PNM Resources, Inc. (NYSE:PNM) has experienced an increase in support from the world’s most elite money managers recently.
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Consequently, we’re going to take a look at the latest action regarding PNM Resources, Inc. (NYSE:PNM).
How have hedgies been trading PNM Resources, Inc. (NYSE:PNM)?
In preparation for this year, a total of 13 of the hedge funds we track were bullish in this stock, a change of 30% from the third quarter. With the smart money’s capital changing hands, there exists a select group of key hedge fund managers who were boosting their stakes meaningfully.
When looking at the hedgies we track, Mario Gabelli’s GAMCO Investors had the largest position in PNM Resources, Inc. (NYSE:PNM), worth close to $63 million, comprising 0.5% of its total 13F portfolio. Coming in second is Adage Capital Management, managed by Phill Gross and Robert Atchinson, which held a $15 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Some other peers that hold long positions include Chuck Royce’s Royce & Associates, Cliff Asness’s AQR Capital Management and Jim Simons’s Renaissance Technologies.
With a general bullishness amongst the heavyweights, some big names have been driving this bullishness. Ellington, managed by Mike Vranos, initiated the biggest position in PNM Resources, Inc. (NYSE:PNM). Ellington had 1 million invested in the company at the end of the quarter. Paul Tudor Jones’s Tudor Investment Corp also made a $1 million investment in the stock during the quarter. The following funds were also among the new PNM investors: Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital and John Overdeck and David Siegel’s Two Sigma Advisors.
How have insiders been trading PNM Resources, Inc. (NYSE:PNM)?
Insider trading activity, especially when it’s bullish, is most useful when the company we’re looking at has experienced transactions within the past 180 days. Over the latest 180-day time frame, PNM Resources, Inc. (NYSE:PNM) has experienced zero unique insiders buying, and 6 insider sales (see the details of insider trades here).
Let’s also take a look at hedge fund and insider activity in other stocks similar to PNM Resources, Inc. (NYSE:PNM). These stocks are Vectren Corporation (NYSE:VVC), MGE Energy, Inc. (NASDAQ:MGEE), NorthWestern Corp (NYSE:NWE), Avista Corp (NYSE:AVA), and ALLETE Inc (NYSE:ALE). This group of stocks belong to the diversified utilities industry and their market caps resemble PNM’s market cap.
|Company Name||# of Hedge Funds||# of Insiders Buying||# of Insiders Selling|
|Vectren Corporation (NYSE:VVC)||9||0||0|
|MGE Energy, Inc. (NASDAQ:MGEE)||6||2||0|
|NorthWestern Corp (NYSE:NWE)||9||1||0|
|Avista Corp (NYSE:AVA)||10||0||5|
|ALLETE Inc (NYSE:ALE)||8||0||7|
With the returns exhibited by the aforementioned time-tested strategies, everyday investors should always watch hedge fund and insider trading activity, and PNM Resources, Inc. (NYSE:PNM) is no exception.