Kentucky Retirement Systems Reduces Stake in Pinnacle West Capital Co. (NYSE:PNW)

Kentucky Retirement Systems reduced its stake in Pinnacle West Capital Co. (NYSE:PNW) by 7.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,911 shares of the utilities provider’s stock after selling 646 shares during the quarter. Kentucky Retirement Systems’ holdings in Pinnacle West Capital were worth $701,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PNW. Capital Research Global Investors grew its holdings in Pinnacle West Capital by 97.5% in the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after buying an additional 6,344,121 shares in the last quarter. Lazard Asset Management LLC grew its holdings in Pinnacle West Capital by 72.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after buying an additional 2,828,450 shares in the last quarter. Zimmer Partners LP purchased a new stake in Pinnacle West Capital in the 1st quarter valued at $198,409,000. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Pinnacle West Capital by 24.6% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after buying an additional 1,379,368 shares in the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Pinnacle West Capital by 152,118.2% in the 3rd quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider’s stock valued at $22,925,000 after buying an additional 258,601 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $90.92 on Wednesday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $93.12. The firm has a market capitalization of $10.34 billion, a PE ratio of 17.22, a price-to-earnings-growth ratio of 2.15 and a beta of 0.52. The stock’s 50-day simple moving average is $88.80 and its 200-day simple moving average is $83.56.

Pinnacle West Capital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 3.94%. The ex-dividend date is Monday, November 4th. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio (DPR) is 67.80%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Wells Fargo & Company increased their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $93.00 to $91.00 in a report on Monday. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Morgan Stanley increased their price target on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $82.04.

Pinnacle West Capital Company Profile

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.