Man Group plc Grows Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Man Group plc grew its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 101.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 257,814 shares of the utilities provider's stock after acquiring an additional 130,073 shares during the quarter. Man Group plc owned 0.23% of Pinnacle West Capital worth $21,855,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. YANKCOM Partnership acquired a new stake in shares of Pinnacle West Capital in the 4th quarter valued at about $29,000. Canada Post Corp Registered Pension Plan acquired a new stake in Pinnacle West Capital in the 4th quarter valued at approximately $35,000. Brown Lisle Cummings Inc. bought a new stake in Pinnacle West Capital in the 4th quarter valued at approximately $38,000. Transcendent Capital Group LLC acquired a new position in Pinnacle West Capital during the 4th quarter worth approximately $46,000. Finally, Allworth Financial LP raised its holdings in shares of Pinnacle West Capital by 125.9% in the fourth quarter. Allworth Financial LP now owns 655 shares of the utilities provider's stock valued at $56,000 after purchasing an additional 365 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PNW has been the subject of a number of analyst reports. StockNews.com downgraded shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. BMO Capital Markets started coverage on Pinnacle West Capital in a research report on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 target price on the stock. Guggenheim reissued a "buy" rating and set a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Morgan Stanley boosted their price target on Pinnacle West Capital from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 20th. Finally, LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $95.75.

Pinnacle West Capital Trading Down 1.6%

Shares of Pinnacle West Capital stock traded down $1.44 during midday trading on Wednesday, reaching $91.12. The company had a trading volume of 925,240 shares, compared to its average volume of 1,124,442. The stock has a fifty day moving average price of $92.91 and a 200 day moving average price of $90.15. Pinnacle West Capital Co. has a fifty-two week low of $74.45 and a fifty-two week high of $96.50. The firm has a market cap of $10.88 billion, a PE ratio of 17.26, a P/E/G ratio of 3.59 and a beta of 0.45. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $988.95 million. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business's revenue was up 8.5% on a year-over-year basis. During the same period last year, the business posted $0.15 earnings per share. On average, equities analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 5th will be issued a $0.895 dividend. The ex-dividend date is Monday, May 5th. This represents a $3.58 annualized dividend and a yield of 3.93%. Pinnacle West Capital's payout ratio is currently 71.17%.

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.