Franklin Resources Inc. Sells 32,328 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Franklin Resources Inc. reduced its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 3.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 831,234 shares of the utilities provider's stock after selling 32,328 shares during the quarter. Franklin Resources Inc. owned 0.73% of Pinnacle West Capital worth $70,464,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank bought a new position in shares of Pinnacle West Capital in the fourth quarter worth 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 worth $57,413,000 after buying an additional 466,736 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Pinnacle West Capital during the 4th quarter valued at $32,078,000. Reaves W H & Co. Inc. lifted its holdings in shares of 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 acquiring an additional 362,083 shares during the last quarter. Finally, Pictet Asset Management Holding SA grew its position in Pinnacle West Capital by 17.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,855,586 shares of the utilities provider's stock worth $157,298,000 after acquiring an additional 268,951 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PNW. Morgan Stanley lifted their price target 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 Pinnacle West Capital from $92.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 26th. Guggenheim reiterated a "buy" rating and set a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Barclays boosted 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 report on Tuesday, April 1st. Finally, Jefferies Financial Group reduced their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a report on Tuesday, January 28th. Six equities research 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 company's stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has a consensus rating of "Moderate Buy" and a consensus price target of $95.50.

Pinnacle West Capital Trading Up 2.0 %

PNW traded up $1.80 during trading on Tuesday, hitting $91.42. 243,661 shares of the stock traded hands, compared to its average volume of 1,089,601. The firm has a market capitalization of $10.89 billion, a P/E ratio of 17.31, a price-to-earnings-growth ratio of 3.59 and a beta of 0.42. Pinnacle West Capital Co. has a 12-month low of $70.72 and a 12-month high of $96.50. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The firm has a 50-day moving average of $91.13 and a 200 day moving average of $89.12.

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

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.