State of Wisconsin Investment Board raised its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 51.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 135,339 shares of the utilities provider’s stock after buying an additional 46,223 shares during the quarter. State of Wisconsin Investment Board’s holdings in Pinnacle West Capital were worth $11,528,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of PNW. Boston Partners raised its position in Pinnacle West Capital by 37.6% during the third quarter. Boston Partners now owns 2,824,466 shares of the utilities provider’s stock valued at $238,837,000 after purchasing an additional 771,900 shares during the period. Canada Pension Plan Investment Board raised its holdings in shares of Pinnacle West Capital by 1,476.6% in the third quarter. Canada Pension Plan Investment Board now owns 249,259 shares of the utilities provider’s stock worth $21,077,000 after buying an additional 233,449 shares during the period. State of Tennessee Treasury Department raised its holdings in shares of Pinnacle West Capital by 694.1% in the third quarter. State of Tennessee Treasury Department now owns 242,303 shares of the utilities provider’s stock worth $20,489,000 after buying an additional 211,791 shares during the period. First Quadrant L P CA purchased a new stake in shares of Pinnacle West Capital in the fourth quarter worth approximately $15,187,000. Finally, Citadel Advisors LLC raised its holdings in shares of Pinnacle West Capital by 87.2% in the third quarter. Citadel Advisors LLC now owns 351,417 shares of the utilities provider’s stock worth $29,716,000 after buying an additional 163,695 shares during the period. Institutional investors and hedge funds own 82.05% of the company’s stock.
In related news, Chairman Donald E. Brandt sold 24,216 shares of the stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $79.21, for a total value of $1,918,149.36. Following the transaction, the chairman now owns 94,358 shares of the company’s stock, valued at $7,474,097.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP David P. Falck sold 4,500 shares of the stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $89.07, for a total value of $400,815.00. Following the completion of the transaction, the executive vice president now directly owns 40,838 shares in the company, valued at approximately $3,637,440.66. The disclosure for this sale can be found here. 0.70% of the stock is owned by corporate insiders.
PNW has been the topic of several recent analyst reports. Morgan Stanley increased their price target on Pinnacle West Capital from $90.00 to $91.00 and gave the stock an “underweight” rating in a report on Wednesday, December 13th. UBS Group initiated coverage on Pinnacle West Capital in a report on Friday, February 2nd. They issued a “neutral” rating and a $81.00 price target on the stock. Williams Capital reiterated a “hold” rating and issued a $84.00 price target (down from $87.00) on shares of Pinnacle West Capital in a report on Monday, January 29th. ValuEngine upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. Finally, SunTrust Banks set a $82.00 price target on Pinnacle West Capital and gave the stock a “hold” rating in a report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $84.91.
Pinnacle West Capital Co. (NYSE PNW) opened at $80.15 on Friday. Pinnacle West Capital Co. has a 52 week low of $73.81 and a 52 week high of $92.48. The stock has a market capitalization of $8,955.16, a P/E ratio of 18.43, a P/E/G ratio of 5.72 and a beta of 0.27. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85.
Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Friday, February 23rd. The utilities provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.09. Pinnacle West Capital had a return on equity of 10.31% and a net margin of 14.67%. The company had revenue of $759.65 million for the quarter, compared to analysts’ expectations of $773.12 million. During the same quarter in the prior year, the firm earned $0.47 earnings per share. Pinnacle West Capital’s revenue was up 2.8% compared to the same quarter last year. analysts expect that Pinnacle West Capital Co. will post 4.4 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Thursday, February 1st will be paid a $0.695 dividend. The ex-dividend date is Wednesday, January 31st. This represents a $2.78 annualized dividend and a yield of 3.47%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 63.91%.
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Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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