Bessemer Group Inc. Has $478,000 Stock Holdings in Pinnacle West Capital Corporation $PNW

Bessemer Group Inc. decreased its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 58.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 5,331 shares of the utilities provider’s stock after selling 7,635 shares during the period. Bessemer Group Inc.’s holdings in Pinnacle West Capital were worth $478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC acquired a new stake in shares of Pinnacle West Capital during the fourth quarter valued at about $417,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in Pinnacle West Capital by 8.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider’s stock valued at $443,000 after buying an additional 366 shares during the period. Amalgamated Bank raised its position in shares of Pinnacle West Capital by 1.7% during the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider’s stock worth $2,124,000 after purchasing an additional 372 shares during the period. Teacher Retirement System of Texas raised its position in shares of Pinnacle West Capital by 20.9% during the first quarter. Teacher Retirement System of Texas now owns 33,824 shares of the utilities provider’s stock worth $3,222,000 after purchasing an additional 5,849 shares during the period. Finally, Mutual Advisors LLC raised its position in shares of Pinnacle West Capital by 89.8% during the first quarter. Mutual Advisors LLC now owns 11,032 shares of the utilities provider’s stock worth $1,034,000 after purchasing an additional 5,219 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Price Performance

PNW opened at $88.55 on Monday. The stock’s 50 day simple moving average is $89.56 and its 200 day simple moving average is $90.69. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50. The firm has a market cap of $10.58 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 9.23 and a beta of 0.46.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the company earned $1.76 EPS. Pinnacle West Capital’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 3rd will be given a $0.91 dividend. The ex-dividend date is Monday, November 3rd. This represents a $3.64 dividend on an annualized basis and a dividend yield of 4.1%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.90. Pinnacle West Capital’s dividend payout ratio is 75.05%.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the sale, the executive vice president directly owned 56 shares in the company, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on PNW. Zacks Research downgraded Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a report on Friday, October 10th. TD Cowen began coverage on Pinnacle West Capital in a research note on Thursday, October 16th. They set a “hold” rating and a $97.00 price target for the company. Argus cut their price target on Pinnacle West Capital from $98.00 to $95.00 and set a “buy” rating for the company in a research note on Tuesday, September 30th. Mizuho downgraded Pinnacle West Capital from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $102.00 to $90.00 in a research note on Tuesday, September 9th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $99.00 price target on shares of Pinnacle West Capital in a report on Monday, October 20th. Six research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $96.69.

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.