Pinnacle West Capital Co. (NYSE:PNW) Shares Purchased by Channing Capital Management LLC

Channing Capital Management LLC raised its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 23.7% in the 4th quarter, HoldingsChannel reports. The fund owned 123,081 shares of the utilities provider’s stock after acquiring an additional 23,605 shares during the period. Channing Capital Management LLC’s holdings in Pinnacle West Capital were worth $10,434,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. HITE Hedge Asset Management LLC grew its holdings in Pinnacle West Capital by 261.2% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock valued at $8,178,000 after buying an additional 66,755 shares during the period. XTX Topco Ltd acquired a new position in Pinnacle West Capital during the third quarter worth approximately $2,235,000. Principal Financial Group Inc. increased its position in Pinnacle West Capital by 7.7% during the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock worth $12,336,000 after purchasing an additional 9,993 shares during the last quarter. Entropy Technologies LP raised its stake in Pinnacle West Capital by 170.1% during the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock worth $2,686,000 after purchasing an additional 19,089 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Pinnacle West Capital by 47.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock valued at $995,000 after purchasing an additional 3,758 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Price Performance

PNW opened at $91.97 on Tuesday. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The company has a fifty day simple moving average of $87.76 and a 200 day simple moving average of $88.46. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 3.59 and a beta of 0.53. Pinnacle West Capital Co. has a twelve month low of $69.50 and a twelve month high of $95.42.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Equities research analysts expect that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd were paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 3.89%. The ex-dividend date of this dividend was Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 68.58%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PNW shares. Citigroup increased their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Guggenheim restated a “buy” rating and issued a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a research note on Wednesday, December 4th. Finally, Morgan Stanley cut their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $90.15.

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.