Algert Global LLC Cuts Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Algert Global LLC lessened its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 77.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,435 shares of the utilities provider's stock after selling 38,354 shares during the period. Algert Global LLC's holdings in Pinnacle West Capital were worth $873,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Capital Research Global Investors raised its holdings in shares of Pinnacle West Capital by 97.5% in the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider's stock valued at $960,425,000 after buying an additional 6,344,121 shares during the last quarter. Lazard Asset Management LLC raised its holdings in shares of Pinnacle West Capital by 72.7% in the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider's stock valued at $502,139,000 after buying an additional 2,828,450 shares during the last quarter. Zimmer Partners LP purchased a new stake in shares of Pinnacle West Capital in the first quarter valued at about $198,409,000. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Pinnacle West Capital by 24.6% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider's stock valued at $533,562,000 after buying an additional 1,379,368 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Pinnacle West Capital by 31.2% in the second quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider's stock valued at $64,550,000 after buying an additional 200,816 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Insider Activity

In related news, EVP Robert Edgar Smith sold 4,950 shares of the firm's 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 owns 6,397 shares in the company, valued at approximately $548,862.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on PNW. Barclays cut their price target on shares of Pinnacle West Capital from $81.00 to $78.00 and set an "overweight" rating for the company in a report on Tuesday, July 2nd. Jefferies Financial Group began 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 increased their price target on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the stock an "equal weight" rating in a report on Friday, August 2nd. StockNews.com raised shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Finally, Morgan Stanley increased 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 report on Wednesday, September 25th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, Pinnacle West Capital currently has an average rating of "Hold" and a consensus target price of $80.54.

Pinnacle West Capital Price Performance

Shares of PNW stock traded down $1.55 during trading hours on Friday, hitting $87.98. The company's stock had a trading volume of 1,359,628 shares, compared to its average volume of 1,121,301. The business has a fifty day moving average of $87.82 and a 200-day moving average of $80.32. The stock has a market cap of $9.99 billion, a price-to-earnings ratio of 19.17, a P/E/G ratio of 2.30 and a beta of 0.52. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $91.57. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28.

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