Mutual Advisors LLC cut its holdings in Pinnacle West Capital Corporation (NYSE:PNW – Free Report) by 17.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 9,134 shares of the utilities provider’s stock after selling 1,898 shares during the quarter. Mutual Advisors LLC’s holdings in Pinnacle West Capital were worth $830,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the business. TD Asset Management Inc grew its position in shares of Pinnacle West Capital by 2.2% in the 2nd quarter. TD Asset Management Inc now owns 78,361 shares of the utilities provider’s stock valued at $7,011,000 after purchasing an additional 1,718 shares during the period. Morningstar Investment Management LLC acquired a new position in Pinnacle West Capital during the 2nd quarter worth approximately $350,000. Sequoia Financial Advisors LLC boosted its position in Pinnacle West Capital by 273.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 12,290 shares of the utilities provider’s stock worth $1,100,000 after acquiring an additional 9,001 shares during the last quarter. Yousif Capital Management LLC boosted its position in Pinnacle West Capital by 7.2% during the 2nd quarter. Yousif Capital Management LLC now owns 26,700 shares of the utilities provider’s stock worth $2,389,000 after acquiring an additional 1,796 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its position in Pinnacle West Capital by 6.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 12,833 shares of the utilities provider’s stock worth $1,148,000 after acquiring an additional 735 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities analysts have weighed in on PNW shares. Argus reduced their price target on Pinnacle West Capital from $98.00 to $95.00 and set a “buy” rating for the company in a research report on Tuesday, September 30th. Zacks Research downgraded Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a research report on Friday, October 10th. Mizuho downgraded Pinnacle West Capital from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $102.00 to $90.00 in a research report on Tuesday, September 9th. TD Cowen began coverage on Pinnacle West Capital in a research report on Thursday. They set a “hold” rating and a $97.00 price target for the company. Finally, Morgan Stanley cut their price objective on Pinnacle West Capital from $89.00 to $87.00 and set an “equal weight” rating for the company in a report on Thursday, September 25th. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Pinnacle West Capital presently has a consensus rating of “Hold” and an average price target of $96.42.
Pinnacle West Capital Trading Up 0.2%
NYSE PNW opened at $93.15 on Friday. The company has a market cap of $11.13 billion, a PE ratio of 19.21, a PEG ratio of 9.65 and a beta of 0.46. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. Pinnacle West Capital Corporation has a 12 month low of $81.47 and a 12 month high of $96.50. The stock has a 50 day moving average of $89.69 and a 200-day moving average of $90.73.
Pinnacle West Capital (NYSE:PNW – Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the prior year, the business earned $1.76 EPS. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, equities research analysts anticipate that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.
Insider Activity at Pinnacle West Capital
In related news, EVP Jacob Tetlow sold 6,496 shares of the firm’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the transaction, the executive vice president owned 56 shares in the company, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.23% of the company’s stock.
Pinnacle West Capital Company 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.
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