IFM Investors Pty Ltd increased its position in Pinnacle West Capital Co. (NYSE:PNW) by 75.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 12,344 shares of the utilities provider’s stock after purchasing an additional 5,324 shares during the period. IFM Investors Pty Ltd’s holdings in Pinnacle West Capital were worth $1,198,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of PNW. Harvest Fund Management Co. Ltd acquired a new stake in Pinnacle West Capital during the 2nd quarter valued at $35,000. HM Payson & Co. acquired a new position in shares of Pinnacle West Capital during the second quarter valued at about $37,000. CSat Investment Advisory L.P. raised its position in shares of Pinnacle West Capital by 50.3% during the second quarter. CSat Investment Advisory L.P. now owns 448 shares of the utilities provider’s stock valued at $42,000 after buying an additional 150 shares during the last quarter. Old North State Trust LLC raised its position in shares of Pinnacle West Capital by 27.6% during the second quarter. Old North State Trust LLC now owns 721 shares of the utilities provider’s stock valued at $68,000 after buying an additional 156 shares during the last quarter. Finally, Cerebellum GP LLC acquired a new position in shares of Pinnacle West Capital during the third quarter valued at about $68,000. 88.07% of the stock is owned by institutional investors and hedge funds.
NYSE PNW traded down $1.43 on Friday, reaching $86.39. The company’s stock had a trading volume of 1,362,990 shares, compared to its average volume of 981,974. The firm has a market cap of $10.19 billion, a PE ratio of 19.03, a price-to-earnings-growth ratio of 3.11 and a beta of 0.06. The business has a 50-day moving average price of $94.82 and a 200 day moving average price of $94.68. Pinnacle West Capital Co. has a 52 week low of $81.63 and a 52 week high of $99.81. The company has a current ratio of 0.54, a quick ratio of 0.38 and a debt-to-equity ratio of 0.92.
Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, November 7th. The utilities provider reported $2.77 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.00 by ($0.23). The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.25 billion. Pinnacle West Capital had a net margin of 13.84% and a return on equity of 9.33%. The business’s revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.80 EPS. Analysts anticipate that Pinnacle West Capital Co. will post 4.75 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be paid a dividend of $0.7825 per share. This represents a $3.13 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date is Friday, November 1st. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.74. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 68.94%.
A number of research analysts have recently commented on PNW shares. Credit Suisse Group upped their price objective on shares of Pinnacle West Capital from $101.00 to $108.00 and gave the company an “outperform” rating in a research report on Monday, October 7th. Bank of America lowered shares of Pinnacle West Capital from a “buy” rating to a “neutral” rating and set a $90.00 price objective for the company. in a research report on Friday. Argus raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research note on Tuesday, July 30th. Morgan Stanley lowered their target price on shares of Pinnacle West Capital from $95.00 to $87.00 and set an “underweight” rating on the stock in a research note on Friday. Finally, Wells Fargo & Co reissued a “hold” rating on shares of Pinnacle West Capital in a research note on Friday, August 9th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $95.83.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.
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