Holland Advisory Services Inc. Acquires New Stake in Pinnacle West Capital Corporation $PNW

Holland Advisory Services Inc. acquired a new stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) during the second quarter, HoldingsChannel reports. The institutional investor acquired 2,976 shares of the utilities provider’s stock, valued at approximately $266,000.

A number of other large investors have also made changes to their positions in the stock. ATLAS Infrastructure Partners UK Ltd. grew its position in shares of Pinnacle West Capital by 230.5% in the first quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,793,546 shares of the utilities provider’s stock valued at $266,085,000 after purchasing an additional 1,948,416 shares during the period. Nuveen LLC purchased a new stake in Pinnacle West Capital in the 1st quarter valued at about $99,364,000. Assenagon Asset Management S.A. increased its stake in shares of Pinnacle West Capital by 57.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,065,801 shares of the utilities provider’s stock valued at $101,518,000 after acquiring an additional 388,527 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Pinnacle West Capital by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 14,464,661 shares of the utilities provider’s stock valued at $1,377,759,000 after acquiring an additional 283,752 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Pinnacle West Capital by 13,170.8% during the 1st quarter. GAMMA Investing LLC now owns 200,787 shares of the utilities provider’s stock valued at $19,125,000 after acquiring an additional 199,274 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity

In other news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the sale, the executive vice president owned 56 shares in the company, valued at $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.23% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PNW has been the subject of a number of recent analyst reports. UBS Group lowered their target price on shares of Pinnacle West Capital from $98.00 to $95.00 and set a “neutral” rating for the company in a report on Friday, September 12th. KeyCorp lowered their price objective on shares of Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating for the company in a research note on Wednesday, July 16th. Barclays cut their target price 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 lowered their price target for the company from $102.00 to $90.00 in a research report on Tuesday, September 9th. Finally, Morgan Stanley lowered their price target on Pinnacle West Capital from $89.00 to $87.00 and set an “equal weight” rating for the company in a research report on Thursday. Three equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $96.00.

Pinnacle West Capital Trading Down 1.3%

NYSE:PNW opened at $86.00 on Friday. The business’s 50-day moving average is $89.99 and its two-hundred day moving average is $91.03. The firm has a market capitalization of $10.27 billion, a PE ratio of 17.73, a price-to-earnings-growth ratio of 9.00 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 debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.58. The business 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%.The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.76 earnings per share. Research analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

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.