Engineers Gate Manager LP Invests $1.70 Million in Pinnacle West Capital Co. (PNW)

Engineers Gate Manager LP purchased a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 20,103 shares of the utilities provider’s stock, valued at approximately $1,700,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Pinnacle West Capital by 4.4% during the second quarter. Vanguard Group Inc. now owns 11,774,150 shares of the utilities provider’s stock valued at $1,002,686,000 after buying an additional 496,727 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Pinnacle West Capital by 27.2% during the second quarter. Goldman Sachs Group Inc. now owns 3,351,968 shares of the utilities provider’s stock valued at $285,454,000 after buying an additional 716,993 shares during the last quarter. Boston Partners raised its stake in Pinnacle West Capital by 37.6% during the third quarter. Boston Partners now owns 2,824,466 shares of the utilities provider’s stock valued at $238,837,000 after buying an additional 771,900 shares during the last quarter. American Century Companies Inc. raised its stake in Pinnacle West Capital by 3.8% during the third quarter. American Century Companies Inc. now owns 2,610,779 shares of the utilities provider’s stock valued at $220,767,000 after buying an additional 94,914 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in Pinnacle West Capital by 0.3% during the second quarter. Franklin Resources Inc. now owns 1,962,966 shares of the utilities provider’s stock valued at $167,166,000 after buying an additional 5,092 shares during the last quarter. Institutional investors own 82.80% of the company’s stock.

In other news, CEO Donald E. Brandt sold 18,153 shares of the business’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $89.54, for a total value of $1,625,419.62. Following the completion of the transaction, the chief executive officer now owns 118,574 shares in the company, valued at $10,617,115.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael L. Gallagher sold 2,012 shares of the business’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $89.37, for a total value of $179,812.44. Following the completion of the transaction, the director now owns 12,786 shares of the company’s stock, valued at approximately $1,142,684.82. The disclosure for this sale can be found here. 0.70% of the stock is owned by insiders.

Pinnacle West Capital Co. (PNW) traded up $0.65 during mid-day trading on Friday, hitting $90.75. The stock had a trading volume of 413,252 shares, compared to its average volume of 654,182. Pinnacle West Capital Co. has a 52-week low of $74.46 and a 52-week high of $92.48. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $10,140.00, a PE ratio of 19.60, a P/E/G ratio of 6.57 and a beta of 0.38.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Friday, November 3rd. The utilities provider reported $2.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.13. Pinnacle West Capital had a return on equity of 10.31% and a net margin of 14.67%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the business earned $2.35 earnings per share. The company’s revenue was up 1.4% on a year-over-year basis. analysts expect that Pinnacle West Capital Co. will post 4.27 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st were paid a $0.695 dividend. The ex-dividend date was Tuesday, October 31st. This represents a $2.78 annualized dividend and a dividend yield of 3.06%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.66. Pinnacle West Capital’s payout ratio is currently 60.04%.

PNW has been the subject of a number of recent research reports. Zacks Investment Research cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. BidaskClub upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. ValuEngine upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. SunTrust Banks reiterated a “hold” rating and set a $91.00 price objective on shares of Pinnacle West Capital in a research note on Friday, November 24th. Finally, Morgan Stanley lifted their price objective on Pinnacle West Capital from $83.00 to $86.00 and gave the company an “underweight” rating in a research note on Friday, September 8th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. Pinnacle West Capital currently has an average rating of “Hold” and an average target price of $86.70.

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Pinnacle West Capital Profile

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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