Canada Pension Plan Investment Board Acquires 8,600 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Canada Pension Plan Investment Board grew its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 63.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,200 shares of the utilities provider's stock after acquiring an additional 8,600 shares during the period. Canada Pension Plan Investment Board's holdings in Pinnacle West Capital were worth $1,882,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Pinnacle West Capital during the 4th quarter worth approximately $194,655,000. Invesco Ltd. raised its position in Pinnacle West Capital by 32.2% during the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock worth $364,342,000 after acquiring an additional 1,045,788 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Pinnacle West Capital by 221.7% in the fourth 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 last quarter. Renaissance Technologies LLC lifted its position in shares of Pinnacle West Capital by 223.1% in the fourth quarter. Renaissance Technologies LLC now owns 614,900 shares of the utilities provider's stock valued at $52,125,000 after buying an additional 424,600 shares during the last quarter. Finally, Jennison Associates LLC acquired a new position in shares of Pinnacle West Capital during the 4th quarter worth approximately $32,078,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Stock Down 0.6 %

Shares of PNW opened at $94.41 on Thursday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital Co. has a 52 week low of $72.78 and a 52 week high of $96.50. The stock has a market capitalization of $11.26 billion, a price-to-earnings ratio of 17.88, a PEG ratio of 3.59 and a beta of 0.42. The stock has a fifty day moving average of $92.46 and a 200-day moving average of $89.43.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.06 billion. As a group, sell-side analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Barclays lifted their price objective on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 1st. Morgan Stanley raised their price target on shares of 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 restated a "buy" rating and set a $100.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "strong-buy" rating in a research report on Monday, March 17th. Finally, Jefferies Financial Group reduced their price target on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research report on Tuesday, January 28th. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price 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.

Want to see what other hedge funds are holding PNW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle West Capital Co. (NYSE:PNW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.