Allspring Global Investments Holdings LLC decreased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW – Free Report) by 94.2% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 7,212 shares of the utilities provider’s stock after selling 116,362 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Pinnacle West Capital were worth $518,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in PNW. Comerica Bank purchased a new position in Pinnacle West Capital during the third quarter worth about $4,620,000. Pacer Advisors Inc. raised its holdings in Pinnacle West Capital by 604.2% during the fourth quarter. Pacer Advisors Inc. now owns 50,631 shares of the utilities provider’s stock worth $3,637,000 after purchasing an additional 43,441 shares in the last quarter. Hudson Bay Capital Management LP raised its holdings in Pinnacle West Capital by 254.3% during the third quarter. Hudson Bay Capital Management LP now owns 115,160 shares of the utilities provider’s stock worth $8,485,000 after purchasing an additional 82,660 shares in the last quarter. UBS Group AG raised its holdings in Pinnacle West Capital by 83.2% during the third quarter. UBS Group AG now owns 308,765 shares of the utilities provider’s stock worth $22,750,000 after purchasing an additional 140,215 shares in the last quarter. Finally, Moors & Cabot Inc. raised its holdings in Pinnacle West Capital by 18.2% during the third quarter. Moors & Cabot Inc. now owns 6,257 shares of the utilities provider’s stock worth $461,000 after purchasing an additional 962 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.
Pinnacle West Capital Trading Down 0.5 %
Shares of PNW opened at $74.20 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50. The firm has a 50 day simple moving average of $71.77 and a 200-day simple moving average of $72.14. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $86.03. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 2.09 and a beta of 0.49.
Pinnacle West Capital Announces Dividend
Analysts Set New Price Targets
Several research firms recently issued reports on PNW. Evercore ISI cut their price target on shares of Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a report on Monday, March 4th. Guggenheim raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 target price for the company in a report on Monday, January 22nd. Morgan Stanley increased their target price on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, March 21st. Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their target price for the company from $71.00 to $80.00 in a report on Monday, March 18th. Finally, Wells Fargo & Company dropped their target price on shares of Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating for the company in a report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $73.00.
Get Our Latest Stock Analysis on PNW
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.
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