Rhumbline Advisers boosted its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 0.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 226,689 shares of the utilities provider’s stock after purchasing an additional 1,483 shares during the quarter. Rhumbline Advisers’ holdings in Pinnacle West Capital were worth $19,314,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of PNW. Renaissance Technologies LLC boosted its stake in Pinnacle West Capital by 81.7% in the 3rd quarter. Renaissance Technologies LLC now owns 2,483,900 shares of the utilities provider’s stock worth $196,675,000 after purchasing an additional 1,117,100 shares during the period. Deutsche Bank AG boosted its stake in Pinnacle West Capital by 114.3% in the 3rd quarter. Deutsche Bank AG now owns 610,847 shares of the utilities provider’s stock worth $48,363,000 after purchasing an additional 325,859 shares during the period. Canada Pension Plan Investment Board boosted its stake in Pinnacle West Capital by 244.1% in the 3rd quarter. Canada Pension Plan Investment Board now owns 396,559 shares of the utilities provider’s stock worth $31,400,000 after purchasing an additional 281,300 shares during the period. American Century Companies Inc. boosted its stake in Pinnacle West Capital by 9.9% in the 3rd quarter. American Century Companies Inc. now owns 2,910,120 shares of the utilities provider’s stock worth $230,423,000 after purchasing an additional 261,996 shares during the period. Finally, FMR LLC boosted its stake in Pinnacle West Capital by 42.7% in the 3rd quarter. FMR LLC now owns 787,196 shares of the utilities provider’s stock worth $62,330,000 after purchasing an additional 235,397 shares during the period. Institutional investors and hedge funds own 83.13% of the company’s stock.
In related news, Chairman Donald E. Brandt sold 15,876 shares of the stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $88.59, for a total transaction of $1,406,454.84. Following the sale, the chairman now owns 77,310 shares in the company, valued at approximately $6,848,892.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert S. Bement sold 4,700 shares of the stock in a transaction on Thursday, December 13th. The shares were sold at an average price of $91.22, for a total value of $428,734.00. The disclosure for this sale can be found here. Insiders have sold a total of 23,896 shares of company stock worth $2,129,938 in the last 90 days. 0.53% of the stock is currently owned by insiders.
Several analysts have recently issued reports on the company. Goldman Sachs Group cut Pinnacle West Capital from a “buy” rating to a “neutral” rating in a report on Thursday, January 10th. ValuEngine cut Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Thursday, November 1st. Williams Capital upped their price objective on Pinnacle West Capital from $80.00 to $84.00 and gave the stock a “hold” rating in a report on Monday, October 15th. Barclays assumed coverage on Pinnacle West Capital in a report on Monday, October 22nd. They set a “hold” rating and a $86.00 price objective on the stock. Finally, Wells Fargo & Co cut Pinnacle West Capital from an “outperform” rating to a “market perform” rating and set a $87.36 price objective on the stock. in a report on Wednesday, January 30th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $85.78.
NYSE:PNW opened at $89.38 on Monday. Pinnacle West Capital Co. has a fifty-two week low of $73.41 and a fifty-two week high of $92.64. The firm has a market cap of $10.02 billion, a P/E ratio of 20.55, a P/E/G ratio of 3.97 and a beta of 0.19. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.52 and a current ratio of 0.70.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, November 8th. The utilities provider reported $2.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.75 by $0.05. Pinnacle West Capital had a return on equity of 9.68% and a net margin of 13.71%. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the prior year, the firm posted $2.46 EPS. Pinnacle West Capital’s quarterly revenue was up 7.2% compared to the same quarter last year. Sell-side analysts forecast that Pinnacle West Capital Co. will post 4.48 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 1st will be issued a dividend of $0.7375 per share. The ex-dividend date of this dividend is Thursday, January 31st. This represents a $2.95 annualized dividend and a yield of 3.30%. Pinnacle West Capital’s payout ratio is presently 67.82%.
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Pinnacle West Capital Company Profile
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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