Newport Trust Company LLC Cuts Holdings in Pinnacle West Capital Corporation $PNW

Key Points

• Newport Trust Company LLC reduced its stake in Pinnacle West Capital Corporation by 4.5%, selling 24,059 shares and now holds 515,658 shares worth approximately $49.1 million.
• Pinnacle West Capital recently announced a quarterly dividend of $0.895 per share, with an annualized yield of 3.9% and a payout ratio of 73.81%.
• The company's stock is currently down 1.2% and has a market cap of approximately $10.89 billion, with a price-to-earnings ratio of 18.81.

Newport Trust Company LLC reduced its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 4.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 515,658 shares of the utilities provider's stock after selling 24,059 shares during the period. Newport Trust Company LLC owned 0.43% of Pinnacle West Capital worth $49,116,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Nuveen LLC purchased a new position in shares of Pinnacle West Capital during the 1st quarter worth approximately $99,364,000. Merewether Investment Management LP bought a new position in shares of Pinnacle West Capital in the 4th quarter worth approximately $69,233,000. Two Sigma Advisers LP raised its position in shares of Pinnacle West Capital by 462.8% in the 4th quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider's stock worth $77,387,000 after acquiring an additional 750,700 shares in the last quarter. Deutsche Bank AG lifted its position in Pinnacle West Capital by 33.4% during the fourth quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock valued at $206,420,000 after buying an additional 610,042 shares during the period. Finally, Two Sigma Investments LP boosted its holdings in shares of Pinnacle West Capital by 133.4% during the 4th quarter. Two Sigma Investments LP now owns 961,616 shares of the utilities provider's stock valued at $81,516,000 after buying an additional 549,637 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on PNW. UBS Group reiterated a "neutral" rating and issued a $98.00 price target (up from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. Barclays cut their price objective on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. 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 report on Wednesday, July 16th. Wells Fargo & Company boosted their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Finally, Morgan Stanley reduced their price objective on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research report on Thursday, May 22nd. Three equities research 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.com, the company currently has an average rating of "Hold" and an average target price of $97.00.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW traded down $1.3220 during midday trading on Monday, hitting $90.0280. 783,492 shares of the stock traded hands, compared to its average volume of 1,164,970. The firm has a 50-day moving average of $90.88 and a two-hundred day moving average of $91.49. The firm has a market capitalization of $10.75 billion, a P/E ratio of 18.56, a PEG ratio of 9.43 and a beta of 0.38. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. Pinnacle West Capital Corporation has a one year low of $81.47 and a one year high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting the consensus estimate of $1.58. The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The company's revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.76 EPS. On average, equities analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be issued a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's dividend payout ratio is presently 73.81%.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the transaction, the executive vice president directly owned 56 shares of the company's stock, valued at $5,172.72. This represents a 99.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is owned by insiders.

About Pinnacle West Capital

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.