Corton Capital Inc. Invests $284,000 in Pinnacle West Capital Co. (NYSE:PNW)

Corton Capital Inc. purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 3,346 shares of the utilities provider's stock, valued at approximately $284,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Principal Financial Group Inc. raised its position in Pinnacle West Capital by 7.7% during the 3rd quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider's stock worth $12,336,000 after buying an additional 9,993 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Pinnacle West Capital by 47.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider's stock valued at $995,000 after purchasing an additional 3,758 shares in the last quarter. Blue Trust Inc. increased its position in Pinnacle West Capital by 33.3% during the 4th quarter. Blue Trust Inc. now owns 1,440 shares of the utilities provider's stock worth $128,000 after purchasing an additional 360 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Pinnacle West Capital by 14.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,284 shares of the utilities provider's stock worth $363,000 after buying an additional 545 shares in the last quarter. Finally, MCF Advisors LLC lifted its holdings in Pinnacle West Capital by 200.6% in the fourth quarter. MCF Advisors LLC now owns 6,154 shares of the utilities provider's stock valued at $522,000 after acquiring an additional 4,107 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW traded down $0.30 on Friday, hitting $91.71. The company had a trading volume of 927,147 shares, compared to its average volume of 1,110,575. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The company has a market cap of $10.93 billion, a PE ratio of 17.37, a PEG ratio of 3.59 and a beta of 0.45. Pinnacle West Capital Co. has a 52-week low of $74.45 and a 52-week high of $96.50. The business has a 50 day moving average of $93.01 and a 200 day moving average of $90.00.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. Pinnacle West Capital's revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.15 earnings per share. As a group, equities analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 5th will be given a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.58 annualized dividend and a yield of 3.90%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 71.17%.

Analysts Set New Price Targets

PNW has been the subject of a number of research analyst reports. UBS Group increased their price target on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a report on Friday, March 21st. StockNews.com cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday. Jefferies Financial Group decreased their price target on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, January 28th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research note on Tuesday, April 22nd. Finally, Morgan Stanley boosted their target price on Pinnacle West Capital from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 20th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $95.83.

About Pinnacle West Capital

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.