Teachers Retirement System of The State of Kentucky cut its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 5.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 90,736 shares of the utilities provider’s stock after selling 5,141 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.08% of Pinnacle West Capital worth $7,255,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the company. Norges Bank purchased a new position in Pinnacle West Capital during the fourth quarter worth about $108,051,000. Morgan Stanley boosted its holdings in Pinnacle West Capital by 159.6% during the fourth quarter. Morgan Stanley now owns 618,912 shares of the utilities provider’s stock worth $49,482,000 after purchasing an additional 380,486 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Pinnacle West Capital by 62.5% during the fourth quarter. JPMorgan Chase & Co. now owns 726,809 shares of the utilities provider’s stock worth $58,109,000 after purchasing an additional 279,556 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Pinnacle West Capital by 15.5% during the fourth quarter. Bank of New York Mellon Corp now owns 1,396,418 shares of the utilities provider’s stock worth $111,643,000 after purchasing an additional 187,866 shares during the last quarter. Finally, Rare Infrastructure Ltd boosted its holdings in Pinnacle West Capital by 28.0% during the fourth quarter. Rare Infrastructure Ltd now owns 853,930 shares of the utilities provider’s stock worth $68,272,000 after purchasing an additional 186,825 shares during the last quarter. 82.78% of the stock is owned by institutional investors.
Several research analysts recently weighed in on the stock. Siebert Williams Shank upgraded shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and cut their price target for the stock from $97.00 to $92.00 in a report on Monday, March 1st. TheStreet cut shares of Pinnacle West Capital from a “b” rating to a “c+” rating in a report on Tuesday, March 16th. Morgan Stanley boosted their target price on shares of Pinnacle West Capital from $77.00 to $78.00 and gave the company an “equal weight” rating in a research note on Thursday, March 25th. The Goldman Sachs Group dropped their target price on shares of Pinnacle West Capital from $92.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday, March 22nd. Finally, Credit Suisse Group reiterated a “neutral” rating and issued a $81.00 target price (down from $86.00) on shares of Pinnacle West Capital in a research note on Wednesday, March 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. Pinnacle West Capital has an average rating of “Hold” and a consensus target price of $86.11.
Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Tuesday, February 23rd. The utilities provider reported ($0.17) EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.21). The business had revenue of $740.96 million for the quarter, compared to analysts’ expectations of $672.70 million. Pinnacle West Capital had a net margin of 18.03% and a return on equity of 11.16%. On average, equities analysts predict that Pinnacle West Capital Co. will post 5.08 EPS for the current year.
About Pinnacle West Capital
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.
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