Man Group plc Purchases 130,073 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Man Group plc raised its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 101.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 257,814 shares of the utilities provider's stock after purchasing an additional 130,073 shares during the period. Man Group plc owned 0.23% of Pinnacle West Capital worth $21,855,000 as of its most recent SEC filing.

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

Pinnacle West Capital Stock Performance

PNW traded down $0.68 during midday trading on Thursday, reaching $90.42. The company's stock had a trading volume of 210,574 shares, compared to its average volume of 1,123,187. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The company has a fifty day simple moving average of $92.86 and a 200 day simple moving average of $90.15. The stock has a market cap of $10.80 billion, a P/E ratio of 17.09, a PEG ratio of 3.59 and a beta of 0.45. Pinnacle West Capital Co. has a twelve month low of $74.45 and a twelve month high of $96.50.

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

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 5th will be issued a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.58 annualized dividend and a dividend yield of 3.96%. Pinnacle West Capital's payout ratio is 71.17%.

Analyst Upgrades and Downgrades

PNW has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Morgan Stanley lowered their target price on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a research report on Thursday. Guggenheim reaffirmed a "buy" rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Finally, BMO Capital Markets initiated coverage on Pinnacle West Capital in a research note on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Pinnacle West Capital presently has a consensus rating of "Hold" and a consensus price target of $95.65.

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.