Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC cut its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 49.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 39,400 shares of the utilities provider's stock after selling 38,000 shares during the period. Renaissance Technologies LLC's holdings in Pinnacle West Capital were worth $3,009,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Intech Investment Management LLC bought a new position in shares of Pinnacle West Capital in the 1st quarter worth approximately $898,000. Virtu Financial LLC bought a new position in Pinnacle West Capital during the fourth quarter valued at approximately $977,000. Quantbot Technologies LP purchased a new stake in Pinnacle West Capital in the first quarter worth approximately $1,102,000. Natixis purchased a new stake in Pinnacle West Capital during the 1st quarter valued at $4,064,000. Finally, Capital Research Global Investors lifted its holdings in shares of Pinnacle West Capital by 116.8% during the 4th quarter. Capital Research Global Investors now owns 6,507,809 shares of the utilities provider's stock valued at $467,521,000 after buying an additional 3,506,181 shares during the period. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

Shares of PNW stock traded up $2.13 during trading hours on Tuesday, hitting $90.72. 1,255,319 shares of the company's stock were exchanged, compared to its average volume of 1,118,674. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $91.57. The firm has a market cap of $10.30 billion, a P/E ratio of 19.30, a P/E/G ratio of 2.30 and a beta of 0.52. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The firm has a 50 day moving average of $87.35 and a two-hundred day moving average of $79.83.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The firm had revenue of $1.31 billion for the quarter, compared to analysts' expectations of $1.21 billion. During the same period in the prior year, the firm posted $0.94 earnings per share. The firm's quarterly revenue was up 15.7% on a year-over-year basis. Sell-side analysts forecast that Pinnacle West Capital Co. will post 4.77 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a "neutral" rating to a "buy" rating and upped their price target for the stock from $74.00 to $83.50 in a research report on Thursday, June 6th. Barclays decreased their price target on Pinnacle West Capital from $81.00 to $78.00 and set an "overweight" rating on the stock in a report on Tuesday, July 2nd. Morgan Stanley boosted their price target on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an "equal weight" rating in a research report on Wednesday, September 25th. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a "buy" rating and a $104.00 price objective for the company. Finally, StockNews.com upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $80.54.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the sale, the executive vice president now directly owns 6,397 shares in the company, valued at approximately $548,862.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.23% of the stock is currently owned by corporate insiders.

Pinnacle West Capital 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.