Assenagon Asset Management S.A. Sells 124,103 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• Assenagon Asset Management S.A. has reduced its holdings in Pinnacle West Capital Corporation (PNW) by 11.6%, now owning approximately 0.79% of the company valued at $84.25 million.
• Pinnacle West reported earnings of $1.58 per share, meeting analysts' expectations, with quarterly revenue showing a 3.8% increase year-over-year.
• Institutional investors collectively hold 91.51% of Pinnacle West's stock, indicating significant confidence in the company's operations and performance.

Assenagon Asset Management S.A. decreased its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 11.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 941,698 shares of the utilities provider's stock after selling 124,103 shares during the period. Assenagon Asset Management S.A. owned about 0.79% of Pinnacle West Capital worth $84,254,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Clearstead Trust LLC bought a new position in Pinnacle West Capital during the first quarter worth about $25,000. Costello Asset Management INC bought a new position in Pinnacle West Capital during the first quarter worth about $26,000. Brooklyn Investment Group lifted its stake in Pinnacle West Capital by 440.0% during the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock worth $46,000 after purchasing an additional 396 shares during the period. HM Payson & Co. lifted its stake in Pinnacle West Capital by 49.7% during the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock worth $56,000 after purchasing an additional 196 shares during the period. Finally, Spirit of America Management Corp NY bought a new position in Pinnacle West Capital during the first quarter worth about $57,000. Institutional investors own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

PNW has been the subject of a number of research reports. BMO Capital Markets raised their price target on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a report on Thursday, August 7th. Mizuho lowered shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and lowered their price target for the company from $102.00 to $90.00 in a report on Tuesday, September 9th. KeyCorp lowered their price target on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. Morgan Stanley set a $89.00 price target on shares of Pinnacle West Capital and gave the company an "outperform" rating in a report on Thursday, August 21st. Finally, Barclays lowered their target price on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a report on Wednesday, August 13th. Four analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, Pinnacle West Capital presently has an average rating of "Hold" and a consensus target price of $96.20.

Insider Activity

In other news, EVP Jacob Tetlow sold 6,496 shares of the firm's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the transaction, the executive vice president owned 56 shares of the company's stock, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.23% of the company's stock.

Pinnacle West Capital Price Performance

NYSE:PNW traded up $0.54 on Tuesday, hitting $86.80. The company had a trading volume of 242,042 shares, compared to its average volume of 1,135,944. The stock has a market capitalization of $10.37 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 8.94 and a beta of 0.45. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. The firm has a 50 day moving average of $90.24 and a two-hundred day moving average of $91.13. Pinnacle West Capital Corporation has a 52 week low of $81.47 and a 52 week high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.58. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.76 earnings per share. On average, research analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

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.