LMR Partners LLP Acquires New Position in Pinnacle West Capital Co. (PNW)

LMR Partners LLP acquired a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 4,429 shares of the utilities provider’s stock, valued at approximately $377,000.

Several other large investors also recently made changes to their positions in PNW. Renaissance Technologies LLC grew its stake in shares of Pinnacle West Capital by 81.7% during the third quarter. Renaissance Technologies LLC now owns 2,483,900 shares of the utilities provider’s stock valued at $196,675,000 after buying an additional 1,117,100 shares during the last quarter. BlackRock Inc. grew its stake in shares of Pinnacle West Capital by 7.2% during the fourth quarter. BlackRock Inc. now owns 13,836,804 shares of the utilities provider’s stock valued at $1,178,896,000 after buying an additional 928,749 shares during the last quarter. Bessemer Group Inc. bought a new position in shares of Pinnacle West Capital during the fourth quarter valued at about $58,717,000. Cohen & Steers Inc. bought a new position in shares of Pinnacle West Capital during the fourth quarter valued at about $32,398,000. Finally, Deutsche Bank AG grew its stake in shares of Pinnacle West Capital by 114.3% during the third quarter. Deutsche Bank AG now owns 610,847 shares of the utilities provider’s stock valued at $48,363,000 after buying an additional 325,859 shares during the last quarter. 84.71% of the stock is currently owned by hedge funds and other institutional investors.

NYSE PNW opened at $96.15 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.38 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $10.78 billion, a P/E ratio of 21.18, a price-to-earnings-growth ratio of 4.04 and a beta of 0.19. Pinnacle West Capital Co. has a 1 year low of $73.41 and a 1 year high of $96.43.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Friday, February 22nd. The utilities provider reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.06. The company had revenue of $756.40 million for the quarter, compared to analysts’ expectations of $703.26 million. Pinnacle West Capital had a return on equity of 9.67% and a net margin of 13.85%. Pinnacle West Capital’s quarterly revenue was down .4% on a year-over-year basis. During the same period last year, the firm earned $0.19 earnings per share. As a group, analysts anticipate that Pinnacle West Capital Co. will post 4.85 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 1st were paid a $0.7375 dividend. The ex-dividend date was Thursday, January 31st. This represents a $2.95 annualized dividend and a dividend yield of 3.07%. Pinnacle West Capital’s payout ratio is presently 64.98%.

In related news, CAO Denise R. Danner sold 3,278 shares of the firm’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $92.88, for a total value of $304,460.64. Following the sale, the chief accounting officer now directly owns 6,479 shares of the company’s stock, valued at $601,769.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce J. Nordstrom sold 3,374 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $93.44, for a total transaction of $315,266.56. Following the completion of the sale, the director now owns 32,989 shares of the company’s stock, valued at $3,082,492.16. The disclosure for this sale can be found here. Insiders sold 42,048 shares of company stock worth $3,906,472 over the last three months. 0.53% of the stock is owned by insiders.

A number of research analysts have recently issued reports on the company. Goldman Sachs Group cut Pinnacle West Capital from a “buy” rating to a “neutral” rating in a research note on Thursday, January 10th. Wells Fargo & Co cut Pinnacle West Capital from an “outperform” rating to a “market perform” rating and set a $87.36 price objective on the stock. in a research note on Wednesday, January 30th. Royal Bank of Canada cut Pinnacle West Capital from an “outperform” rating to a “sector perform” rating and set a $93.00 price objective on the stock. in a research note on Friday, March 1st. Wolfe Research cut Pinnacle West Capital from a “market perform” rating to an “underperform” rating and set a $83.00 price objective on the stock. in a research note on Tuesday, January 22nd. Finally, ValuEngine raised Pinnacle West Capital from a “hold” rating to a “buy” rating in a research note on Wednesday, November 21st. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $88.55.

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About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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