Vanguard Group Inc. Trims Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Vanguard Group Inc. decreased its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 12,858,233 shares of the utilities provider’s stock after selling 54,610 shares during the period. Vanguard Group Inc. owned about 0.11% of Pinnacle West Capital worth $1,053,989,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of PNW. Eagle Bay Advisors LLC bought a new stake in shares of Pinnacle West Capital in the 2nd quarter worth approximately $32,000. Tarbox Family Office Inc. boosted its position in shares of Pinnacle West Capital by 129.5% in the 2nd quarter. Tarbox Family Office Inc. now owns 443 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 250 shares in the last quarter. Tobam bought a new stake in shares of Pinnacle West Capital in the 2nd quarter worth approximately $38,000. Rockefeller Capital Management L.P. lifted its position in Pinnacle West Capital by 31.1% in the 1st quarter. Rockefeller Capital Management L.P. now owns 800 shares of the utilities provider’s stock valued at $65,000 after acquiring an additional 190 shares in the last quarter. Finally, Bbva USA bought a new position in Pinnacle West Capital in the 2nd quarter valued at approximately $76,000. 85.93% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts have recently weighed in on the company. Wells Fargo & Company lowered their price target on Pinnacle West Capital from $80.00 to $76.00 and set an “equal weight” rating on the stock in a report on Thursday, October 7th. Mizuho upped their price objective on Pinnacle West Capital from $65.00 to $88.00 and gave the stock a “neutral” rating in a research note on Friday, October 8th. TheStreet lowered Pinnacle West Capital from a “b” rating to a “c+” rating in a research note on Monday. Morgan Stanley cut their price target on Pinnacle West Capital from $85.00 to $83.00 and set an “equal weight” rating for the company in a research note on Friday, September 17th. Finally, Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $100.00 to $84.00 in a report on Wednesday, August 4th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $78.77.

NYSE PNW opened at $66.49 on Thursday. The firm’s fifty day simple moving average is $75.36 and its two-hundred day simple moving average is $81.10. The company has a current ratio of 0.75, a quick ratio of 0.57 and a debt-to-equity ratio of 1.08. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $91.88. The firm has a market capitalization of $7.50 billion, a P/E ratio of 12.96, a P/E/G ratio of 3.00 and a beta of 0.30.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 5th. The utilities provider reported $1.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.26. Pinnacle West Capital had a net margin of 15.66% and a return on equity of 9.90%. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $946.39 million. During the same period in the previous year, the firm posted $1.71 earnings per share. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, sell-side analysts predict that Pinnacle West Capital Co. will post 4.96 earnings per share for the current fiscal year.

Pinnacle West Capital Profile

Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985 and is headquartered in Phoenix, AZ.

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

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