Candriam Luxembourg S.C.A. cut its stake in Pinnacle West Capital Co. (NYSE:PNW) by 1.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,488 shares of the utilities provider’s stock after selling 807 shares during the quarter. Candriam Luxembourg S.C.A. owned 0.06% of Pinnacle West Capital worth $5,226,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Federated Investors Inc. PA increased its stake in Pinnacle West Capital by 29.7% during the 1st quarter. Federated Investors Inc. PA now owns 115,233 shares of the utilities provider’s stock worth $9,195,000 after purchasing an additional 26,380 shares in the last quarter. BlackRock Inc. increased its stake in Pinnacle West Capital by 5.7% during the 1st quarter. BlackRock Inc. now owns 11,989,897 shares of the utilities provider’s stock worth $956,797,000 after purchasing an additional 641,820 shares in the last quarter. Glen Harbor Capital Management LLC increased its stake in Pinnacle West Capital by 1.2% during the 1st quarter. Glen Harbor Capital Management LLC now owns 79,640 shares of the utilities provider’s stock worth $6,355,000 after purchasing an additional 924 shares in the last quarter. Dean Investment Associates LLC bought a new stake in Pinnacle West Capital during the 1st quarter worth approximately $854,000. Finally, 6 Meridian increased its stake in Pinnacle West Capital by 18.3% during the 1st quarter. 6 Meridian now owns 5,965 shares of the utilities provider’s stock worth $476,000 after purchasing an additional 922 shares in the last quarter. 82.51% of the stock is owned by institutional investors.
PNW has been the subject of a number of research reports. Williams Capital reissued a “hold” rating and set a $84.00 target price (down from $87.00) on shares of Pinnacle West Capital in a research note on Monday, January 29th. Royal Bank of Canada reaffirmed a “neutral” rating on shares of Pinnacle West Capital in a research report on Thursday, February 1st. UBS started coverage on Pinnacle West Capital in a research report on Friday, February 2nd. They set a “neutral” rating and a $81.00 price target for the company. SunTrust Banks set a $82.00 price target on Pinnacle West Capital and gave the stock a “hold” rating in a research report on Monday, February 5th. Finally, Morgan Stanley raised Pinnacle West Capital from an “underweight” rating to an “equal weight” rating and set a $85.00 price target for the company in a research report on Tuesday, February 13th. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $84.64.
Pinnacle West Capital opened at $78.39 on Friday, MarketBeat Ratings reports. Pinnacle West Capital Co. has a twelve month low of $73.81 and a twelve month high of $92.48. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.51 and a quick ratio of 0.35. The company has a market cap of $8.67 billion, a price-to-earnings ratio of 18.02, a PEG ratio of 3.64 and a beta of 0.26.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Wednesday, May 2nd. The utilities provider reported $0.03 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.07). The company had revenue of $692.71 million during the quarter, compared to analyst estimates of $680.96 million. Pinnacle West Capital had a net margin of 13.08% and a return on equity of 9.11%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous 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 fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Tuesday, May 1st will be issued a $0.695 dividend. This represents a $2.78 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend is Monday, April 30th. Pinnacle West Capital’s payout ratio is presently 63.91%.
In other news, Director Kathryn L. Munro sold 2,666 shares of the stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $75.36, for a total value of $200,909.76. Following the completion of the sale, the director now owns 15,630 shares of the company’s stock, valued at approximately $1,177,876.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Donald E. Brandt sold 39,083 shares of the stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $77.23, for a total value of $3,018,380.09. Following the completion of the sale, the chief executive officer now directly owns 88,741 shares of the company’s stock, valued at approximately $6,853,467.43. The disclosure for this sale can be found here. In the last three months, insiders sold 43,894 shares of company stock valued at $3,382,610. 0.53% of the stock is currently owned by insiders.
Pinnacle West Capital 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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