Mackenzie Financial Corp Has $4.03 Million Holdings in Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Mackenzie Financial Corp increased its holdings in Pinnacle West Capital Corporation by 146.6% during the first quarter, now owning 42,279 shares valued at approximately $4 million.
• Pinnacle West recently posted a loss of $0.04 EPS for the quarter, missing the expected earnings of $0.05, despite achieving revenues of $1.03 billion, which was above consensus estimates.
• The company declared a quarterly dividend of $0.895 per share to be paid on September 2nd, representing an annualized yield of 3.9%.

Mackenzie Financial Corp raised its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 146.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,279 shares of the utilities provider's stock after buying an additional 25,137 shares during the quarter. Mackenzie Financial Corp's holdings in Pinnacle West Capital were worth $4,027,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Invesco Ltd. increased its stake in Pinnacle West Capital by 32.2% in the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock valued at $364,342,000 after purchasing an additional 1,045,788 shares in the last quarter. Geode Capital Management LLC increased its stake in Pinnacle West Capital by 7.7% during the 4th quarter. Geode Capital Management LLC now owns 2,880,315 shares of the utilities provider's stock worth $243,897,000 after purchasing an additional 204,805 shares in the last quarter. Deutsche Bank AG raised its holdings in Pinnacle West Capital by 33.4% during the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock worth $206,420,000 after buying an additional 610,042 shares during the period. Nuveen Asset Management LLC lifted its stake in Pinnacle West Capital by 27.2% in the fourth quarter. Nuveen Asset Management LLC now owns 1,146,185 shares of the utilities provider's stock valued at $97,162,000 after buying an additional 245,003 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Pinnacle West Capital by 57.4% in the first 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 during the period. Institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

PNW has been the topic of a number of research analyst reports. Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. KeyCorp cut their price target on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. BMO Capital Markets started coverage on Pinnacle West Capital in a research report on Tuesday, May 13th. They set a "market perform" rating and a $95.00 price target for the company. UBS Group reiterated a "neutral" rating and issued a $98.00 price objective (up from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Finally, Wall Street Zen downgraded shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $96.78.

Pinnacle West Capital Stock Performance

PNW stock traded up $1.60 during trading hours on Monday, reaching $92.28. The stock had a trading volume of 1,103,197 shares, compared to its average volume of 1,110,046. The stock has a market capitalization of $11.02 billion, a PE ratio of 18.35, a price-to-earnings-growth ratio of 9.45 and a beta of 0.38. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.50 and a quick ratio of 0.34. The stock has a 50-day simple moving average of $90.31 and a 200 day simple moving average of $90.98. 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 released its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $988.95 million. During the same quarter in the prior year, the firm earned $0.15 earnings per share. Pinnacle West Capital's revenue for the quarter was up 8.5% on a year-over-year basis. Analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS 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 $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's payout ratio is currently 71.17%.

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.