IFM Investors Pty Ltd Cuts Stake in Pinnacle West Capital Co. (NYSE:PNW)

IFM Investors Pty Ltd reduced its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 5.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,096 shares of the utilities provider’s stock after selling 818 shares during the period. IFM Investors Pty Ltd’s holdings in Pinnacle West Capital were worth $1,337,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Hennion & Walsh Asset Management Inc. increased its stake in Pinnacle West Capital by 1.6% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 24,295 shares of the utilities provider’s stock worth $2,152,000 after buying an additional 384 shares during the period. Romano Brothers AND Company increased its stake in Pinnacle West Capital by 14.7% during the 3rd quarter. Romano Brothers AND Company now owns 30,475 shares of the utilities provider’s stock worth $2,700,000 after buying an additional 3,900 shares during the period. Riverwater Partners LLC increased its stake in Pinnacle West Capital by 2.5% during the 3rd quarter. Riverwater Partners LLC now owns 13,926 shares of the utilities provider’s stock worth $1,251,000 after buying an additional 346 shares during the period. International Assets Investment Management LLC increased its position in shares of Pinnacle West Capital by 152,118.2% in the 3rd quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider’s stock valued at $22,925,000 after purchasing an additional 258,601 shares during the last quarter. Finally, Private Advisor Group LLC increased its position in shares of Pinnacle West Capital by 2.2% in the 3rd quarter. Private Advisor Group LLC now owns 9,392 shares of the utilities provider’s stock valued at $832,000 after purchasing an additional 203 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Barclays dropped their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective on the stock. Finally, Morgan Stanley increased their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $80.79.

Insider Buying and Selling at Pinnacle West Capital

In other news, Director Susan T. Flanagan bought 500 shares of the stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $86.54 per share, with a total value of $43,270.00. Following the completion of the acquisition, the director now directly owns 750 shares in the company, valued at approximately $64,905. The trade was a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Susan T. Flanagan acquired 500 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average price of $86.54 per share, for a total transaction of $43,270.00. Following the completion of the transaction, the director now directly owns 750 shares in the company, valued at approximately $64,905. This trade represents a 200.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $85.80, for a total value of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $88.20 on Monday. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $91.57. The stock has a market capitalization of $10.02 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 2.20 and a beta of 0.52. The company has a 50-day simple moving average of $88.23 and a 200-day simple moving average of $81.72. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the prior year, the business earned $0.94 EPS. The firm’s revenue was up 15.7% compared to the same quarter last year. On average, analysts predict that Pinnacle West Capital Co. will post 4.77 EPS for the current year.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 4.06%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) is 78.00%.

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.