Magellan Asset Management Ltd Sells 15,379 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Magellan Asset Management Ltd reduced its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 15.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 83,926 shares of the utilities provider’s stock after selling 15,379 shares during the period. Magellan Asset Management Ltd’s holdings in Pinnacle West Capital were worth $7,114,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mesirow Financial Investment Management Inc. lifted its stake in Pinnacle West Capital by 0.9% during 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 acquiring an additional 116 shares in the last quarter. Fortem Financial Group LLC lifted its position in shares of Pinnacle West Capital by 2.2% during the fourth 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 grew its position 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 worth $1,264,000 after purchasing an additional 127 shares in the last quarter. Global Retirement Partners LLC increased its stake in Pinnacle West Capital by 10.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,598 shares of the utilities provider’s stock valued at $135,000 after buying an additional 156 shares during the last quarter. Finally, 1620 Investment Advisors Inc. lifted its position in shares of Pinnacle West Capital by 3.6% during the 4th quarter. 1620 Investment Advisors Inc. now owns 4,683 shares of the utilities provider’s stock worth $397,000 after buying an additional 162 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on PNW. UBS Group increased their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Citigroup lifted their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. KeyCorp upgraded shares of 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. Guggenheim reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Finally, LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “strong-buy” rating in a research note on Monday, March 17th. Six analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $95.50.

Pinnacle West Capital Stock Up 0.2 %

PNW opened at $95.47 on Thursday. Pinnacle West Capital Co. has a 12 month low of $70.73 and a 12 month high of $95.84. The company has a market cap of $11.37 billion, a PE ratio of 18.08, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The company has a 50 day moving average of $90.79 and a 200 day moving average of $89.08.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. On average, sell-side analysts expect 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.