Cadence Capital Management LLC reduced its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 15.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 5,236 shares of the utilities provider’s stock after selling 937 shares during the quarter. Cadence Capital Management LLC’s holdings in Pinnacle West Capital were worth $422,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Martingale Asset Management L P lifted its stake in shares of Pinnacle West Capital by 163.0% in the second quarter. Martingale Asset Management L P now owns 13,715 shares of the utilities provider’s stock worth $1,105,000 after buying an additional 8,501 shares during the last quarter. Swiss National Bank lifted its position in Pinnacle West Capital by 3.6% during the 2nd quarter. Swiss National Bank now owns 369,651 shares of the utilities provider’s stock worth $29,779,000 after acquiring an additional 12,800 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in Pinnacle West Capital by 6.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 613,194 shares of the utilities provider’s stock worth $49,399,000 after acquiring an additional 38,674 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in Pinnacle West Capital by 11.1% during the 2nd quarter. Nissay Asset Management Corp Japan ADV now owns 9,899 shares of the utilities provider’s stock worth $797,000 after acquiring an additional 988 shares during the last quarter. Finally, Monarch Partners Asset Management LLC lifted its position in Pinnacle West Capital by 40.2% during the 2nd quarter. Monarch Partners Asset Management LLC now owns 209,130 shares of the utilities provider’s stock worth $16,848,000 after acquiring an additional 59,960 shares during the last quarter. Institutional investors and hedge funds own 82.07% of the company’s stock.

Shares of PNW opened at $78.71 on Friday. The stock has a market cap of $9.02 billion, a PE ratio of 18.09, a P/E/G ratio of 4.05 and a beta of 0.21. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.50 and a quick ratio of 0.36. Pinnacle West Capital Co. has a 52 week low of $73.41 and a 52 week high of $92.48.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Friday, August 3rd. The utilities provider reported $1.48 EPS for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.04. The business had revenue of $974.12 million during the quarter, compared to analyst estimates of $939.59 million. Pinnacle West Capital had a net margin of 12.95% and a return on equity of 9.12%. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.49 earnings per share. equities analysts predict that Pinnacle West Capital Co. will post 4.44 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 1st will be issued a $0.695 dividend. The ex-dividend date is Tuesday, July 31st. This represents a $2.78 annualized dividend and a yield of 3.53%. Pinnacle West Capital’s dividend payout ratio (DPR) is 63.91%.

Several equities analysts recently weighed in on the company. UBS Group boosted their price objective on Pinnacle West Capital from $79.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, August 10th. Wells Fargo & Co raised Pinnacle West Capital from a “market perform” rating to an “outperform” rating in a research report on Monday, August 6th. Morgan Stanley upped their price target on Pinnacle West Capital from $78.00 to $85.00 and gave the stock a “hold” rating in a report on Monday, July 16th. Zacks Investment Research lowered Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Wednesday, July 4th. Finally, ValuEngine upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Wednesday, June 27th. Nine analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus price target of $83.67.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.

See Also: Understanding Average Daily Trade Volume

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

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