Renaissance Technologies LLC Buys 424,600 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Renaissance Technologies LLC lifted its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 223.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 614,900 shares of the utilities provider's stock after purchasing an additional 424,600 shares during the quarter. Renaissance Technologies LLC owned 0.54% of Pinnacle West Capital worth $52,125,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Mesirow Financial Investment Management Inc. lifted its stake in shares of Pinnacle West Capital by 0.9% in the fourth quarter. Mesirow Financial Investment Management Inc. now owns 13,724 shares of the utilities provider's stock valued at $1,163,000 after buying an additional 116 shares in the last quarter. Fortem Financial Group LLC lifted its position in Pinnacle West Capital by 2.2% in the 4th quarter. Fortem Financial Group LLC now owns 5,717 shares of the utilities provider's stock valued at $485,000 after acquiring an additional 124 shares in the last quarter. New York Life Investment Management LLC boosted its stake in Pinnacle West Capital by 0.9% during the 4th quarter. New York Life Investment Management LLC now owns 14,916 shares of the utilities provider's stock valued at $1,264,000 after purchasing an additional 127 shares during the last quarter. Global Retirement Partners LLC raised its stake in shares of Pinnacle West Capital by 10.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,598 shares of the utilities provider's stock worth $135,000 after purchasing an additional 156 shares during the last quarter. Finally, 1620 Investment Advisors Inc. lifted its holdings in shares of Pinnacle West Capital by 3.6% in the fourth quarter. 1620 Investment Advisors Inc. now owns 4,683 shares of the utilities provider's stock valued at $397,000 after purchasing an additional 162 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock traded up $1.08 during trading on Tuesday, hitting $94.79. 223,970 shares of the stock traded hands, compared to its average volume of 1,072,744. Pinnacle West Capital Co. has a 52 week low of $70.73 and a 52 week high of $96.50. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The firm's fifty day moving average is $91.66 and its 200-day moving average is $89.19. The stock has a market cap of $11.30 billion, a price-to-earnings ratio of 17.95, a PEG ratio of 3.59 and a beta of 0.42.

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

Analysts Set New Price Targets

A number of equities research analysts recently commented on PNW shares. Jefferies Financial Group lowered their price target 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. UBS Group boosted their price target on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Morgan Stanley lifted their target price 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. Guggenheim reaffirmed a "buy" rating and issued a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, Barclays increased their price target on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 1st. Six equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Pinnacle West Capital presently has an average rating of "Moderate Buy" and an average target price 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.