Hedge Funds Are Betting On PNM Resources Inc (PNM)

Consequently, specific money managers were leading the bulls’ herd. Luminus Management, led by Jonathan Barrett and Paul Segal, created the most outsized position in PNM Resources Inc (NYSE:PNM). Luminus Management had $3 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also made a $2.3 million investment in the stock during the quarter. The following funds were also among the new PNM investors: Mike Vranos’ Ellington, John Overdeck and David Siegel’s Two Sigma Advisors, and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s also examine hedge fund activity in other stocks similar to PNM Resources Inc (NYSE:PNM). These stocks are WESCO International, Inc. (NYSE:WCC), Nice Systems Ltd (ADR) (NASDAQ:NICE), Hawaiian Holdings, Inc. (NASDAQ:HA), and Cree, Inc. (NASDAQ:CREE). This group of stocks’ market caps match PNM’s market cap.

As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $140 million. That figure was $162 million in PNM’s case. Hawaiian Holdings, Inc. (NASDAQ:HA) is the most popular stock in this table. On the other hand Cree, Inc. (NASDAQ:CREE) is the least popular one with only 12 bullish hedge fund positions. PNM Resources Inc (NYSE:PNM) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard HA might be a better candidate to consider taking a long position in.

Disclosure: None