Capital Fund Management S.A. Takes $2.74 Million Position in Pinnacle West Capital Co. (NYSE:PNW)

Capital Fund Management S.A. bought a new position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 32,329 shares of the utilities provider's stock, valued at approximately $2,741,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PNW. Bessemer Group Inc. raised its position in Pinnacle West Capital by 1.7% in the 4th quarter. Bessemer Group Inc. now owns 72,078 shares of the utilities provider's stock valued at $6,111,000 after buying an additional 1,221 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $4,892,000. Advisory Services Network LLC raised its holdings in shares of Pinnacle West Capital by 20.1% in the fourth quarter. Advisory Services Network LLC now owns 3,736 shares of the utilities provider's stock valued at $317,000 after purchasing an additional 625 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 worth $52,125,000 after purchasing an additional 424,600 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings 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 purchasing an additional 1,045,788 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock traded up $1.07 during mid-day trading on Friday, reaching $94.48. The company had a trading volume of 2,215,855 shares, compared to its average volume of 1,082,630. The business has a fifty day simple moving average of $92.16 and a 200 day simple moving average of $89.32. The company has a market cap of $11.26 billion, a P/E ratio of 17.89, a P/E/G ratio of 3.59 and a beta of 0.42. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a fifty-two week low of $72.78 and a fifty-two week high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) EPS 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 business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. On average, equities research analysts predict that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PNW. Jefferies Financial Group reduced their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a research note on Tuesday, January 28th. Morgan Stanley upped their price objective on 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. Wells Fargo & Company boosted their target price on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 26th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "strong-buy" rating in a research note on Monday, March 17th. Finally, Guggenheim restated a "buy" rating and set a $100.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Pinnacle West Capital has an average rating of "Moderate Buy" and an average target price of $95.50.

About Pinnacle West Capital

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.