Pinnacle West Capital Co. (PNW) Holdings Reduced by American Century Companies Inc.

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American Century Companies Inc. trimmed its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 2.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,648,124 shares of the utilities provider’s stock after selling 71,690 shares during the quarter. American Century Companies Inc. owned 2.37% of Pinnacle West Capital worth $213,333,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Neuburgh Advisers LLC lifted its position in shares of Pinnacle West Capital by 1.2% during the first quarter. Neuburgh Advisers LLC now owns 57,920 shares of the utilities provider’s stock worth $4,622,000 after purchasing an additional 672 shares during the last quarter. Riverhead Capital Management LLC lifted its position in shares of Pinnacle West Capital by 1.1% during the first quarter. Riverhead Capital Management LLC now owns 63,932 shares of the utilities provider’s stock worth $5,102,000 after purchasing an additional 686 shares during the last quarter. ING Groep NV lifted its position in shares of Pinnacle West Capital by 7.5% during the first quarter. ING Groep NV now owns 11,423 shares of the utilities provider’s stock worth $912,000 after purchasing an additional 800 shares during the last quarter. 6 Meridian lifted its position in shares of Pinnacle West Capital by 18.3% during the first quarter. 6 Meridian now owns 5,965 shares of the utilities provider’s stock worth $476,000 after purchasing an additional 922 shares during the last quarter. Finally, Glen Harbor Capital Management LLC lifted its position in shares of Pinnacle West Capital by 1.2% during the first quarter. Glen Harbor Capital Management LLC now owns 79,640 shares of the utilities provider’s stock worth $6,355,000 after purchasing an additional 924 shares during the last quarter. 80.92% of the stock is owned by institutional investors.

Several analysts have recently weighed in on PNW shares. Bank of America upgraded Pinnacle West Capital from an “underperform” rating to a “neutral” rating and set a $81.00 target price for the company in a research report on Friday, May 4th. They noted that the move was a valuation call. Credit Suisse Group upgraded Pinnacle West Capital from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $85.00 to $87.00 in a research report on Tuesday, May 8th. ValuEngine downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Saturday, June 2nd. UBS Group lifted their price objective on Pinnacle West Capital from $79.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, August 10th. Finally, Morgan Stanley lifted their price objective on Pinnacle West Capital from $78.00 to $85.00 and gave the company a “hold” rating in a report on Monday, July 16th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Pinnacle West Capital has an average rating of “Hold” and a consensus target price of $84.20.

PNW stock opened at $82.17 on Tuesday. The company has a quick ratio of 0.36, a current ratio of 0.50 and a debt-to-equity ratio of 0.81. The stock has a market capitalization of $9.10 billion, a P/E ratio of 18.88, a PEG ratio of 4.09 and a beta of 0.21. Pinnacle West Capital Co. has a 1-year low of $73.41 and a 1-year high of $92.48.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Friday, August 3rd. The utilities provider reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.04. The firm had revenue of $974.12 million during the quarter, compared to the consensus estimate of $939.59 million. Pinnacle West Capital had a return on equity of 9.12% and a net margin of 12.95%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.49 earnings per share. sell-side analysts anticipate that Pinnacle West Capital Co. will post 4.44 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Wednesday, August 1st will be issued a $0.695 dividend. The ex-dividend date of this dividend is Tuesday, July 31st. This represents a $2.78 annualized dividend and a dividend yield of 3.38%. Pinnacle West Capital’s payout ratio is currently 63.91%.

In related news, EVP Mark A. Schiavoni sold 9,534 shares of Pinnacle West Capital stock in a transaction dated Tuesday, May 29th. The stock was sold at an average price of $79.02, for a total value of $753,376.68. Following the completion of the sale, the executive vice president now directly owns 25,496 shares in the company, valued at $2,014,693.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.53% of the company’s stock.

Pinnacle West Capital Company Profile

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 resources. The company serves approximately 1.2 million homes and businesses.

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

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