IFM Investors Pty Ltd bought a new position in shares of Pinnacle West Capital Co. (NYSE: PNW – Get Rating ) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,031 shares of the utilities provider’s stock, valued at approximately $1,174,000.
Several other institutional investors have also recently modified their holdings of PNW. Arizona State Retirement System boosted its holdings in Pinnacle West Capital by 0.5% in the first quarter. Arizona State Retirement System now owns 30,497 shares of the utilities provider’s stock worth $2,382,000 after acquiring an additional 141 shares during the period. Parallel Advisors LLC raised its position in Pinnacle West Capital by 28.5% during the first quarter. Parallel Advisors LLC now owns 671 shares of the utilities provider’s stock valued at $52,000 after acquiring an additional 149 shares during the last quarter. NovaPoint Capital LLC lifted its position in Pinnacle West Capital by 4.9% in the first quarter. NovaPoint Capital LLC now owns 3,462 shares of the utilities provider’s stock valued at $270,000 after acquiring an additional 161 shares in the last quarter. Mutual of America Capital Management LLC raised its position in Pinnacle West Capital by 1.1% in the first quarter. Mutual of America Capital Management LLC now owns 15,056 shares of the utilities provider’s stock valued at $1,176,000 after acquiring an additional 161 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. raised its position in shares of Pinnacle West Capital by 0.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 67,830 shares of the utilities provider’s stock valued at $5,297,000 after purchasing an additional 170 shares during the last quarter. 80.89% of the shares are currently owned by institutional investors and hedge funds.
Wall Street analysts forecast growth
PNW has been the subject of several analyst reports. Morgan Stanley upped their target price on shares of Pinnacle West Capital from $70.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 26th. KeyCorp boosted their target price on shares of Pinnacle West Capital from $62.00 to $64.00 and gave the company an “underperform” rating in a report on Wednesday, April 20th. Credit Suisse Group began coverage on shares of Pinnacle West Capital in a report on Monday, April 25th. They set an “underperform” rating and a $73.00 target price for the company. UBS Group decreased their target price on shares of Pinnacle West Capital from $74.00 to $67.00 and set a “sell” rating for the company in a research note on Thursday, June 30th. Finally, Barclays reduced their price objective on shares of Pinnacle West Capital from $78.00 to $68.00 and set an “underweight” rating on the stock in a research report on Monday, July 18th. Seven equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $71.62.
Insider trading at Pinnacle West Capital
In related news, SVP Barbara D. Lockwood sold 3,489 shares of the company’s stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $74.25, for a total value of $259,058.25. The sale was disclosed in a filing with the Securities and Exchange Commission, which is available at this link. Insiders own 0.31% of the company’s stock.
Shares of Pinnacle West Capital fell 1.5%
Shares of Pinnacle West Capital stock opened at $75.42 on Monday. The firm’s 50-day moving average is $72.35 and its 200-day moving average is $73.22. The company has a quick ratio of 0.76, a current ratio of 0.89 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. it has a 52-week low of $62.78 and a 52-week high of $81.25. The company has a market cap of $8.52 billion, a P/E ratio of 15.58 and a beta of 0.32.
Pinnacle West Capital (NYSE:PNW – Get Rating) last posted its earnings results on Wednesday, August 3. The utilities provider reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.04. Pinnacle West Capital had a net margin of 13.88% and a return on equity of 9.04%. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $974.60 million. During the same period last year, the business earned $1.91 EPS. Pinnacle West Capital’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, sell-side analysts predict that Pinnacle West Capital Co. will post 3.97 EPS for the current fiscal year.
Pinnacle West Capital announces dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Monday, August 1st will be given a $0.85 dividend. This represents a $3.40 annual dividend and a yield of 4.51%. The ex-dividend date is Friday, July 29th. Pinnacle West Capital’s payout ratio is currently 70.25%.
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. The company is engaged in the generation, transmission and distribution of electricity using coal, nuclear, gas, oil and solar power generation facilities.
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