Barrow Hanley Mewhinney & Strauss LLC Acquires 1,379,368 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 24.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 6,985,619 shares of the utilities provider’s stock after acquiring an additional 1,379,368 shares during the quarter. Pinnacle West Capital accounts for about 1.8% of Barrow Hanley Mewhinney & Strauss LLC’s holdings, making the stock its 12th biggest holding. Barrow Hanley Mewhinney & Strauss LLC owned approximately 6.15% of Pinnacle West Capital worth $533,562,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PNW. Summit Trail Advisors LLC purchased a new stake in Pinnacle West Capital during the second quarter valued at about $214,000. Pacer Advisors Inc. lifted its stake in shares of Pinnacle West Capital by 4.7% in the 2nd quarter. Pacer Advisors Inc. now owns 8,049 shares of the utilities provider’s stock valued at $615,000 after acquiring an additional 361 shares during the last quarter. AE Wealth Management LLC purchased a new stake in Pinnacle West Capital during the 2nd quarter valued at about $442,000. Hsbc Holdings PLC grew its position in Pinnacle West Capital by 11.5% during the 2nd quarter. Hsbc Holdings PLC now owns 543,885 shares of the utilities provider’s stock worth $41,534,000 after acquiring an additional 56,068 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its stake in Pinnacle West Capital by 13.0% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,735 shares of the utilities provider’s stock worth $887,000 after purchasing an additional 1,353 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

PNW has been the subject of a number of analyst reports. Barclays dropped their price objective on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Morgan Stanley raised their price target on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, August 23rd. Wells Fargo & Company upped their price objective on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Finally, Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research report on Thursday. They set a “buy” rating and a $104.00 price target for the company. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and an average price target of $80.13.

Insider Buying and Selling at Pinnacle West Capital

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

Pinnacle West Capital Trading Up 1.4 %

NYSE PNW opened at $90.28 on Friday. The firm has a market capitalization of $10.25 billion, a PE ratio of 19.67, a P/E/G ratio of 2.27 and a beta of 0.52. The stock’s 50 day moving average is $86.46 and its 200 day moving average is $79.03. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $91.57. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the prior year, the firm earned $0.94 EPS. The company’s revenue was up 15.7% compared to the same quarter last year. Research analysts forecast that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

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.