Pinnacle West Capital Co. (NYSE:PNW) Shares Purchased by Amalgamated Bank

Amalgamated Bank lifted its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 12.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,849 shares of the utilities provider’s stock after purchasing an additional 4,139 shares during the period. Amalgamated Bank’s holdings in Pinnacle West Capital were worth $2,815,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PNW. Intech Investment Management LLC purchased a new stake in Pinnacle West Capital during the 1st quarter worth about $898,000. Virtu Financial LLC purchased a new stake in Pinnacle West Capital during the fourth quarter worth approximately $977,000. Quantbot Technologies LP purchased a new position in Pinnacle West Capital in the first quarter valued at approximately $1,102,000. Natixis acquired a new stake in Pinnacle West Capital during the first quarter worth approximately $4,064,000. Finally, Capital Research Global Investors raised its holdings in Pinnacle West Capital by 116.8% during the fourth quarter. Capital Research Global Investors now owns 6,507,809 shares of the utilities provider’s stock worth $467,521,000 after purchasing an additional 3,506,181 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction dated 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 owns 6,397 shares in the company, valued at approximately $548,862.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Pinnacle West Capital Trading Down 0.1 %

NYSE PNW opened at $90.20 on Tuesday. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The stock has a market capitalization of $10.24 billion, a P/E ratio of 19.65, a P/E/G ratio of 2.27 and a beta of 0.52. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $91.57. The firm has a 50-day moving average price of $86.67 and a 200 day moving average price of $79.22.

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

Analyst Ratings Changes

Several brokerages recently commented on PNW. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $74.00 to $83.50 in a research note on Thursday, June 6th. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. Wells Fargo & Company increased their price objective 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. Finally, Morgan Stanley lifted their target price on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday, August 23rd. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $80.13.

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.