Pinnacle West Capital Co. (PNW) Position Reduced by LMR Partners LLP
LMR Partners LLP lessened its stake in Pinnacle West Capital Co. (NYSE:PNW) by 78.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,989 shares of the utilities provider’s stock after selling 14,846 shares during the quarter. LMR Partners LLP’s holdings in Pinnacle West Capital were worth $337,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of PNW. Captrust Financial Advisors purchased a new stake in Pinnacle West Capital in the 2nd quarter worth $109,000. Parallel Advisors LLC increased its holdings in Pinnacle West Capital by 3.6% in the 2nd quarter. Parallel Advisors LLC now owns 2,144 shares of the utilities provider’s stock worth $186,000 after acquiring an additional 75 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Pinnacle West Capital by 8.3% in the 2nd quarter. Pacer Advisors Inc. now owns 2,270 shares of the utilities provider’s stock worth $193,000 after acquiring an additional 174 shares in the last quarter. Stock Yards Bank & Trust Co. purchased a new stake in Pinnacle West Capital in the 3rd quarter worth $205,000. Finally, Quantitative Systematic Strategies LLC purchased a new stake in Pinnacle West Capital in the 3rd quarter worth $214,000. 82.80% of the stock is owned by institutional investors.
Pinnacle West Capital Co. (PNW) traded up $0.49 during trading on Tuesday, hitting $90.01. 627,500 shares of the stock were exchanged, compared to its average volume of 675,687. Pinnacle West Capital Co. has a fifty-two week low of $72.61 and a fifty-two week high of $92.48. The stock has a market capitalization of $10,002.05, a price-to-earnings ratio of 19.33, a price-to-earnings-growth ratio of 6.48 and a beta of 0.38. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.90 and a quick ratio of 0.68.
Pinnacle West Capital (NYSE:PNW) last released its earnings results on Friday, November 3rd. The utilities provider reported $2.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.13. Pinnacle West Capital had a net margin of 14.67% and a return on equity of 10.31%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the prior year, the firm earned $2.35 earnings per share. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. equities analysts expect that Pinnacle West Capital Co. will post 4.27 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st will be issued a dividend of $0.695 per share. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.66. The ex-dividend date is Tuesday, October 31st. This represents a $2.78 dividend on an annualized basis and a dividend yield of 3.09%. Pinnacle West Capital’s dividend payout ratio is presently 60.04%.
In related news, CEO Donald E. Brandt sold 18,153 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $89.54, for a total value of $1,625,419.62. Following the completion of the sale, the chief executive officer now owns 118,574 shares of the company’s stock, valued at $10,617,115.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael L. Gallagher sold 2,012 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $89.37, for a total transaction of $179,812.44. Following the completion of the sale, the director now directly owns 12,786 shares of the company’s stock, valued at approximately $1,142,684.82. The disclosure for this sale can be found here. 0.70% of the stock is owned by corporate insiders.
PNW has been the subject of several recent analyst reports. Morgan Stanley boosted their price target on shares of Pinnacle West Capital from $83.00 to $86.00 and gave the stock an “underweight” rating in a report on Friday, September 8th. SunTrust Banks reissued a “hold” rating and issued a $84.00 price target on shares of Pinnacle West Capital in a report on Thursday, October 12th. Royal Bank Of Canada reissued a “hold” rating and issued a $89.00 price target on shares of Pinnacle West Capital in a report on Tuesday, August 29th. BMO Capital Markets reaffirmed a “hold” rating and set a $89.00 target price on shares of Pinnacle West Capital in a report on Friday, August 4th. Finally, ValuEngine raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $86.70.
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About Pinnacle West Capital
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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