Inc. (NYSE:PNM – Get Rating) by 48.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 54,701 shares of the utilities provider's stock after selling 52,438 shares during the period. Amalgamated Bank's holdings in PNM Resources were worth $2,608,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. acquired a new stake in PNM Resources in the first quarter valued at about $72,000. Fulcrum Asset Management LLP purchased a new stake in shares of PNM Resources during the 4th quarter worth approximately $117,000. Captrust Financial Advisors boosted its stake in shares of PNM Resources by 14.8% during the 1st quarter. Captrust Financial Advisors now owns 2,626 shares of the utilities provider's stock worth $125,000 after acquiring an additional 339 shares in the last quarter. C M Bidwell & Associates Ltd. boosted its stake in shares of PNM Resources by 4,500.0% during the 1st quarter. C M Bidwell & Associates Ltd. now owns 2,760 shares of the utilities provider's stock worth $132,000 after acquiring an additional 2,700 shares in the last quarter. Finally, Hightower 6M Holding LLC purchased a new stake in shares of PNM Resources during the 1st quarter worth approximately $218,000. Institutional investors and hedge funds own 91.18% of the company's stock.

PNM Resources Price Performance

PNM stock opened at $46.75 on Friday. PNM Resources, Inc. has a 1 year low of $43.43 and a 1 year high of $50.11. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.33 and a current ratio of 0.41. The stock's 50 day moving average price is $47.73 and its 200 day moving average price is $47.17. The firm has a market cap of $4.01 billion, a P/E ratio of 25.69, a PEG ratio of 4.30 and a beta of 0.42.

PNM Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Thursday, October 27th will be issued a $0.347 dividend. The ex-dividend date is Wednesday, October 26th. This represents a $1.39 annualized dividend and a yield of 2.97%. PNM Resources's dividend payout ratio (DPR) is presently 76.37%.

Wall Street Analysts Forecast Growth

Separately, Mizuho decreased their price target on PNM Resources from $52.00 to $51.00 and set a "buy" rating on the stock in a research note on Wednesday, September 7th.

PNM Resources Profile

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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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