Brandywine Global Investment Management LLC trimmed its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 6.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,014 shares of the utilities provider's stock after selling 5,107 shares during the period. Brandywine Global Investment Management LLC owned approximately 0.06% of Pinnacle West Capital worth $5,850,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of PNW. Norges Bank purchased a new stake in Pinnacle West Capital in the fourth quarter valued at approximately $194,655,000. Assenagon Asset Management S.A. increased its holdings in shares of Pinnacle West Capital by 221.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider's stock valued at $57,413,000 after acquiring an additional 466,736 shares during the period. Jennison Associates LLC purchased a new stake in Pinnacle West Capital in the 4th quarter valued at $32,078,000. Reaves W H & Co. Inc. boosted its stake in Pinnacle West Capital by 35.2% during the 4th quarter. Reaves W H & Co. Inc. now owns 1,390,715 shares of the utilities provider's stock worth $117,891,000 after purchasing an additional 362,083 shares during the period. Finally, Pictet Asset Management Holding SA grew its position in Pinnacle West Capital by 17.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,855,586 shares of the utilities provider's stock worth $157,298,000 after purchasing an additional 268,951 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on PNW. Barclays increased their target price on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 1st. Morgan Stanley increased their price objective on Pinnacle West Capital from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 20th. Guggenheim reissued a "buy" rating and issued a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Wells Fargo & Company increased their price target on Pinnacle West Capital from $92.00 to $95.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 26th. Finally, LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "strong-buy" rating in a research note on Monday, March 17th. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $95.50.
View Our Latest Stock Report on PNW
Pinnacle West Capital Price Performance
Shares of NYSE:PNW traded down $4.06 on Friday, reaching $91.15. 1,787,373 shares of the company were exchanged, compared to its average volume of 1,065,607. The company has a 50-day moving average of $91.09 and a 200-day moving average of $89.11. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The firm has a market cap of $10.86 billion, a price-to-earnings ratio of 17.26, a price-to-earnings-growth ratio of 3.59 and a beta of 0.42. Pinnacle West Capital Co. has a 1-year low of $70.73 and a 1-year high of $96.50.
Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.25. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.06 billion. Equities analysts forecast that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.
Pinnacle West Capital Profile
(
Free Report)
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.
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