Czech National Bank Has $2.61 Million Stock Position in Pinnacle West Capital Corporation $PNW

Key Points

• The Czech National Bank increased its holdings in Pinnacle West Capital Corporation by 11.8% in the second quarter, bringing its total to 29,185 shares valued at approximately $2.61 million.
• Recent adjustments by various institutional investors include new stakes acquired by Brighton Jones LLC and Nomura Holdings Inc., indicating heightened interest in Pinnacle West Capital.
• Analysts have mixed ratings for the stock with four rating it as a Buy, while the consensus rating remains a Hold with an average price target of $96.20.

Czech National Bank increased its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 11.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,185 shares of the utilities provider's stock after buying an additional 3,070 shares during the period. Czech National Bank's holdings in Pinnacle West Capital were worth $2,611,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. ATLAS Infrastructure Partners UK Ltd. lifted its holdings in Pinnacle West Capital by 230.5% in the first quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,793,546 shares of the utilities provider's stock worth $266,085,000 after buying an additional 1,948,416 shares during the period. Nuveen LLC purchased a new stake in Pinnacle West Capital during the 1st quarter valued at approximately $99,364,000. Assenagon Asset Management S.A. grew its holdings in Pinnacle West Capital by 57.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,065,801 shares of the utilities provider's stock valued at $101,518,000 after buying an additional 388,527 shares in the last quarter. Vanguard Group Inc. grew its position in Pinnacle West Capital by 2.0% in the first quarter. Vanguard Group Inc. now owns 14,464,661 shares of the utilities provider's stock worth $1,377,759,000 after acquiring an additional 283,752 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Pinnacle West Capital by 13,170.8% during the first quarter. GAMMA Investing LLC now owns 200,787 shares of the utilities provider's stock worth $19,125,000 after buying an additional 199,274 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Trading Up 0.1%

Shares of Pinnacle West Capital stock traded up $0.09 on Monday, reaching $86.61. 239,345 shares of the company were exchanged, compared to its average volume of 1,138,684. The stock has a fifty day moving average price of $90.34 and a 200-day moving average price of $91.17. The firm has a market capitalization of $10.34 billion, a price-to-earnings ratio of 17.85, a price-to-earnings-growth 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. 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, meeting the consensus estimate of $1.58. The company had revenue of $1.36 billion for 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 was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.76 EPS. On average, analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Mizuho cut shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their target price for the company from $102.00 to $90.00 in a research report on Tuesday, September 9th. BMO Capital Markets boosted their price target on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a research report on Thursday, August 7th. KeyCorp dropped 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 research note on Wednesday, July 16th. Morgan Stanley set a $89.00 target price on Pinnacle West Capital and gave the company an "outperform" rating in a report on Thursday, August 21st. Finally, Barclays decreased their price target on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, Pinnacle West Capital currently has an average rating of "Hold" and an average price target 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 value of $600,035.52. Following the sale, the executive vice president owned 56 shares in the company, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate 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.