Fmr LLC reduced its stake in Pinnacle West Capital Co. (NYSE:PNW) by 22.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 551,799 shares of the utilities provider’s stock after selling 163,336 shares during the period. Fmr LLC owned approximately 0.49% of Pinnacle West Capital worth $44,453,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNW. BlackRock Inc. increased its holdings in Pinnacle West Capital by 13.7% in the 2nd quarter. BlackRock Inc. now owns 13,632,290 shares of the utilities provider’s stock valued at $1,098,218,000 after acquiring an additional 1,642,393 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Pinnacle West Capital by 38.0% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,514,179 shares of the utilities provider’s stock worth $200,631,000 after buying an additional 692,367 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Pinnacle West Capital by 11,238.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 528,703 shares of the utilities provider’s stock worth $42,592,000 after buying an additional 524,040 shares during the last quarter. Epoch Investment Partners Inc. bought a new stake in shares of Pinnacle West Capital in the 1st quarter worth about $19,785,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Pinnacle West Capital by 56.1% in the 1st quarter. JPMorgan Chase & Co. now owns 317,045 shares of the utilities provider’s stock worth $25,300,000 after buying an additional 113,945 shares during the last quarter. Institutional investors own 81.98% of the company’s stock.

Pinnacle West Capital stock opened at $78.18 on Wednesday. Pinnacle West Capital Co. has a twelve month low of $73.41 and a twelve month high of $92.48. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.36 and a current ratio of 0.50. The stock has a market capitalization of $8.98 billion, a PE ratio of 17.97, a price-to-earnings-growth ratio of 4.03 and a beta of 0.13.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Friday, August 3rd. The utilities provider reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.04. Pinnacle West Capital had a net margin of 12.95% and a return on equity of 9.12%. The firm had revenue of $974.12 million during the quarter, compared to analysts’ expectations of $939.59 million. During the same period in the previous year, the company earned $1.49 EPS. The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year. equities analysts forecast that Pinnacle West Capital Co. will post 4.45 earnings per share for the current fiscal year.

A number of analysts have recently weighed in on the stock. Morgan Stanley boosted their target price on shares of Pinnacle West Capital from $85.00 to $89.00 and gave the stock a “hold” rating in a report on Tuesday, September 11th. Zacks Investment Research downgraded shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Wednesday, July 4th. Wells Fargo & Co upgraded shares of Pinnacle West Capital from a “market perform” rating to an “outperform” rating in a report on Monday, August 6th. UBS Group boosted their target price on shares of Pinnacle West Capital from $79.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, August 10th. Finally, ValuEngine upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Wednesday, June 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $84.22.

Pinnacle West Capital Profile

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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