Sciencast Management LP Reduces Holdings in Pinnacle West Capital Corporation $PNW

Key Points

• Sciencast Management LP reduced its holdings in Pinnacle West Capital by 40.2%, selling 7,339 shares during the first quarter, leaving them with 10,901 shares valued at approximately $1.038 million.
• Several institutional investors increased their positions in Pinnacle West Capital, including Wealth Enhancement Advisory Services LLC which grew its stake by 26.2%.
• Pinnacle West Capital recently declared a quarterly dividend of $0.895 per share, resulting in an annualized dividend of $3.58 and a yield of 4.1%.

Sciencast Management LP lowered its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 40.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,901 shares of the utilities provider's stock after selling 7,339 shares during the period. Sciencast Management LP's holdings in Pinnacle West Capital were worth $1,038,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its stake in shares of Pinnacle West Capital by 26.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock valued at $2,524,000 after buying an additional 6,183 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Pinnacle West Capital by 12.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock valued at $1,236,000 after buying an additional 1,411 shares during the period. Stratos Wealth Partners LTD. increased its stake in shares of Pinnacle West Capital by 26.2% during the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock valued at $528,000 after buying an additional 1,150 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Pinnacle West Capital by 8.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock valued at $443,000 after buying an additional 366 shares during the period. Finally, Amalgamated Bank boosted its position in Pinnacle West Capital by 1.7% during the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock valued at $2,124,000 after purchasing an additional 372 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PNW. KeyCorp dropped their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 16th. Barclays dropped their price objective on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 13th. Mizuho downgraded Pinnacle West Capital from an "outperform" rating to a "neutral" rating and dropped their price objective for the company from $102.00 to $90.00 in a research report on Tuesday, September 9th. UBS Group dropped their price objective on Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating on the stock in a research report on Friday. Finally, BMO Capital Markets raised their price target on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a report on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $96.20.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was 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 directly owned 56 shares in the company, valued at $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. 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 company insiders.

Pinnacle West Capital Stock Performance

PNW stock traded down $0.18 during trading on Friday, hitting $88.19. 758,982 shares of the company traded hands, compared to its average volume of 856,007. The stock's 50-day simple moving average is $90.74 and its 200 day simple moving average is $91.37. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. The company has a market cap of $10.53 billion, a PE ratio of 18.18, a P/E/G ratio of 9.11 and a beta of 0.45. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50.

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 for the quarter, meeting the consensus estimate of $1.58. The company had revenue of $1.36 billion during 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%.Pinnacle West Capital's quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the business earned $1.76 earnings per share. On average, equities analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st were given a $0.895 dividend. The ex-dividend date was Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.1%. Pinnacle West Capital's payout ratio is 73.81%.

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.