Massachusetts Financial Services Co. MA Sells 15,871 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Massachusetts Financial Services Co. MA trimmed its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 0.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,689,598 shares of the utilities provider's stock after selling 15,871 shares during the period. Massachusetts Financial Services Co. MA owned about 2.37% of Pinnacle West Capital worth $227,997,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in shares of Pinnacle West Capital in the fourth quarter worth $194,655,000. Assenagon Asset Management S.A. grew its stake in Pinnacle West Capital by 221.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider's stock valued at $57,413,000 after purchasing an additional 466,736 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Pinnacle West Capital in the fourth quarter worth about $32,078,000. Reaves W H & Co. Inc. grew its stake in Pinnacle West Capital by 35.2% in the 4th quarter. Reaves W H & Co. Inc. now owns 1,390,715 shares of the utilities provider's stock valued at $117,891,000 after buying an additional 362,083 shares during the last quarter. Finally, Pictet Asset Management Holding SA grew its stake in shares of 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 during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PNW has been the topic of a number of recent analyst reports. Barclays boosted their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 1st. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "strong-buy" rating in a research report on Monday, March 17th. Jefferies Financial Group decreased their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a report on Tuesday, January 28th. Guggenheim reiterated a "buy" rating and issued a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an "equal weight" rating in a report on Wednesday, February 26th. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Pinnacle West Capital has an average rating of "Moderate Buy" and a consensus target price of $95.50.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW traded up $2.07 during mid-day trading on Wednesday, reaching $90.89. The company had a trading volume of 1,784,326 shares, compared to its average volume of 1,078,930. The firm has a market cap of $10.82 billion, a price-to-earnings ratio of 17.21, a PEG ratio of 3.59 and a beta of 0.42. Pinnacle West Capital Co. has a one year low of $70.73 and a one year high of $96.50. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The company's 50-day moving average price is $91.39 and its 200-day moving average price is $89.12.

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

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.