Alliancebernstein L.P. Cuts Holdings in Pinnacle West Capital Co. (PNW)
Alliancebernstein L.P. decreased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 7.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 198,946 shares of the utilities provider’s stock after selling 15,756 shares during the period. Alliancebernstein L.P.’s holdings in Pinnacle West Capital were worth $16,946,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BlackRock Inc. increased its position in Pinnacle West Capital by 1.0% during the 4th quarter. BlackRock Inc. now owns 11,348,077 shares of the utilities provider’s stock valued at $966,629,000 after purchasing an additional 114,132 shares during the period. Boston Partners increased its position in Pinnacle West Capital by 24.3% during the 4th quarter. Boston Partners now owns 3,511,585 shares of the utilities provider’s stock valued at $299,117,000 after purchasing an additional 687,119 shares during the period. American Century Companies Inc. increased its position in Pinnacle West Capital by 2.5% during the 4th quarter. American Century Companies Inc. now owns 2,674,862 shares of the utilities provider’s stock valued at $227,845,000 after purchasing an additional 64,083 shares during the period. Geode Capital Management LLC increased its position in Pinnacle West Capital by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 1,250,377 shares of the utilities provider’s stock valued at $106,303,000 after purchasing an additional 46,410 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Pinnacle West Capital by 1.2% during the 4th quarter. Bank of New York Mellon Corp now owns 1,227,699 shares of the utilities provider’s stock valued at $104,574,000 after purchasing an additional 14,615 shares during the period. 82.63% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have commented on PNW shares. Royal Bank of Canada raised shares of Pinnacle West Capital from a “sector perform” rating to an “outperform” rating in a research report on Thursday, March 8th. Morgan Stanley raised their target price on shares of Pinnacle West Capital from $90.00 to $91.00 and gave the company an “underweight” rating in a research report on Wednesday, December 13th. Zacks Investment Research downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Monday, January 8th. SunTrust Banks set a $82.00 target price on shares of Pinnacle West Capital and gave the company a “hold” rating in a research report on Friday, February 23rd. Finally, ValuEngine downgraded shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Tuesday, December 19th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. Pinnacle West Capital currently has an average rating of “Hold” and a consensus price target of $84.36.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Friday, February 23rd. The utilities provider reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.09. Pinnacle West Capital had a net margin of 13.70% and a return on equity of 9.59%. The business had revenue of $759.65 million for the quarter, compared to analysts’ expectations of $773.12 million. During the same period last year, the business earned $0.47 EPS. The company’s revenue was up 2.8% compared to the same quarter last year. sell-side analysts predict that Pinnacle West Capital Co. will post 4.46 earnings per share for the current fiscal year.
In other news, Director Kathryn L. Munro sold 2,666 shares of the firm’s stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $75.36, for a total value of $200,909.76. Following the sale, the director now directly owns 15,630 shares in the company, valued at approximately $1,177,876.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Donald E. Brandt sold 39,083 shares of Pinnacle West Capital stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $77.23, for a total transaction of $3,018,380.09. Following the completion of the sale, the chief executive officer now owns 88,741 shares of the company’s stock, valued at $6,853,467.43. The disclosure for this sale can be found here. Insiders sold a total of 68,110 shares of company stock worth $5,300,760 over the last 90 days. Company insiders own 0.70% of the company’s stock.
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Pinnacle West Capital Profile
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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