Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. trimmed its stake in Pinnacle West Capital Co. (NYSE:PNW) by 32.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 397 shares of the utilities provider’s stock after selling 189 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Pinnacle West Capital were worth $30,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Blue Trust Inc. raised its stake in Pinnacle West Capital by 377.9% in the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares during the last quarter. Cape Investment Advisory Inc. purchased a new stake in shares of Pinnacle West Capital during the first quarter worth about $30,000. Newbridge Financial Services Group Inc. raised its position in shares of Pinnacle West Capital by 70.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after buying an additional 199 shares during the last quarter. Rise Advisors LLC acquired a new position in shares of Pinnacle West Capital in the first quarter valued at approximately $36,000. Finally, Riverview Trust Co purchased a new position in shares of Pinnacle West Capital during the first quarter valued at approximately $46,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $89.03 on Friday. The firm’s fifty day simple moving average is $86.26 and its 200 day simple moving average is $78.81. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $91.57. The firm has a market capitalization of $10.11 billion, a price-to-earnings ratio of 19.40, a PEG ratio of 2.27 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.45. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 earnings per share. As a group, equities research analysts expect that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on PNW shares. Wells Fargo & Company boosted their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Barclays decreased their price target on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Morgan Stanley upped their price objective on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, August 23rd. Finally, LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their target price for the stock from $74.00 to $83.50 in a research report on Thursday, June 6th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $80.13.

Insider Activity

In other news, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.23% of the company’s stock.

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.