Atomi Financial Group Inc. Sells 239 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Atomi Financial Group Inc. trimmed its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 6.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,285 shares of the utilities provider’s stock after selling 239 shares during the quarter. Atomi Financial Group Inc.’s holdings in Pinnacle West Capital were worth $291,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Capital Research Global Investors increased its holdings in shares of 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 buying an additional 6,344,121 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings 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 worth $533,562,000 after purchasing an additional 1,379,368 shares in the last quarter. Lazard Asset Management LLC raised its position in Pinnacle West Capital by 72.7% in the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after purchasing an additional 2,828,450 shares during the last quarter. Zimmer Partners LP acquired a new stake in shares of Pinnacle West Capital during the first quarter valued at about $198,409,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of Pinnacle West Capital by 3.9% during the second quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock worth $88,596,000 after purchasing an additional 44,029 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Insider Activity

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the 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 approximately $548,862.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is currently owned by company insiders.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $85.90 on Friday. The stock has a market capitalization of $9.75 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 2.20 and a beta of 0.52. 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. The stock’s 50 day moving average price is $87.80 and its two-hundred day moving average price is $80.75.

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

Wall Street Analysts Forecast Growth

PNW has been the subject of a number of research reports. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Wells Fargo & Company boosted their price objective on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Morgan Stanley raised their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Barclays reduced their price target on 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. Finally, StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and a consensus price target of $80.54.

Pinnacle West Capital Company 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.