Pinnacle West Capital Co. (PNW) Shares Bought by Martingale Asset Management L P
Martingale Asset Management L P lifted its stake in Pinnacle West Capital Co. (NYSE:PNW) by 70.5% in the first quarter, HoldingsChannel.com reports. The fund owned 237,972 shares of the utilities provider’s stock after purchasing an additional 98,412 shares during the quarter. Martingale Asset Management L P’s holdings in Pinnacle West Capital were worth $22,747,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Ronna Sue Cohen lifted its stake in Pinnacle West Capital by 9,363.1% during the first quarter. Ronna Sue Cohen now owns 1,667,971 shares of the utilities provider’s stock valued at $1,668,000 after purchasing an additional 1,650,345 shares during the last quarter. BlackRock Inc. lifted its stake in Pinnacle West Capital by 7.2% during the fourth quarter. BlackRock Inc. now owns 13,836,804 shares of the utilities provider’s stock valued at $1,178,896,000 after purchasing an additional 928,749 shares during the last quarter. Norges Bank acquired a new stake in Pinnacle West Capital during the fourth quarter valued at approximately $59,216,000. Bessemer Group Inc. acquired a new stake in Pinnacle West Capital during the fourth quarter valued at approximately $58,717,000. Finally, Janus Henderson Group PLC lifted its stake in Pinnacle West Capital by 308.2% during the first quarter. Janus Henderson Group PLC now owns 606,430 shares of the utilities provider’s stock valued at $57,962,000 after purchasing an additional 457,882 shares during the last quarter. 84.70% of the stock is owned by institutional investors.
In other news, Director Michael L. Gallagher sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $95.90, for a total transaction of $479,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Lee R. Nickloy sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $93.50, for a total transaction of $93,500.00. Following the sale, the vice president now owns 931 shares in the company, valued at approximately $87,048.50. The disclosure for this sale can be found here. Insiders have sold 52,420 shares of company stock worth $4,895,239 in the last 90 days. 0.41% of the stock is owned by company insiders.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.01). Pinnacle West Capital had a net margin of 14.06% and a return on equity of 9.84%. The firm had revenue of $740.53 million for the quarter, compared to analyst estimates of $718.60 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. Equities research analysts anticipate that Pinnacle West Capital Co. will post 4.85 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be issued a dividend of $0.7375 per share. The ex-dividend date is Tuesday, April 30th. This represents a $2.95 dividend on an annualized basis and a dividend yield of 3.03%. Pinnacle West Capital’s dividend payout ratio is currently 64.98%.
Several analysts recently commented on PNW shares. Credit Suisse Group increased their target price on shares of Pinnacle West Capital from $93.00 to $100.00 and gave the company an “outperform” rating in a research note on Monday, February 25th. Wells Fargo & Co reissued a “market perform” rating and set a $99.00 target price (up from $93.00) on shares of Pinnacle West Capital in a research note on Sunday, February 24th. Zacks Investment Research raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $108.00 target price for the company in a research note on Monday. Williams Capital reissued a “hold” rating on shares of Pinnacle West Capital in a research note on Monday, March 18th. Finally, ValuEngine lowered shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $94.09.
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Pinnacle West Capital Company 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 generating facilities. The company serves approximately 1.2 million customers.
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