Moors & Cabot Inc. Has $235,000 Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Moors & Cabot Inc. trimmed its stake in Pinnacle West Capital Co. (NYSE:PNW) by 62.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,655 shares of the utilities provider’s stock after selling 4,477 shares during the period. Moors & Cabot Inc.’s holdings in Pinnacle West Capital were worth $235,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PNW. Zimmer Partners LP acquired a new stake in Pinnacle West Capital during the first quarter worth about $198,409,000. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Pinnacle West Capital by 24.6% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock worth $533,562,000 after purchasing an additional 1,379,368 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Pinnacle West Capital by 152,118.2% during the third quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider’s stock valued at $22,925,000 after purchasing an additional 258,601 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Pinnacle West Capital in the third quarter valued at $18,652,000. Finally, Dimensional Fund Advisors LP lifted its position in Pinnacle West Capital by 31.2% in the second quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock worth $64,550,000 after purchasing an additional 200,816 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PNW shares. Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. 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. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Morgan Stanley decreased their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $81.88.

Pinnacle West Capital Stock Down 0.7 %

Shares of NYSE:PNW opened at $92.93 on Monday. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $94.38. The firm has a market cap of $10.57 billion, a P/E ratio of 17.60, a P/E/G ratio of 2.19 and a beta of 0.52. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The company’s 50-day moving average price is $89.01 and its two-hundred day moving average price is $83.96.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 3.85%. The ex-dividend date is Monday, November 4th. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s payout ratio is 67.80%.

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.