Public Employees Retirement System of Ohio Grows Stake in Pinnacle West Capital Corporation $PNW

Public Employees Retirement System of Ohio lifted its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 0.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,745 shares of the utilities provider’s stock after buying an additional 188 shares during the period. Public Employees Retirement System of Ohio’s holdings in Pinnacle West Capital were worth $3,556,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of Pinnacle West Capital by 26.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider’s stock valued at $2,524,000 after buying an additional 6,183 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Pinnacle West Capital by 12.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider’s stock valued at $1,236,000 after buying an additional 1,411 shares during the last quarter. Stratos Wealth Partners LTD. boosted its position in shares of Pinnacle West Capital by 26.2% during the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider’s stock valued at $528,000 after buying an additional 1,150 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Pinnacle West Capital by 8.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider’s stock valued at $443,000 after buying an additional 366 shares during the last quarter. Finally, Amalgamated Bank boosted its position in shares of Pinnacle West Capital by 1.7% during the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider’s stock valued at $2,124,000 after buying an additional 372 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PNW has been the topic of several recent analyst reports. KeyCorp dropped their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 16th. Barclays lowered their target price on Pinnacle West Capital from $94.00 to $93.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. BMO Capital Markets increased their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the company a “market perform” rating in a report on Thursday, August 7th. Morgan Stanley lowered their target price on Pinnacle West Capital from $89.00 to $87.00 and set an “equal weight” rating on the stock in a report on Thursday, September 25th. Finally, UBS Group lowered their target price on Pinnacle West Capital from $98.00 to $95.00 and set a “neutral” rating on the stock in a report on Friday, September 12th. Four equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $95.91.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the firm’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the transaction, the executive vice president owned 56 shares of the company’s stock, valued at $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is owned by company insiders.

Pinnacle West Capital Stock Up 2.3%

NYSE PNW opened at $89.67 on Wednesday. The stock’s 50-day moving average price is $89.67 and its 200-day moving average price is $90.94. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25. Pinnacle West Capital Corporation has a 52 week low of $81.47 and a 52 week high of $96.50. The company has a market capitalization of $10.71 billion, a P/E ratio of 18.49, a price-to-earnings-growth ratio of 9.05 and a beta of 0.45.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, hitting 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 firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter last year, the company earned $1.76 earnings per share. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

About Pinnacle West Capital

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.