Renaissance Technologies LLC Sells 38,000 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Renaissance Technologies LLC trimmed its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 49.1% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 39,400 shares of the utilities provider’s stock after selling 38,000 shares during the quarter. Renaissance Technologies LLC’s holdings in Pinnacle West Capital were worth $3,009,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in PNW. Blue Trust Inc. grew its stake in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 291 shares during the period. Cape Investment Advisory Inc. purchased a new position in Pinnacle West Capital in the 1st quarter worth approximately $30,000. Newbridge Financial Services Group Inc. raised its holdings in shares of Pinnacle West Capital by 70.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 199 shares in the last quarter. Rise Advisors LLC purchased a new stake in shares of Pinnacle West Capital during the 1st quarter worth approximately $36,000. Finally, Riverview Trust Co purchased a new stake in shares of Pinnacle West Capital during the 1st quarter worth approximately $46,000. 91.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Wells Fargo & Company upped their price objective on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Morgan Stanley upped their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective on the stock. LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Finally, StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $80.54.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $88.59 on Tuesday. The stock’s fifty day moving average is $87.22 and its two-hundred day moving average is $79.71. The company has a market capitalization of $10.06 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 2.30 and a beta of 0.52. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $91.57.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.31 by $0.45. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. Pinnacle West Capital’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.94 EPS. As a group, analysts expect that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Insider Transactions at Pinnacle West Capital

In other news, EVP Robert Edgar Smith sold 4,950 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.23% of the company’s stock.

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.