IFM Investors Pty Ltd trimmed its holdings in shares of PNM Resources, Inc. (NYSE:PNM – Get Rating) by 10.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,083 shares of the utilities provider's stock after selling 1,205 shares during the period. IFM Investors Pty Ltd's holdings in PNM Resources were worth $482,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PNM. Bank of America Corp DE raised its stake in PNM Resources by 2.0% in the 1st quarter. Bank of America Corp DE now owns 171,480 shares of the utilities provider's stock valued at $8,176,000 after acquiring an additional 3,384 shares during the period. Verition Fund Management LLC raised its stake in PNM Resources by 13.7% in the 1st quarter. Verition Fund Management LLC now owns 36,004 shares of the utilities provider's stock valued at $1,716,000 after acquiring an additional 4,339 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of PNM Resources by 9.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 59,482 shares of the utilities provider's stock worth $2,836,000 after purchasing an additional 5,040 shares in the last quarter. Neuberger Berman Group LLC purchased a new stake in PNM Resources in the first quarter worth approximately $15,929,000. Finally, Quantbot Technologies LP purchased a new stake in PNM Resources in the first quarter worth approximately $966,000. 91.18% of the stock is currently owned by institutional investors.

PNM Resources Stock Performance

Shares of PNM stock opened at $46.23 on Wednesday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.33 and a current ratio of 0.41. PNM Resources, Inc. has a fifty-two week low of $43.43 and a fifty-two week high of $50.11. The stock has a 50 day moving average price of $47.72 and a two-hundred day moving average price of $47.18. The company has a market capitalization of $3.97 billion, a P/E ratio of 25.42, a PEG ratio of 4.26 and a beta of 0.42.

PNM Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Thursday, October 27th will be issued a dividend of $0.347 per share. The ex-dividend date of this dividend is Wednesday, October 26th. This represents a $1.39 dividend on an annualized basis and a dividend yield of 3.00%. PNM Resources's dividend payout ratio is presently 76.37%.

Analyst Ratings Changes

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

About PNM Resources

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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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