Wedge Capital Management L L P NC Sells 26,085 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Wedge Capital Management L L P NC lowered its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 14.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 155,404 shares of the utilities provider's stock after selling 26,085 shares during the quarter. Wedge Capital Management L L P NC owned about 0.14% of Pinnacle West Capital worth $13,767,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of PNW. Quadrature Capital Ltd boosted its position in Pinnacle West Capital by 38.8% during the fourth quarter. Quadrature Capital Ltd now owns 14,268 shares of the utilities provider's stock valued at $1,025,000 after acquiring an additional 3,988 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in Pinnacle West Capital by 70.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider's stock valued at $35,000 after acquiring an additional 199 shares during the last quarter. CWM LLC raised its holdings in shares of Pinnacle West Capital by 2.8% during the first quarter. CWM LLC now owns 10,219 shares of the utilities provider's stock valued at $764,000 after purchasing an additional 274 shares during the period. Butensky & Cohen Financial Security Inc. raised its holdings in shares of Pinnacle West Capital by 6.8% during the first quarter. Butensky & Cohen Financial Security Inc. now owns 57,010 shares of the utilities provider's stock valued at $4,260,000 after purchasing an additional 3,623 shares during the period. Finally, First Hawaiian Bank raised its holdings in shares of Pinnacle West Capital by 95.4% during the first quarter. First Hawaiian Bank now owns 10,770 shares of the utilities provider's stock valued at $805,000 after purchasing an additional 5,257 shares during the period. Institutional investors own 91.51% of the company's stock.

Insiders Place Their Bets

In other 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 completion of the transaction, the executive vice president now directly owns 6,397 shares of the company's stock, valued at $548,862.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on PNW. StockNews.com upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Morgan Stanley upped their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an "equal weight" rating in a report on Wednesday, September 25th. Wells Fargo & Company upped their price objective on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the company an "equal weight" rating in a report on Friday, August 2nd. Barclays dropped their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an "overweight" rating on the stock in a report on Tuesday, July 2nd. Finally, 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 objective on the stock. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of "Hold" and an average price target of $80.54.

Pinnacle West Capital Stock Up 0.6 %

PNW stock traded up $0.50 during trading on Tuesday, reaching $87.03. The stock had a trading volume of 1,247,713 shares, compared to its average volume of 1,111,578. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $91.57. 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 company's 50 day moving average is $87.82 and its two-hundred day moving average is $80.88. The company has a market capitalization of $9.88 billion, a price-to-earnings ratio of 18.85, a P/E/G ratio of 2.20 and a beta of 0.52.

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

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.