Millennium Management LLC increased its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 9.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,588,824 shares of the utilities provider’s stock after purchasing an additional 230,870 shares during the period. Pinnacle West Capital comprises about 0.3% of Millennium Management LLC’s investment portfolio, making the stock its 25th largest position. Millennium Management LLC owned about 2.32% of Pinnacle West Capital worth $220,516,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PNW. Banced Corp bought a new stake in shares of Pinnacle West Capital during the fourth quarter worth $201,000. Kovack Advisors Inc. acquired a new position in shares of Pinnacle West Capital during the fourth quarter valued at $202,000. Krilogy Financial LLC acquired a new position in shares of Pinnacle West Capital during the third quarter valued at $211,000. IBM Retirement Fund acquired a new position in shares of Pinnacle West Capital during the fourth quarter valued at $281,000. Finally, Commerzbank Aktiengesellschaft FI acquired a new position in shares of Pinnacle West Capital during the fourth quarter valued at $290,000. Institutional investors and hedge funds own 82.63% of the company’s stock.
PNW has been the topic of several research reports. SunTrust Banks reaffirmed a “hold” rating and set a $91.00 price target on shares of Pinnacle West Capital in a research note on Friday, November 24th. Morgan Stanley increased their target price on Pinnacle West Capital from $90.00 to $91.00 and gave the company an “underweight” rating in a research note on Wednesday, December 13th. ValuEngine lowered Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Tuesday, December 19th. Bank of America lowered Pinnacle West Capital from a “neutral” rating to an “underperform” rating and set a $84.00 price target on the stock. in a research report on Wednesday, January 3rd. Finally, Zacks Investment Research lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Monday, January 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $84.36.
In other news, CEO Donald E. Brandt sold 39,083 shares of Pinnacle West Capital stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $77.23, for a total value of $3,018,380.09. Following the transaction, the chief executive officer now owns 88,741 shares in the company, valued at approximately $6,853,467.43. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Donald E. Brandt sold 24,216 shares of Pinnacle West Capital stock in a transaction on Friday, January 19th. The shares were sold at an average price of $79.21, for a total value of $1,918,149.36. Following the completion of the transaction, the chairman now owns 94,358 shares in the company, valued at approximately $7,474,097.18. The disclosure for this sale can be found here. Insiders sold a total of 68,110 shares of company stock valued at $5,300,760 over the last ninety days. Insiders own 0.70% of the company’s stock.
PNW stock traded up $0.03 on Wednesday, hitting $78.02. The stock had a trading volume of 566,651 shares, compared to its average volume of 883,849. Pinnacle West Capital Co. has a 52 week low of $73.81 and a 52 week high of $92.48. The firm has a market capitalization of $8,690.20, a PE ratio of 17.93, a price-to-earnings-growth ratio of 5.87 and a beta of 0.31. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.61 and a current ratio of 0.85.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Friday, February 23rd. The utilities provider reported $0.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.09. The business had revenue of $759.65 million during the quarter, compared to analysts’ expectations of $773.12 million. Pinnacle West Capital had a return on equity of 9.59% and a net margin of 13.70%. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period last year, the firm posted $0.47 EPS. analysts forecast that Pinnacle West Capital Co. will post 4.46 earnings per share for the current year.
Pinnacle West Capital Profile
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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