Perpetual Ltd Purchases 21,231 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• Perpetual Ltd increased its stake in Pinnacle West Capital Corporation by 5.3%, owning 419,686 shares worth approximately $37.5 million as of the last reporting period.
• Pinnacle West Capital reported $1.58 earnings per share (EPS) for the last quarter, meeting analysts' expectations, with a revenue of $1.36 billion, which is up 3.8% year-over-year.
• Institutional investors and hedge funds collectively own 91.51% of Pinnacle West Capital's stock, indicating significant institutional interest in the company.

Perpetual Ltd raised its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 5.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 419,686 shares of the utilities provider's stock after buying an additional 21,231 shares during the period. Perpetual Ltd owned about 0.35% of Pinnacle West Capital worth $37,549,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PNW shares. KeyCorp reduced their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. UBS Group dropped their price objective on 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 price target on Pinnacle West Capital and gave the company an "outperform" rating in a research report on Thursday, August 21st. BMO Capital Markets upped their target price on 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. Finally, Barclays decreased their price objective on 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. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $96.20.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW traded down $0.21 during midday trading on Monday, hitting $86.31. The company had a trading volume of 322,614 shares, compared to its average volume of 1,139,001. 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 $10.31 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 8.94 and a beta of 0.45. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The company has a fifty day moving average of $90.34 and a two-hundred day moving average of $91.17.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, hitting the consensus estimate of $1.58. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates 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 revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.76 EPS. On average, equities research analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the sale, the executive vice president directly owned 56 shares of the company's stock, valued at $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

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.