Wedge Capital Management L L P NC Sells 26,085 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Wedge Capital Management L L P NC decreased its position in Pinnacle West Capital Co. (NYSE:PNW) by 14.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 155,404 shares of the utilities provider’s stock after selling 26,085 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.14% of Pinnacle West Capital worth $13,767,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. lifted its position in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares during the last quarter. Cape Investment Advisory Inc. acquired a new position in shares of Pinnacle West Capital during the first quarter worth approximately $30,000. Newbridge Financial Services Group Inc. boosted its position in shares of Pinnacle West Capital by 70.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 199 shares during the period. Rise Advisors LLC bought a new stake in shares of Pinnacle West Capital in the first quarter valued at approximately $36,000. Finally, Riverview Trust Co acquired a new stake in shares of Pinnacle West Capital in the first quarter worth $46,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PNW shares. Barclays cut their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Wells Fargo & Company increased their target price on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Jefferies Financial Group started coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. Morgan Stanley upped their price target on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Finally, StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $80.54.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $86.53 on Tuesday. The business has a 50 day simple moving average of $87.82 and a 200 day simple moving average of $80.88. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $91.57. The company has a market capitalization of $9.83 billion, a PE ratio of 18.85, a price-to-earnings-growth ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.31 by $0.45. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.94 EPS. On average, sell-side analysts forecast that Pinnacle West Capital Co. will post 4.77 EPS for the current fiscal year.

Insider Transactions at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the transaction, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at $548,862.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.23% of the company’s stock.

Pinnacle West Capital Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.