MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 22.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,768 shares of the utilities provider's stock after acquiring an additional 6,806 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Pinnacle West Capital were worth $3,587,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also bought and sold shares of the company. Gotham Asset Management LLC increased its position in Pinnacle West Capital by 111.6% during the first quarter. Gotham Asset Management LLC now owns 154,041 shares of the utilities provider's stock valued at $14,672,000 after acquiring an additional 81,250 shares during the last quarter. Alliancebernstein L.P. increased its position in Pinnacle West Capital by 24.1% during the first quarter. Alliancebernstein L.P. now owns 192,234 shares of the utilities provider's stock valued at $18,310,000 after acquiring an additional 37,291 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Pinnacle West Capital by 56.4% during the first quarter. AQR Capital Management LLC now owns 414,529 shares of the utilities provider's stock valued at $39,484,000 after purchasing an additional 149,488 shares during the period. ATLAS Infrastructure Partners UK Ltd. boosted its stake in shares of 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 valued at $266,085,000 after purchasing an additional 1,948,416 shares during the period. Finally, Amundi boosted its stake in shares of Pinnacle West Capital by 44.4% during the first quarter. Amundi now owns 207,539 shares of the utilities provider's stock valued at $19,760,000 after purchasing an additional 63,785 shares during the period. Institutional investors own 91.51% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on PNW shares. BMO Capital Markets boosted their target price on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a research note on Thursday, August 7th. KeyCorp lowered their target price 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. UBS Group lowered their target price on shares of Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating for the company in a research note on Friday, September 12th. Morgan Stanley set a $89.00 target price on shares of Pinnacle West Capital and gave the company an "outperform" rating in a research note on Thursday, August 21st. Finally, Barclays lowered their target price 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 analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Pinnacle West Capital presently has an average rating of "Hold" and an average target price of $96.20.
Read Our Latest Stock Analysis on Pinnacle West Capital
Insider Activity at Pinnacle West Capital
In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the sale, the executive vice president directly owned 56 shares of the company's stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.23% of the company's stock.
Pinnacle West Capital Stock Down 0.3%
NYSE:PNW traded down $0.24 during mid-day trading on Thursday, reaching $85.87. The company's stock had a trading volume of 995,514 shares, 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 stock has a fifty day moving average of $90.43 and a 200-day moving average of $91.20. 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 quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.
Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting the consensus estimate of $1.58. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.76 earnings per share. Equities research analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.
About Pinnacle West Capital
(
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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