Morgan Stanley trimmed its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 8.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 276,851 shares of the utilities provider’s stock after selling 27,196 shares during the period. Morgan Stanley owned 0.25% of Pinnacle West Capital worth $20,983,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp grew its position in Pinnacle West Capital by 1.7% during the first quarter. State Street Corp now owns 6,631,838 shares of the utilities provider’s stock valued at $502,627,000 after acquiring an additional 109,245 shares during the period. Geode Capital Management LLC raised its stake in shares of Pinnacle West Capital by 1.2% during the first quarter. Geode Capital Management LLC now owns 1,907,484 shares of the utilities provider’s stock valued at $144,312,000 after purchasing an additional 23,520 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Pinnacle West Capital by 15.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,750,984 shares of the utilities provider’s stock worth $132,708,000 after buying an additional 233,426 shares during the period. Legal & General Group Plc lifted its stake in shares of Pinnacle West Capital by 2.5% in the first quarter. Legal & General Group Plc now owns 1,604,677 shares of the utilities provider’s stock worth $121,696,000 after acquiring an additional 39,182 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in Pinnacle West Capital by 1.4% during the 1st quarter. Franklin Resources Inc. now owns 1,401,207 shares of the utilities provider’s stock worth $106,198,000 after purchasing an additional 18,707 shares during the last quarter. 84.41% of the stock is currently owned by institutional investors and hedge funds.
Shares of PNW stock opened at $73.29 on Wednesday. Pinnacle West Capital Co. has a 12 month low of $60.05 and a 12 month high of $105.51. The company has a market cap of $7.99 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 2.93 and a beta of 0.37. The company has a quick ratio of 0.32, a current ratio of 0.47 and a debt-to-equity ratio of 0.87. The business’s 50 day moving average is $74.79 and its two-hundred day moving average is $83.84.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Friday, May 8th. The utilities provider reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.11. The company had revenue of $661.93 million for the quarter, compared to analyst estimates of $749.63 million. Pinnacle West Capital had a net margin of 16.22% and a return on equity of 9.92%. The business’s quarterly revenue was down 10.6% on a year-over-year basis. During the same period last year, the business posted $0.16 EPS. As a group, equities analysts expect that Pinnacle West Capital Co. will post 4.67 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 3rd will be issued a $0.7825 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $3.13 annualized dividend and a yield of 4.27%. Pinnacle West Capital’s dividend payout ratio is currently 65.62%.
A number of research firms have recently weighed in on PNW. Barclays raised shares of Pinnacle West Capital from an “equal weight” rating to an “overweight” rating and set a $89.00 price target for the company in a research report on Thursday, June 18th. Credit Suisse Group dropped their price target on Pinnacle West Capital from $88.00 to $84.00 and set an “outperform” rating on the stock in a research report on Monday, May 11th. Goldman Sachs Group raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $93.00 target price for the company in a research note on Monday, June 15th. Guggenheim raised Pinnacle West Capital from a “neutral” rating to a “buy” rating in a report on Tuesday, May 12th. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $86.00 price target on shares of Pinnacle West Capital in a research report on Thursday, April 30th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $91.00.
About Pinnacle West Capital
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 generating facilities. The company serves approximately 1.2 million customers.
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