Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Pinnacle West Capital Corporation (NYSE:PNW – Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 30,735 shares of the utilities provider’s stock, valued at approximately $2,860,000.
A number of other large investors have also recently added to or reduced their stakes in the company. SFE Investment Counsel lifted its position in Pinnacle West Capital by 2.4% during the 3rd quarter. SFE Investment Counsel now owns 23,130 shares of the utilities provider’s stock worth $2,152,000 after buying an additional 545 shares in the last quarter. Summit Global Investments acquired a new stake in shares of Pinnacle West Capital in the third quarter valued at about $399,000. MGO One Seven LLC increased its position in shares of Pinnacle West Capital by 9.7% in the third quarter. MGO One Seven LLC now owns 6,028 shares of the utilities provider’s stock valued at $561,000 after acquiring an additional 534 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in shares of Pinnacle West Capital by 48.1% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 11,700 shares of the utilities provider’s stock valued at $1,089,000 after acquiring an additional 3,800 shares during the last quarter. Finally, Choreo LLC raised its holdings in Pinnacle West Capital by 46.5% during the third quarter. Choreo LLC now owns 3,359 shares of the utilities provider’s stock worth $312,000 after acquiring an additional 1,066 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have recently commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Pinnacle West Capital in a research report on Friday, October 30th. Morgan Stanley upped their target price on shares of Pinnacle West Capital from $89.00 to $91.00 and gave the company an “equal weight” rating in a report on Wednesday, October 21st. TD Cowen reiterated a “hold” rating on shares of Pinnacle West Capital in a research note on Wednesday, August 12th. HSBC initiated coverage on Pinnacle West Capital in a research report on Thursday, October 22nd. They set a “buy” rating and a $119.50 price target on the stock. Finally, Jefferies Financial Group cut their price objective on Pinnacle West Capital from $129.00 to $109.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Five equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $103.77.
Check Out Our Latest Stock Analysis on Pinnacle West Capital
Insider Buying and Selling
In other news, CAO Elizabeth Blankenship sold 980 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $99.17, for a total transaction of $97,186.60. Following the completion of the sale, the chief accounting officer directly owned 10,886 shares in the company, valued at $1,079,564.62. This represents a 8.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.19% of the company’s stock.
Pinnacle West Capital Price Performance
Pinnacle West Capital stock traded up $0.28 during mid-day trading on Friday, reaching $104.11. 2,226,644 shares of the company were exchanged, compared to its average volume of 1,366,261. The company has a fifty day simple moving average of $99.05 and a 200-day simple moving average of $100.63. Pinnacle West Capital Corporation has a 12 month low of $86.18 and a 12 month high of $111.16. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.59 and a quick ratio of 0.41. The firm has a market cap of $12.62 billion, a PE ratio of 19.57, a PEG ratio of 3.79 and a beta of 0.48.
Pinnacle West Capital (NYSE:PNW – Get Free Report) last issued its quarterly earnings results on Tuesday, November 3rd. The utilities provider reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.32 by $0.17. The company had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $1.90 billion. Pinnacle West Capital had a net margin of 11.52% and a return on equity of 8.99%. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.39 EPS. As a group, equities research analysts expect that Pinnacle West Capital Corporation will post 4.91 earnings per share for the current fiscal year.
Pinnacle West Capital Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Monday, November 2nd will be given a dividend of $0.9250 per share. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $3.70 annualized dividend and a yield of 3.6%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.91. Pinnacle West Capital’s dividend payout ratio is 69.55%.
About Pinnacle West Capital
Pinnacle West Capital Corporation (NYSE:PNW) is an energy holding company based in Phoenix, Arizona. Its principal subsidiary, Arizona Public Service Company (APS), is an electric utility that generates, transmits and distributes electricity to customers across Arizona.
APS serves residential, commercial, industrial and governmental customers through a diverse power portfolio that includes nuclear, natural gas, coal, solar and other renewable energy resources. The utility is also involved in maintaining and expanding the electric grid, supporting energy-efficiency programs and developing cleaner energy resources.
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