Dynamic Technology Lab Private Ltd bought a new position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 40,598 shares of the utilities provider's stock, valued at approximately $3,596,000. Pinnacle West Capital comprises about 0.4% of Dynamic Technology Lab Private Ltd's portfolio, making the stock its 29th biggest holding.
Other hedge funds have also added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its position in shares of Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider's stock valued at $61,000 after purchasing an additional 137 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Pinnacle West Capital by 13.7% in the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider's stock valued at $102,000 after purchasing an additional 138 shares during the last quarter. Crossmark Global Holdings Inc. grew its position in shares of Pinnacle West Capital by 2.6% in the third quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider's stock valued at $583,000 after purchasing an additional 169 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Pinnacle West Capital by 0.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider's stock valued at $1,659,000 after purchasing an additional 199 shares during the last quarter. Finally, Private Advisor Group LLC grew its position in Pinnacle West Capital by 2.2% during the third quarter. Private Advisor Group LLC now owns 9,392 shares of the utilities provider's stock worth $832,000 after buying an additional 203 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.
Pinnacle West Capital Trading Up 0.1 %
NYSE PNW traded up $0.09 during trading hours on Monday, reaching $93.02. The company's stock had a trading volume of 343,387 shares, compared to its average volume of 1,164,238. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $94.38. The stock has a market cap of $10.58 billion, a P/E ratio of 17.60, a P/E/G ratio of 2.26 and a beta of 0.52. The firm has a fifty day simple moving average of $89.01 and a 200-day simple moving average of $84.01.
Pinnacle West Capital Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a $0.895 dividend. The ex-dividend date of this dividend is Monday, November 4th. This is a boost from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 3.85%. Pinnacle West Capital's payout ratio is 67.80%.
Analysts Set New Price Targets
A number of analysts have recently weighed in on the company. StockNews.com upgraded Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. Barclays lowered shares of Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $93.00 to $91.00 in a report on Monday, November 18th. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a "buy" rating and a $104.00 price target for the company. Wells Fargo & Company lifted their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an "equal weight" rating in a research note on Thursday, November 7th. Finally, Morgan Stanley cut their target price on Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Pinnacle West Capital has an average rating of "Hold" and a consensus target price of $81.88.
Get Our Latest Analysis on Pinnacle West Capital
Pinnacle West Capital Company 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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