Forsta AP Fonden increased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 114.4% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 169,052 shares of the utilities provider’s stock after acquiring an additional 90,200 shares during the quarter. Forsta AP Fonden’s holdings in Pinnacle West Capital were worth $13,490,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the stock. BlackRock Inc. raised its stake in Pinnacle West Capital by 1.0% during the 4th quarter. BlackRock Inc. now owns 11,348,077 shares of the utilities provider’s stock worth $966,629,000 after buying an additional 114,132 shares during the period. Boston Partners raised its stake in Pinnacle West Capital by 2.3% during the 1st quarter. Boston Partners now owns 3,592,738 shares of the utilities provider’s stock worth $286,700,000 after buying an additional 81,153 shares during the period. American Century Companies Inc. raised its stake in Pinnacle West Capital by 1.7% during the 1st quarter. American Century Companies Inc. now owns 2,719,814 shares of the utilities provider’s stock worth $217,041,000 after buying an additional 44,952 shares during the period. Millennium Management LLC raised its stake in Pinnacle West Capital by 9.8% during the 4th quarter. Millennium Management LLC now owns 2,588,824 shares of the utilities provider’s stock worth $220,516,000 after buying an additional 230,870 shares during the period. Finally, Wedge Capital Management L L P NC raised its stake in Pinnacle West Capital by 4.2% during the 1st quarter. Wedge Capital Management L L P NC now owns 1,721,194 shares of the utilities provider’s stock worth $137,351,000 after buying an additional 69,285 shares during the period. 82.95% of the stock is currently owned by institutional investors and hedge funds.
PNW has been the topic of several research analyst reports. Morgan Stanley set a $80.00 price objective on Pinnacle West Capital and gave the stock a “hold” rating in a research note on Thursday, March 8th. Zacks Investment Research raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a research note on Tuesday, April 3rd. SunTrust Banks reaffirmed a “hold” rating and set a $82.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, April 11th. Royal Bank of Canada raised Pinnacle West Capital from a “sector perform” rating to an “outperform” rating in a research note on Thursday, March 8th. Finally, Wells Fargo downgraded Pinnacle West Capital from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $98.00 to $85.00 in a research note on Monday, February 26th. They noted that the move was a valuation call. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $84.64.
Pinnacle West Capital opened at $76.37 on Friday, Marketbeat.com reports. The stock has a market cap of $8.61 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 3.61 and a beta of 0.26. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.51 and a quick ratio of 0.35. Pinnacle West Capital Co. has a 1 year low of $76.66 and a 1 year high of $77.45.
Pinnacle West Capital (NYSE:PNW) last released its earnings results on Wednesday, May 2nd. The utilities provider reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($0.07). The firm had revenue of $692.71 million for the quarter, compared to the consensus estimate of $680.96 million. Pinnacle West Capital had a return on equity of 9.11% and a net margin of 13.08%. Pinnacle West Capital’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the company posted $0.21 EPS. sell-side analysts forecast that Pinnacle West Capital Co. will post 4.45 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Tuesday, May 1st will be issued a dividend of $0.695 per share. This represents a $2.78 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date is Monday, April 30th. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 63.91%.
In other Pinnacle West Capital news, CEO Donald E. Brandt sold 39,083 shares of the stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $77.23, for a total transaction of $3,018,380.09. Following the completion of the transaction, the chief executive officer now owns 88,741 shares in the company, valued at approximately $6,853,467.43. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP John S. Hatfield sold 2,145 shares of the stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $76.14, for a total value of $163,320.30. Following the transaction, the vice president now owns 1,443 shares of the company’s stock, valued at approximately $109,870.02. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,894 shares of company stock valued at $3,382,610. Corporate insiders own 0.53% of the company’s stock.
About Pinnacle West Capital
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.
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