Mirae Asset Global Investments Co. Ltd. Makes New $2.86 Million Investment in Pinnacle West Capital Corporation $PNW

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Pinnacle West Capital Corporation (NYSE:PNW) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 30,735 shares of the utilities provider’s stock, valued at approximately $2,860,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNW. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Pinnacle West Capital in the 2nd quarter worth $703,598,000. Soroban Capital Partners LP increased its stake in Pinnacle West Capital by 34.0% during the first quarter. Soroban Capital Partners LP now owns 3,854,815 shares of the utilities provider’s stock worth $388,373,000 after acquiring an additional 977,411 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Pinnacle West Capital by 0.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,853,685 shares of the utilities provider’s stock worth $305,344,000 after purchasing an additional 9,298 shares during the period. Wellington Management Group LLP raised its holdings in shares of Pinnacle West Capital by 101.3% in the 2nd quarter. Wellington Management Group LLP now owns 1,456,941 shares of the utilities provider’s stock worth $155,893,000 after purchasing an additional 733,069 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Pinnacle West Capital by 2.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,345,955 shares of the utilities provider’s stock worth $135,604,000 after purchasing an additional 27,244 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 0.3%

Shares of PNW stock traded up $0.28 on Friday, reaching $104.11. 2,226,644 shares of the company’s stock traded hands, compared to its average volume of 1,366,261. The company has a market capitalization of $12.62 billion, a P/E ratio of 19.57, a price-to-earnings-growth ratio of 3.79 and a beta of 0.48. Pinnacle West Capital Corporation has a 12-month low of $86.18 and a 12-month high of $111.16. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.41 and a current ratio of 0.59. The business’s 50 day moving average price is $99.05 and its two-hundred day moving average price is $100.63.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Tuesday, November 3rd. The utilities provider reported $3.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.32 by $0.17. Pinnacle West Capital had a net margin of 11.52% and a return on equity of 8.99%. The firm had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $1.90 billion. During the same period in the previous year, the company earned $3.39 earnings per share. The company’s revenue was up 8.3% compared to the same quarter last year. On average, equities analysts forecast that Pinnacle West Capital Corporation will post 4.91 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 2nd will be issued a dividend of $0.9250 per share. This represents a $3.70 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, November 2nd. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.91. Pinnacle West Capital’s payout ratio is 69.55%.

Insider Transactions at Pinnacle West Capital

In related news, CAO Elizabeth Blankenship sold 980 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $99.17, for a total value of $97,186.60. Following the sale, the chief accounting officer owned 10,886 shares of the company’s stock, valued at $1,079,564.62. The trade was a 8.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PNW has been the subject of several research reports. Wall Street Zen downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings restated a “buy (b)” rating on shares of Pinnacle West Capital in a research note on Friday, October 30th. Barclays lowered their price objective on shares of Pinnacle West Capital from $108.00 to $94.00 and set an “equal weight” rating for the company in a research report on Thursday, October 1st. BMO Capital Markets cut their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 22nd. Finally, Jefferies Financial Group lowered their price objective on Pinnacle West Capital from $129.00 to $109.00 and set a “buy” rating for the company in a report on Monday, October 5th. Five equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $103.77.

About Pinnacle West Capital

Pinnacle West Capital Corporation (NYSE:PNW) is an energy holding company based in Phoenix, Arizona. Its principal subsidiary, Arizona Public Service Company (APS), is an electric utility that generates, transmits and distributes electricity to customers across Arizona.

APS serves residential, commercial, industrial and governmental customers through a diverse power portfolio that includes nuclear, natural gas, coal, solar and other renewable energy resources. The utility is also involved in maintaining and expanding the electric grid, supporting energy-efficiency programs and developing cleaner energy resources.