Mirae Asset Global Investments Co. Ltd. Purchases 2,977 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Mirae Asset Global Investments Co. Ltd. raised its position in Pinnacle West Capital Co. (NYSE:PNW) by 59.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,958 shares of the utilities provider’s stock after acquiring an additional 2,977 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Pinnacle West Capital were worth $702,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Capital Research Global Investors grew its holdings in Pinnacle West Capital by 97.5% during the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock worth $960,425,000 after purchasing an additional 6,344,121 shares during the period. Lazard Asset Management LLC boosted its stake in shares of Pinnacle West Capital by 72.7% during the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after acquiring an additional 2,828,450 shares during the period. Zimmer Partners LP bought a new position in shares of Pinnacle West Capital during the 1st quarter worth approximately $198,409,000. Barrow Hanley Mewhinney & Strauss LLC raised its stake in Pinnacle West Capital by 24.6% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after acquiring an additional 1,379,368 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in Pinnacle West Capital by 152,118.2% during 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. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on PNW shares. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Morgan Stanley upped their target price on 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. Finally, Jefferies Financial Group began coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle West Capital currently has an average rating of “Hold” and an average target price of $80.79.

Pinnacle West Capital Stock Down 2.3 %

Shares of NYSE PNW opened at $85.83 on Friday. The stock has a market capitalization of $9.75 billion, a P/E ratio of 15.87, a PEG ratio of 2.18 and a beta of 0.52. The stock’s fifty day moving average is $88.26 and its 200 day moving average is $82.26. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $91.57. 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 issued its earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.31 by $0.45. The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The business’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.94 EPS. Sell-side analysts forecast that Pinnacle West Capital Co. will post 4.88 earnings per share for the current fiscal year.

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be paid a $0.895 dividend. 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. This represents a $3.58 annualized dividend and a dividend yield of 4.17%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 65.06%.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Susan T. Flanagan acquired 500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $86.54 per share, with a total value of $43,270.00. Following the acquisition, the director now directly owns 750 shares in the company, valued at $64,905. The trade was a 200.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the transaction, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at approximately $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 owned by insiders.

Pinnacle West Capital Profile

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.