Dynamic Technology Lab Private Ltd Acquires Shares of 40,598 Pinnacle West Capital Co. (NYSE:PNW)

Dynamic Technology Lab Private Ltd bought a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 40,598 shares of the utilities provider’s stock, valued at approximately $3,596,000. Pinnacle West Capital makes up about 0.4% of Dynamic Technology Lab Private Ltd’s holdings, making the stock its 29th biggest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of PNW. Blue Trust Inc. boosted its holdings in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares during the last quarter. Cape Investment Advisory Inc. acquired a new position in shares of Pinnacle West Capital during the 1st quarter valued at about $30,000. Venturi Wealth Management LLC grew its holdings in shares of Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 238 shares during the period. Prospera Private Wealth LLC purchased a new position in Pinnacle West Capital during the third quarter worth about $43,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital in the 2nd quarter valued at approximately $52,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target on the stock. Morgan Stanley cut their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $93.00 to $91.00 in a report on Monday, November 18th. Finally, Wells Fargo & Company increased their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and a consensus target price of $81.88.

Pinnacle West Capital Trading Down 0.7 %

NYSE PNW opened at $92.93 on Monday. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $94.38. The company has a market capitalization of $10.57 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 2.19 and a beta of 0.52. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The firm’s fifty day moving average price is $89.01 and its 200 day moving average price is $83.96.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.85%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s payout ratio is 67.80%.

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.