USA Financial Formulas Has $89,000 Holdings in Pinnacle West Capital Corporation $PNW

USA Financial Formulas trimmed its position in Pinnacle West Capital Corporation (NYSE:PNW) by 60.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 996 shares of the utilities provider’s stock after selling 1,512 shares during the period. USA Financial Formulas’ holdings in Pinnacle West Capital were worth $89,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC acquired a new position in Pinnacle West Capital in the 4th quarter worth about $417,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Pinnacle West Capital by 26.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider’s stock worth $2,524,000 after purchasing an additional 6,183 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Pinnacle West Capital by 13,170.8% in the first quarter. GAMMA Investing LLC now owns 200,787 shares of the utilities provider’s stock valued at $19,125,000 after buying an additional 199,274 shares during the period. Rhumbline Advisers increased its stake in shares of Pinnacle West Capital by 14.0% in the first quarter. Rhumbline Advisers now owns 202,106 shares of the utilities provider’s stock valued at $19,251,000 after buying an additional 24,800 shares during the period. Finally, Czech National Bank boosted its position in Pinnacle West Capital by 5.9% during the 1st quarter. Czech National Bank now owns 26,115 shares of the utilities provider’s stock worth $2,487,000 after buying an additional 1,459 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction on Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the sale, the executive vice president owned 56 shares in the company, valued at $5,172.72. The trade was a 99.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by company insiders.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $87.79 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. The firm’s fifty day simple moving average is $89.48 and its two-hundred day simple moving average is $90.88. Pinnacle West Capital Corporation has a 12 month low of $81.47 and a 12 month high of $96.50. The stock has a market capitalization of $10.48 billion, a P/E ratio of 18.10, a price-to-earnings-growth ratio of 9.11 and a beta of 0.46.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the business earned $1.76 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. As a group, analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Wall Street Analysts Forecast Growth

PNW has been the subject of several recent research reports. UBS Group decreased their price target on shares of Pinnacle West Capital from $98.00 to $95.00 and set a “neutral” rating for the company in a research report on Friday, September 12th. Barclays reduced their price objective on shares of Pinnacle West Capital from $94.00 to $93.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 13th. Morgan Stanley lowered their target price on Pinnacle West Capital from $89.00 to $87.00 and set an “equal weight” rating for the company in a research report on Thursday, September 25th. Argus cut their target price on Pinnacle West Capital from $98.00 to $95.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, BMO Capital Markets increased their price target on Pinnacle West Capital from $96.00 to $98.00 and gave the company a “market perform” rating in a research note on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $95.91.

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.