Contravisory Investment Management Inc. bought a new position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,080 shares of the utilities provider's stock, valued at approximately $455,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Clearstead Trust LLC bought a new stake in Pinnacle West Capital during the 1st quarter worth approximately $25,000. Costello Asset Management INC bought a new stake in Pinnacle West Capital during the 1st quarter worth approximately $26,000. Brooklyn Investment Group raised its stake in Pinnacle West Capital by 440.0% during the 1st quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock worth $46,000 after acquiring an additional 396 shares during the period. HM Payson & Co. raised its stake in Pinnacle West Capital by 49.7% during the 1st quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock worth $56,000 after acquiring an additional 196 shares during the period. Finally, Spirit of America Management Corp NY bought a new stake in Pinnacle West Capital during the 1st quarter worth approximately $57,000. Institutional investors own 91.51% of the company's stock.
Insider Buying and Selling 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 shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the transaction, the executive vice president directly 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 document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.23% of the company's stock.
Pinnacle West Capital Price Performance
Shares of PNW stock traded down $0.21 on Monday, reaching $86.31. The company's stock had a trading volume of 640,208 shares, compared to its average volume of 898,218. The stock's fifty day simple moving average is $90.24 and its 200-day simple moving average is $91.13. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50. 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 company has a market capitalization of $10.31 billion, a price-to-earnings ratio of 17.80, a price-to-earnings-growth ratio of 8.94 and a beta of 0.45.
Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its 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 net margin of 10.96% and a return on equity of 8.45%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the firm posted $1.76 earnings per share. Pinnacle West Capital's revenue for the quarter was up 3.8% compared to the same quarter last year. Analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of research firms have commented on PNW. Mizuho cut shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their target price for the stock from $102.00 to $90.00 in a research note on Tuesday, September 9th. Barclays cut their price objective 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. BMO Capital Markets increased their price objective 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. KeyCorp cut their price objective 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. Finally, Morgan Stanley set a $89.00 price objective on shares of Pinnacle West Capital and gave the company an "outperform" rating in a report on Thursday, August 21st. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $96.20.
Get Our Latest Report on PNW
Pinnacle West Capital Company Profile
(
Free Report)
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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