Channing Capital Management LLC Has $11.26 Million Stock Position in Pinnacle West Capital Corporation $PNW

Key Points

• Channing Capital Management LLC sold 4,877 shares of Pinnacle West Capital, reducing its stake by 4.0% to 118,204 shares, valued at approximately $11 million.
• Pinnacle West Capital reported a quarterly earnings per share (EPS) of $1.58, meeting analyst expectations, with a revenue of $1.36 billion.
• The company declared a quarterly dividend of $0.895, representing a 3.9% dividend yield and a payout ratio of 73.81%.

Channing Capital Management LLC lowered its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 4.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,204 shares of the utilities provider's stock after selling 4,877 shares during the period. Channing Capital Management LLC owned approximately 0.10% of Pinnacle West Capital worth $11,259,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Clearstead Trust LLC acquired a new stake in shares of Pinnacle West Capital during the first quarter worth $25,000. Costello Asset Management INC purchased a new position in Pinnacle West Capital in the first quarter valued at about $26,000. Brooklyn Investment Group lifted its position in shares of Pinnacle West Capital by 440.0% in the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock worth $46,000 after buying an additional 396 shares during the last quarter. HM Payson & Co. lifted its position in shares of Pinnacle West Capital by 49.7% in the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock worth $56,000 after buying an additional 196 shares during the last quarter. Finally, Spirit of America Management Corp NY acquired a new position in shares of Pinnacle West Capital during the 1st quarter worth about $57,000. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock traded down $1.3220 during trading on Monday, hitting $90.0280. The stock had a trading volume of 762,577 shares, compared to its average volume of 1,164,832. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. The firm has a market cap of $10.75 billion, a P/E ratio of 18.56, a PEG ratio of 9.43 and a beta of 0.38. The business has a fifty day moving average of $90.88 and a two-hundred day moving average of $91.49. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.58. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.Pinnacle West Capital's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.76 earnings per share. On average, sell-side analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be issued a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 4.0%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's payout ratio is presently 73.81%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on PNW shares. Barclays cut their price objective on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. BMO Capital Markets upped their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a report on Thursday, August 7th. UBS Group reissued a "neutral" rating and issued a $98.00 price target (up previously from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. Finally, Morgan Stanley lowered their price objective on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research report on Thursday, May 22nd. Three research 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, the company has an average rating of "Hold" and an average target price of $97.00.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the business's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the sale, the executive vice president owned 56 shares in the company, valued at approximately $5,172.72. The trade was a 99.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.