Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 29.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 107,225 shares of the utilities provider's stock after acquiring an additional 24,099 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.09% of Pinnacle West Capital worth $9,034,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PNW. HITE Hedge Asset Management LLC lifted its holdings in Pinnacle West Capital by 261.2% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider's stock valued at $8,178,000 after purchasing an additional 66,755 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Pinnacle West Capital during the third quarter valued at approximately $2,235,000. Principal Financial Group Inc. boosted its position in Pinnacle West Capital by 7.7% during the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider's stock worth $12,336,000 after acquiring an additional 9,993 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Pinnacle West Capital by 47.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider's stock worth $995,000 after acquiring an additional 3,758 shares during the period. Finally, Blue Trust Inc. raised its holdings in Pinnacle West Capital by 33.3% in the 4th quarter. Blue Trust Inc. now owns 1,440 shares of the utilities provider's stock valued at $128,000 after acquiring an additional 360 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

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Pinnacle West Capital Stock Down 0.4 %

Shares of PNW stock traded down $0.37 during trading hours on Thursday, reaching $95.06. The company had a trading volume of 1,073,594 shares, compared to its average volume of 1,059,306. The company has a market capitalization of $11.32 billion, a P/E ratio of 18.00, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. Pinnacle West Capital Co. has a twelve month low of $70.73 and a twelve month high of $96.50. The stock's fifty day simple moving average is $90.79 and its 200 day simple moving average is $89.08. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.31) by $0.25. The company had revenue of $1.10 billion for 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%. As a group, sell-side analysts expect that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PNW shares. Jefferies Financial Group lowered their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a research report on Tuesday, January 28th. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "strong-buy" rating in a research note on Monday, March 17th. KeyCorp raised shares of Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 target price on the stock in a research report on Wednesday, December 4th. Morgan Stanley upped their price target on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 20th. Finally, Barclays lifted their price target on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a report on Tuesday. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $95.50.

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.