New York State Teachers Retirement System Sells 416 Shares of Pinnacle West Capital Corporation $PNW

New York State Teachers Retirement System cut its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 0.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 125,825 shares of the utilities provider’s stock after selling 416 shares during the period. New York State Teachers Retirement System’s holdings in Pinnacle West Capital were worth $11,258,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Pinnacle West Capital by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 14,464,661 shares of the utilities provider’s stock worth $1,377,759,000 after buying an additional 283,752 shares in the last quarter. ATLAS Infrastructure Partners UK Ltd. increased its stake in shares of Pinnacle West Capital by 230.5% during the 1st quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,793,546 shares of the utilities provider’s stock worth $266,085,000 after purchasing an additional 1,948,416 shares during the last quarter. Reaves W H & Co. Inc. increased its stake in shares of Pinnacle West Capital by 8.5% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,509,511 shares of the utilities provider’s stock worth $143,781,000 after purchasing an additional 118,796 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Pinnacle West Capital by 11.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,104,560 shares of the utilities provider’s stock worth $105,203,000 after purchasing an additional 110,674 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Pinnacle West Capital by 1.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,044,047 shares of the utilities provider’s stock worth $99,445,000 after purchasing an additional 12,857 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Insider Activity

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the transaction, the executive vice president owned 56 shares in the company, valued at $5,172.72. This represents a 99.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.23% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PNW shares. Barclays boosted their price objective on shares of Pinnacle West Capital from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 7th. Morgan Stanley lowered their price objective on shares of Pinnacle West Capital from $89.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 25th. Zacks Research lowered shares of Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. BMO Capital Markets upped their price target on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a “market perform” rating in a research note on Thursday, August 7th. Finally, UBS Group upped their price target on shares of Pinnacle West Capital from $95.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. Five investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $96.42.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW opened at $93.15 on Friday. The company’s 50 day moving average price is $89.69 and its two-hundred day moving average price is $90.73. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The firm has a market cap of $11.13 billion, a PE ratio of 19.21, a PEG ratio of 9.65 and a beta of 0.46. 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 (NYSE:PNW) last announced its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The firm 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 business posted $1.76 EPS. The business’s revenue was up 3.8% compared to the same quarter last year. Equities research analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

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.