Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Ironwood Investment Counsel LLC

Ironwood Investment Counsel LLC cut its position in Pinnacle West Capital Co. (NYSE:PNW) by 13.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,519 shares of the utilities provider’s stock after selling 1,199 shares during the quarter. Ironwood Investment Counsel LLC’s holdings in Pinnacle West Capital were worth $637,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Mesirow Financial Investment Management Inc. increased its stake in Pinnacle West Capital by 0.9% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 13,724 shares of the utilities provider’s stock valued at $1,163,000 after purchasing an additional 116 shares in the last quarter. Fortem Financial Group LLC increased its stake in Pinnacle West Capital by 2.2% in the 4th quarter. Fortem Financial Group LLC now owns 5,717 shares of the utilities provider’s stock valued at $485,000 after purchasing an additional 124 shares in the last quarter. New York Life Investment Management LLC increased its stake in Pinnacle West Capital by 0.9% in the 4th quarter. New York Life Investment Management LLC now owns 14,916 shares of the utilities provider’s stock valued at $1,264,000 after purchasing an additional 127 shares in the last quarter. Global Retirement Partners LLC increased its position in Pinnacle West Capital by 10.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,598 shares of the utilities provider’s stock worth $135,000 after buying an additional 156 shares in the last quarter. Finally, Glenmede Trust Co. NA increased its position in Pinnacle West Capital by 2.5% during the third quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider’s stock worth $593,000 after buying an additional 163 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNW has been the subject of several recent research reports. Citigroup raised their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Barclays downgraded 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. Wells Fargo & Company raised their price target on Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target for the company in a research report on Wednesday, December 4th. Finally, Guggenheim reissued a “buy” rating and set a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Pinnacle West Capital currently has an average rating of “Moderate Buy” and an average target price of $92.28.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $93.77 on Friday. The company has a market cap of $11.17 billion, a P/E ratio of 17.76, a P/E/G ratio of 3.59 and a beta of 0.53. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 52 week low of $70.26 and a 52 week high of $95.42. The business has a fifty day simple moving average of $88.36 and a 200-day simple moving average of $88.58.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Equities research analysts forecast that Pinnacle West Capital Co. will post 5.13 EPS 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.