Magellan Asset Management Ltd Has $7.11 Million Position in Pinnacle West Capital Co. (NYSE:PNW)

Magellan Asset Management Ltd trimmed its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 15.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,926 shares of the utilities provider’s stock after selling 15,379 shares during the quarter. Magellan Asset Management Ltd owned approximately 0.07% of Pinnacle West Capital worth $7,114,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Pinnacle West Capital in the 4th quarter valued at $194,655,000. Assenagon Asset Management S.A. raised its position in Pinnacle West Capital by 221.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider’s stock valued at $57,413,000 after purchasing an additional 466,736 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Pinnacle West Capital during the fourth quarter valued at about $32,078,000. Reaves W H & Co. Inc. grew its holdings in shares of Pinnacle West Capital by 35.2% during the fourth quarter. Reaves W H & Co. Inc. now owns 1,390,715 shares of the utilities provider’s stock worth $117,891,000 after purchasing an additional 362,083 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its stake in shares of Pinnacle West Capital by 17.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,855,586 shares of the utilities provider’s stock valued at $157,298,000 after buying an additional 268,951 shares during the period. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $95.47 on Thursday. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a twelve month low of $70.73 and a twelve month high of $95.84. The company has a fifty day moving average of $90.79 and a 200-day moving average of $89.08. The firm has a market capitalization of $11.37 billion, a P/E ratio of 18.08, a P/E/G ratio of 3.59 and a beta of 0.53.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.06 billion. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. As a group, sell-side analysts anticipate that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Analyst Ratings Changes

PNW has been the subject of several recent research reports. Morgan Stanley upped their price target on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. Barclays raised their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Jefferies Financial Group decreased their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a research note on Wednesday, December 4th. Finally, Guggenheim reissued a “buy” rating and set a $100.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Six research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.50.

About Pinnacle West Capital

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.