California Public Employees Retirement System Grows Stake in Pinnacle West Capital Co. (NYSE:PNW)

California Public Employees Retirement System grew its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 1.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 556,241 shares of the utilities provider's stock after buying an additional 9,438 shares during the period. California Public Employees Retirement System owned 0.49% of Pinnacle West Capital worth $47,153,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Glenmede Trust Co. NA boosted its stake in Pinnacle West Capital by 2.5% in the third quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider's stock valued at $593,000 after acquiring an additional 163 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Pinnacle West Capital by 7.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,139 shares of the utilities provider's stock valued at $2,138,000 after purchasing an additional 1,733 shares during the last quarter. Public Sector Pension Investment Board boosted its position in shares of Pinnacle West Capital by 2.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,803 shares of the utilities provider's stock valued at $1,754,000 after purchasing an additional 500 shares during the period. Atom Investors LP grew its stake in Pinnacle West Capital by 86.8% during the 3rd quarter. Atom Investors LP now owns 24,000 shares of the utilities provider's stock worth $2,126,000 after buying an additional 11,149 shares during the last quarter. Finally, Centiva Capital LP acquired a new position in Pinnacle West Capital during the third quarter worth approximately $462,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

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Pinnacle West Capital Stock Performance

NYSE:PNW traded down $4.06 during mid-day trading on Friday, reaching $91.15. The stock had a trading volume of 1,787,373 shares, compared to its average volume of 1,065,607. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The business has a 50 day simple moving average of $91.09 and a 200 day simple moving average of $89.11. Pinnacle West Capital Co. has a twelve month low of $70.73 and a twelve month high of $96.50. The firm has a market capitalization of $10.86 billion, a price-to-earnings ratio of 17.26, a PEG ratio of 3.59 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.06 billion. On average, analysts expect that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PNW shares. Barclays increased their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a report on Tuesday, April 1st. UBS Group increased their price target on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Jefferies Financial Group dropped their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, January 28th. Morgan Stanley increased their target price on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research note on Thursday, March 20th. Finally, Guggenheim restated a "buy" rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $95.50.

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.