Voya Investment Management LLC Purchases 526 Shares of Pinnacle West Capital Corporation $PNW

Voya Investment Management LLC boosted its position in Pinnacle West Capital Corporation (NYSE:PNW) by 1.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 37,111 shares of the utilities provider’s stock after purchasing an additional 526 shares during the quarter. Voya Investment Management LLC’s holdings in Pinnacle West Capital were worth $3,535,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PNW. Exchange Traded Concepts LLC lifted its position in shares of Pinnacle West Capital by 1.3% during the 1st quarter. Exchange Traded Concepts LLC now owns 9,724 shares of the utilities provider’s stock valued at $926,000 after buying an additional 125 shares in the last quarter. Allworth Financial LP increased its stake in shares of Pinnacle West Capital by 19.1% in the 1st quarter. Allworth Financial LP now owns 780 shares of the utilities provider’s stock worth $74,000 after acquiring an additional 125 shares during the last quarter. AE Wealth Management LLC increased its position in shares of Pinnacle West Capital by 4.9% during the 1st quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider’s stock worth $279,000 after purchasing an additional 137 shares during the last quarter. IFP Advisors Inc increased its position in shares of Pinnacle West Capital by 4.0% during the 1st quarter. IFP Advisors Inc now owns 4,062 shares of the utilities provider’s stock worth $387,000 after purchasing an additional 156 shares during the last quarter. Finally, Probity Advisors Inc. grew its position in Pinnacle West Capital by 2.6% in the 1st quarter. Probity Advisors Inc. now owns 6,214 shares of the utilities provider’s stock valued at $592,000 after acquiring an additional 158 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the sale, the executive vice president owned 56 shares of the company’s stock, valued at approximately $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.23% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PNW has been the subject of several research reports. Morgan Stanley set a $89.00 target price on Pinnacle West Capital and gave the company an “outperform” rating in a research report on Thursday, August 21st. BMO Capital Markets boosted their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a “market perform” rating in a research report on Thursday, August 7th. Barclays lowered their price objective on Pinnacle West Capital from $94.00 to $93.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 13th. UBS Group lowered their price objective on Pinnacle West Capital from $98.00 to $95.00 and set a “neutral” rating for the company in a research report on Friday, September 12th. Finally, Mizuho downgraded Pinnacle West Capital from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $102.00 to $90.00 in a research report on Tuesday, September 9th. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $96.20.

Pinnacle West Capital Stock Up 0.9%

Pinnacle West Capital stock opened at $86.60 on Friday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. The firm has a market capitalization of $10.34 billion, a price-to-earnings ratio of 17.86, a price-to-earnings-growth ratio of 8.87 and a beta of 0.45. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50. The stock’s fifty day moving average is $90.34 and its two-hundred day moving average is $91.16.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting the consensus estimate of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the company earned $1.76 earnings per share. Pinnacle West Capital’s revenue was up 3.8% compared to the same quarter last year. Analysts predict that Pinnacle West Capital Corporation 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.