New England Asset Management Inc. cut its position in Pinnacle West Capital Corporation (NYSE:PNW) by 1.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,900 shares of the utilities provider’s stock after selling 700 shares during the period. New England Asset Management Inc.’s holdings in Pinnacle West Capital Corporation were worth $3,228,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PNW. Northwest Investment Counselors LLC acquired a new stake in shares of Pinnacle West Capital Corporation in the 2nd quarter valued at about $106,000. WealthTrust Arizona LLC grew its stake in shares of Pinnacle West Capital Corporation by 0.7% in the 2nd quarter. WealthTrust Arizona LLC now owns 1,253 shares of the utilities provider’s stock valued at $107,000 after buying an additional 9 shares during the period. Captrust Financial Advisors acquired a new stake in shares of Pinnacle West Capital Corporation in the 2nd quarter valued at about $109,000. Pacer Advisors Inc. grew its stake in shares of Pinnacle West Capital Corporation by 3.3% in the 1st quarter. Pacer Advisors Inc. now owns 2,096 shares of the utilities provider’s stock valued at $175,000 after buying an additional 66 shares during the period. Finally, Parallel Advisors LLC grew its stake in shares of Pinnacle West Capital Corporation by 8.9% in the 1st quarter. Parallel Advisors LLC now owns 2,069 shares of the utilities provider’s stock valued at $175,000 after buying an additional 169 shares during the period. Institutional investors own 84.20% of the company’s stock.

Pinnacle West Capital Corporation (NYSE:PNW) traded down 0.30% during trading on Friday, hitting $85.29. 144,044 shares of the company’s stock traded hands. The stock has a market cap of $9.52 billion, a P/E ratio of 18.84 and a beta of 0.36. Pinnacle West Capital Corporation has a 12 month low of $70.86 and a 12 month high of $90.92. The company’s 50 day moving average is $88.23 and its 200-day moving average is $86.61.

Pinnacle West Capital Corporation (NYSE:PNW) last issued its earnings results on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.33. The firm had revenue of $944.59 million for the quarter, compared to the consensus estimate of $921.79 million. Pinnacle West Capital Corporation had a net margin of 14.37% and a return on equity of 10.20%. The business’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.08 earnings per share. On average, analysts predict that Pinnacle West Capital Corporation will post $4.25 earnings per share for the current year.

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Several analysts have recently commented on PNW shares. BidaskClub downgraded Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th. Zacks Investment Research cut shares of Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $89.00 price target on shares of Pinnacle West Capital Corporation in a research report on Monday, July 24th. BMO Capital Markets reaffirmed a “hold” rating and issued a $89.00 price target on shares of Pinnacle West Capital Corporation in a research report on Friday, August 4th. Finally, Morgan Stanley raised their price target on shares of Pinnacle West Capital Corporation from $79.00 to $83.00 and gave the company an “underweight” rating in a research report on Thursday, August 10th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $85.11.

In other news, Chairman Donald E. Brandt sold 35,013 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $89.57, for a total value of $3,136,114.41. Following the transaction, the chairman now owns 118,574 shares in the company, valued at $10,620,673.18. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David P. Falck sold 4,600 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $89.98, for a total transaction of $413,908.00. Following the completion of the transaction, the executive vice president now owns 42,840 shares in the company, valued at approximately $3,854,743.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,419 shares of company stock worth $3,713,068. Insiders own 0.70% of the company’s stock.

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

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