Wedge Capital Management L L P NC reduced its position in shares of Pinnacle West Capital Corp. (NYSE:PNW) by 86.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 299,132 shares of the company’s stock after selling 1,922,694 shares during the period. Wedge Capital Management L L P NC owned 0.27% of Pinnacle West Capital Corp. worth $14,613,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of PNW. Wellington Management Group LLP increased its stake in shares of Pinnacle West Capital Corp. by 23.6% in the first quarter. Wellington Management Group LLP now owns 1,015,701 shares of the company’s stock valued at $76,249,000 after buying an additional 193,718 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Pinnacle West Capital Corp. by 1.4% in the first quarter. Geode Capital Management LLC now owns 940,662 shares of the company’s stock valued at $70,480,000 after buying an additional 13,165 shares during the last quarter. IBM Retirement Fund increased its stake in shares of Pinnacle West Capital Corp. by 19.1% in the second quarter. IBM Retirement Fund now owns 13,130 shares of the company’s stock valued at $1,111,000 after buying an additional 2,103 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its stake in shares of Pinnacle West Capital Corp. by 1.4% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 95,142 shares of the company’s stock valued at $7,712,000 after buying an additional 1,279 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in shares of Pinnacle West Capital Corp. during the second quarter valued at $15,002,000. 82.65% of the stock is currently owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Pinnacle West Capital Corp. (NYSE:PNW)

Shares of Pinnacle West Capital Corp. (NYSE:PNW) traded down 0.87% during midday trading on Friday, hitting $73.66. 618,798 shares of the stock were exchanged. The stock has a market cap of $8.19 billion, a P/E ratio of 19.45 and a beta of 0.33. The stock’s 50-day moving average price is $75.58 and its 200 day moving average price is $75.98. Pinnacle West Capital Corp. has a one year low of $60.70 and a one year high of $82.78.

Pinnacle West Capital Corp. (NYSE:PNW) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.14 by $0.06. Pinnacle West Capital Corp. had a net margin of 12.02% and a return on equity of 8.94%. The business earned $915.40 million during the quarter, compared to analyst estimates of $915.40 million. During the same period in the previous year, the company posted $1.10 earnings per share. Pinnacle West Capital Corp.’s revenue was up 2.8% compared to the same quarter last year. On average, analysts anticipate that Pinnacle West Capital Corp. will post $3.99 earnings per share for the current year.

Several analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Pinnacle West Capital Corp. from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Williams Capital upgraded shares of Pinnacle West Capital Corp. from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a research note on Monday, October 10th. Mizuho raised their price objective on shares of Pinnacle West Capital Corp. from $70.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. Royal Bank Of Canada raised their price objective on shares of Pinnacle West Capital Corp. from $69.00 to $73.00 and gave the company a “sector perform” rating in a research note on Monday, June 20th. Finally, BMO Capital Markets reiterated a “hold” rating on shares of Pinnacle West Capital Corp. in a research note on Monday, July 18th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $71.40.

In other Pinnacle West Capital Corp. news, VP John S. Hatfield sold 4,523 shares of the company’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $75.27, for a total value of $340,446.21. Following the completion of the sale, the vice president now directly owns 2,265 shares of the company’s stock, valued at approximately $170,486.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.70% of the stock is currently owned by company insiders.

Pinnacle West Capital Corp. Company Profile

Pinnacle West Capital Corporation is a holding company that operates primarily through its subsidiaries. The Company operates through electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission and distribution.

5 Day Chart for NYSE:PNW

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