Dynamic Technology Lab Private Ltd Takes Position in Pinnacle West Capital Co. (NYSE:PNW)

Dynamic Technology Lab Private Ltd purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 40,598 shares of the utilities provider’s stock, valued at approximately $3,596,000. Pinnacle West Capital accounts for 0.4% of Dynamic Technology Lab Private Ltd’s investment portfolio, making the stock its 29th largest holding.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Pinnacle West Capital by 2.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 150,298 shares of the utilities provider’s stock worth $11,232,000 after buying an additional 2,892 shares during the period. Bayesian Capital Management LP lifted its position in Pinnacle West Capital by 244.6% during the 1st quarter. Bayesian Capital Management LP now owns 22,399 shares of the utilities provider’s stock worth $1,674,000 after acquiring an additional 15,899 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in shares of Pinnacle West Capital by 5.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 641,865 shares of the utilities provider’s stock valued at $47,967,000 after purchasing an additional 31,183 shares during the last quarter. Redwood Investment Management LLC increased its holdings in shares of Pinnacle West Capital by 14.9% in the first quarter. Redwood Investment Management LLC now owns 30,772 shares of the utilities provider’s stock valued at $2,300,000 after purchasing an additional 3,985 shares during the period. Finally, Tidal Investments LLC purchased a new stake in shares of Pinnacle West Capital during the first quarter worth approximately $295,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $92.93 on Monday. The business has a 50 day moving average price of $89.01 and a 200 day moving average price of $83.96. The company has a market capitalization of $10.57 billion, a P/E ratio of 17.60, a PEG ratio of 2.19 and a beta of 0.52. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $94.38. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Pinnacle West Capital Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a $0.895 dividend. The ex-dividend date 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 dividend payout ratio (DPR) is currently 67.80%.

Wall Street Analyst Weigh In

PNW has been the subject of several recent research reports. Morgan Stanley decreased their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Finally, Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $81.88.

Pinnacle West Capital 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.