Pinnacle West Capital Co. (NYSE:PNW) Shares Purchased by River Road Asset Management LLC

River Road Asset Management LLC boosted its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 14.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 346,767 shares of the utilities provider’s stock after buying an additional 42,742 shares during the quarter. River Road Asset Management LLC’s holdings in Pinnacle West Capital were worth $28,424,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Amundi Pioneer Asset Management Inc. boosted its stake in Pinnacle West Capital by 63.8% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 162,326 shares of the utilities provider’s stock worth $15,515,000 after purchasing an additional 63,204 shares during the period. Daiwa Securities Group Inc. boosted its stake in Pinnacle West Capital by 2.3% in the 1st quarter. Daiwa Securities Group Inc. now owns 5,954 shares of the utilities provider’s stock worth $484,000 after purchasing an additional 134 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Pinnacle West Capital by 1.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 224,137 shares of the utilities provider’s stock worth $18,233,000 after purchasing an additional 2,401 shares during the period. Victory Capital Management Inc. boosted its stake in Pinnacle West Capital by 4.1% in the 1st quarter. Victory Capital Management Inc. now owns 480,191 shares of the utilities provider’s stock worth $39,064,000 after purchasing an additional 18,697 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its stake in Pinnacle West Capital by 28.6% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 913 shares of the utilities provider’s stock worth $74,000 after purchasing an additional 203 shares during the period. Hedge funds and other institutional investors own 85.93% of the company’s stock.

NYSE:PNW opened at $73.61 on Wednesday. The firm’s 50-day moving average is $80.50 and its 200-day moving average is $82.06. Pinnacle West Capital Co. has a 52-week low of $69.29 and a 52-week high of $91.88. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.57 and a current ratio of 0.75. The company has a market cap of $8.30 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 3.00 and a beta of 0.30.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 5th. The utilities provider reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.26. Pinnacle West Capital had a net margin of 15.66% and a return on equity of 9.90%. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $946.39 million. During the same quarter in the previous year, the firm posted $1.71 EPS. The business’s revenue was up 7.6% compared to the same quarter last year. Equities analysts predict that Pinnacle West Capital Co. will post 4.96 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Stockholders of record on Monday, August 2nd were issued a dividend of $0.83 per share. The ex-dividend date was Friday, July 30th. This represents a $3.32 annualized dividend and a dividend yield of 4.51%. Pinnacle West Capital’s payout ratio is 68.17%.

PNW has been the subject of a number of recent analyst reports. Morgan Stanley raised their price objective on shares of Pinnacle West Capital from $83.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 19th. KeyCorp lowered shares of Pinnacle West Capital from a “sector weight” rating to an “underweight” rating and set a $72.00 target price for the company. in a research note on Wednesday, August 4th. Siebert Williams Shank reissued a “buy” rating and set a $84.48 target price (down previously from $92.00) on shares of Pinnacle West Capital in a research note on Monday, July 26th. Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $100.00 to $84.00 in a research note on Wednesday, August 4th. Finally, Mizuho lifted their price objective on shares of Pinnacle West Capital from $79.00 to $88.00 and gave the company a “neutral” rating in a research note on Monday, July 19th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $83.45.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985 and is headquartered in Phoenix, AZ.

Further Reading: Day Trading

Want to see what other hedge funds are holding PNW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle West Capital Co. (NYSE:PNW).

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

Receive News & Ratings for Pinnacle West Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle West Capital and related companies with MarketBeat.com's FREE daily email newsletter.