New Mexico Educational Retirement Board Reduces Stock Position in Pinnacle West Capital Co. (NYSE:PNW)


New Mexico Educational Retirement Board reduced its holdings in Pinnacle West Capital Co. (NYSE:PNW – Get Rating) by 4.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,560 shares of the utilities provider’s stock after selling 300 shares during the period. New Mexico Educational Retirement Board’s holdings in Pinnacle West Capital were worth $512,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in shares of Pinnacle West Capital by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 467,134 shares of the utilities provider’s stock worth $33,802,000 after purchasing an additional 1,742 shares during the period. Tudor Investment Corp Et Al purchased a new position in shares of Pinnacle West Capital during the 3rd quarter worth about $8,100,000. Man Group plc increased its stake in shares of Pinnacle West Capital by 244.0% during the 3rd quarter. Man Group plc now owns 12,981 shares of the utilities provider’s stock worth $939,000 after purchasing an additional 9,207 shares during the period. Millennium Management LLC increased its stake in shares of Pinnacle West Capital by 93.5% during the 3rd quarter. Millennium Management LLC now owns 132,231 shares of the utilities provider’s stock worth $9,568,000 after purchasing an additional 63,888 shares during the period. Finally, Voloridge Investment Management LLC purchased a new position in shares of Pinnacle West Capital during the 3rd quarter worth about $4,179,000. 80.89% of the stock is owned by institutional investors and hedge funds.

Several equity research analysts have issued reports on the stock. Credit Suisse Group assumed coverage on shares of Pinnacle West Capital in a research report on Monday, April 25th. They issued an “underperform” rating and a $73.00 target price for the company. Evercore ISI cut shares of Pinnacle West Capital from an “in-line” rating to an “underperform” rating and set a $68.00 target price for the company. in a research report on Friday, March 11th. Royal Bank of Canada increased their price objective on shares of Pinnacle West Capital from $76.00 to $80.00 and gave the company a “sector perform” rating in a research report on Monday, April 4th. Barclays cut shares of Pinnacle West Capital from an “equal weight” rating to an “underweight” rating and boosted their price objective for the company from $72.00 to $78.00 in a research report on Tuesday, April 19th. Finally, KeyCorp increased their price objective on shares of Pinnacle West Capital from $62.00 to $64.00 and gave the company an “underweight” rating in a research report on Wednesday, April 20th. Seven analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus target price of $73.18.

In other Pinnacle West Capital news, SVP Barbara D. Lockwood sold 3,489 shares of the business’s stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $74.25, for a total transaction of $259,058.25. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.31% of the stock is currently owned by insiders.

NYSE PNW opened at $69.96 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 1.19. The firm has a market cap of $7.91 billion, a PE ratio of 13.20 and a beta of 0.31. The company has a 50 day moving average price of $74.34 and a 200 day moving average price of $72.49. Pinnacle West Capital Co. has a 52 week low of $62.78 and a 52 week high of $86.87.

Pinnacle West Capital (NYSE:PNW – Get Rating) last posted its quarterly earnings data on Wednesday, May 4th. The utilities provider reported $0.15 EPS for the quarter, topping the consensus estimate of $0.05 by $0.10. The firm had revenue of $783.53 million during the quarter, compared to analyst estimates of $692.73 million. Pinnacle West Capital had a net margin of 15.42% and a return on equity of 9.96%. Pinnacle West Capital’s revenue was up 12.5% ​​on a year-over-year basis. During the same quarter in the previous year, the business posted $0.32 EPS. On average, equity research analysts anticipate that Pinnacle West Capital Co. will post 4.01 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Monday, August 1st will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 4.86%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 64.15%.

Pinnacle West Capital Company Profile (GetRating)

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 engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities.

Read More

Want to see what other hedge funds are holding PNW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle West Capital Co. (NYSE:PNW – Get Rating).

Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)



Receive News & Ratings for Pinnacle West Capital Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Pinnacle West Capital and related companies with MarketBeat.com’s FREE daily email newsletter.

.

Leave a Reply

Your email address will not be published.

Back to top button