Pinnacle West Capital Corporation $PNW Shares Sold by IFM Investors Pty Ltd

Key Points

• IFM Investors Pty Ltd reduced its stake in Pinnacle West Capital by 46.4%, selling 7,011 shares during the 1st quarter, bringing its total holdings to 8,085 shares valued at approximately $770,000.
• Pinnacle West Capital recently reported earnings of $1.58 per share, meeting expectations, with quarterly revenue reaching $1.36 billion, a 3.8% increase year-over-year.
• The company announced a quarterly dividend of $0.895 per share, yielding 4.1%, with a dividend payout ratio of 73.81%.

IFM Investors Pty Ltd trimmed its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 46.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,085 shares of the utilities provider's stock after selling 7,011 shares during the period. IFM Investors Pty Ltd's holdings in Pinnacle West Capital were worth $770,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PNW. ATLAS Infrastructure Partners UK Ltd. grew its stake in Pinnacle West Capital by 230.5% during 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 first quarter worth approximately $99,364,000. Two Sigma Advisers LP grew its stake in Pinnacle West Capital by 462.8% during the fourth quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider's stock worth $77,387,000 after buying an additional 750,700 shares during the period. Two Sigma Investments LP grew its stake in Pinnacle West Capital by 133.4% during the fourth quarter. Two Sigma Investments LP now owns 961,616 shares of the utilities provider's stock worth $81,516,000 after buying an additional 549,637 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in Pinnacle West Capital by 57.4% during the first quarter. Assenagon Asset Management S.A. now owns 1,065,801 shares of the utilities provider's stock worth $101,518,000 after buying an additional 388,527 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on PNW shares. KeyCorp decreased 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 research note on Wednesday, July 16th. BMO Capital Markets lifted their price target on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a research note on Thursday, August 7th. Morgan Stanley set a $89.00 price objective on shares of Pinnacle West Capital and gave the stock an "outperform" rating in a report on Thursday, August 21st. Mizuho downgraded shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their price objective for the stock from $102.00 to $90.00 in a report on Tuesday, September 9th. Finally, Barclays reduced 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 report on Wednesday, August 13th. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $96.20.

Insiders Place Their Bets

In related news, EVP Jacob Tetlow sold 6,496 shares of the company's stock in a transaction dated 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 sale, the executive vice president owned 56 shares of the company's stock, valued at $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.23% of the stock is owned by insiders.

Pinnacle West Capital Stock Performance

Shares of PNW traded down $0.24 during midday trading on Thursday, hitting $85.87. 995,514 shares of the stock traded hands, compared to its average volume of 863,272. Pinnacle West Capital Corporation has a 1-year low of $81.47 and a 1-year high of $96.50. The firm has a market capitalization of $10.26 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 8.89 and a beta of 0.45. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. The business's 50 day moving average price is $90.43 and its two-hundred day moving average price is $91.20.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced 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. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the company posted $1.76 earnings per share. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. Equities research analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital 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.