Park Avenue Securities LLC Has $232,000 Position in Pinnacle West Capital Co. (NYSE:PNW)

Park Avenue Securities LLC trimmed its stake in Pinnacle West Capital Co. (NYSE:PNW) by 9.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,616 shares of the utilities provider’s stock after selling 282 shares during the quarter. Park Avenue Securities LLC’s holdings in Pinnacle West Capital were worth $232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of PNW. Capital Research Global Investors raised its stake in shares of Pinnacle West Capital by 97.5% in the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after acquiring an additional 6,344,121 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its position 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 during the last quarter. Lazard Asset Management LLC increased its holdings 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 purchasing an additional 2,828,450 shares during the period. Zimmer Partners LP acquired a new position in shares of Pinnacle West Capital during the first quarter valued at about $198,409,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Pinnacle West Capital by 3.9% in the second quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock valued at $88,596,000 after buying an additional 44,029 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 0.7 %

Shares of PNW opened at $86.53 on Tuesday. The company has a market capitalization of $9.83 billion, a P/E ratio of 18.80, a PEG ratio of 2.20 and a beta of 0.52. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $91.57. The business’s 50 day simple moving average is $87.80 and its 200-day simple moving average is $80.79. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48.

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

Insider Activity

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on PNW shares. Wells Fargo & Company boosted their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Jefferies Financial Group started coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price for the company. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note 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 for the company in a research note on Tuesday, July 2nd. Finally, Morgan Stanley lifted their target price 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 investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and an average price target of $80.54.

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.