Piermont Capital Management Lowers stake in PNM Resources Inc (PNM)

PNM Resources Inc (PNM) : Piermont Capital Management reduced its stake in PNM Resources Inc by 2.32% during the most recent quarter end. The investment management company now holds a total of 104,287 shares of PNM Resources Inc which is valued at $3.4 Million after selling 2,480 shares in PNM Resources Inc , the firm said in a disclosure report filed with the SEC on May 11, 2016.PNM Resources Inc makes up approximately 1.12% of Piermont Capital Management’s portfolio.

Other Hedge Funds, Including , Teacher Retirement System Of Texas boosted its stake in PNM in the latest quarter, The investment management firm added 2,525 additional shares and now holds a total of 9,779 shares of PNM Resources Inc which is valued at $322,805.Engineers Gate Manager Lp boosted its stake in PNM in the latest quarter, The investment management firm added 82,747 additional shares and now holds a total of 96,274 shares of PNM Resources Inc which is valued at $3.2 Million. PNM Resources Inc makes up approx 0.25% of Engineers Gate Manager Lp’s portfolio.State Treasurer State Of Michigan boosted its stake in PNM in the latest quarter, The investment management firm added 300 additional shares and now holds a total of 31,834 shares of PNM Resources Inc which is valued at $1 Million. PNM Resources Inc makes up approx 0.01% of State Treasurer State Of Michigan’s portfolio.California Public Employees Retirement System boosted its stake in PNM in the latest quarter, The investment management firm added 20,500 additional shares and now holds a total of 267,700 shares of PNM Resources Inc which is valued at $8.7 Million. PNM Resources Inc makes up approx 0.01% of California Public Employees Retirement System’s portfolio.Great West Life Assurance Co Can reduced its stake in PNM by selling 281,103 shares or 96.7% in the most recent quarter. The Hedge Fund company now holds 9,605 shares of PNM which is valued at $304,286.

PNM Resources Inc closed down -0.07 points or -0.21% at $32.94 with 4,05,090 shares getting traded on Monday. Post opening the session at $32.94, the shares hit an intraday low of $32.7 and an intraday high of $33.1025 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, PNM Resources Inc reported $0.13 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Apr 29, 2016. Analyst had a consensus of $0.14. The company had revenue of $310.90 million for the quarter.The company’s revenue was down -6.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.21 EPS.

Many Wall Street Analysts have commented on PNM Resources Inc. PNM Resources Inc was Downgraded by Jefferies to ” Hold” on Mar 24, 2016. Company shares were Reiterated by Argus on Mar 21, 2016 to “Buy”, Firm has raised the Price Target to $ 38 from a previous price target of $35 .

PNM Resources Inc. (PNMR) is an investor-owned holding company of energy and energy-related businesses. The Company’s business segments include PNM TNMP and Corporate and Other. PNM is an electric utility that provides electric generation transmission and distribution service to its rate-regulated customers. TNMP is an electric utility providing regulated transmission and distribution services in Texas under the provisions of Texas Electric Choice Act (TECA) and the Texas Public Utility Regulatory Act. The Corporate and Other segment includes PNMR holding company activities primarily related to corporate level debt and PNMR Services Company. The Company’s primary subsidiaries include Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP).

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