Algert Global LLC Sells 38,354 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Algert Global LLC lowered its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 77.0% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 11,435 shares of the utilities provider’s stock after selling 38,354 shares during the period. Algert Global LLC’s holdings in Pinnacle West Capital were worth $873,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Intech Investment Management LLC acquired a new position in shares of Pinnacle West Capital during the 1st quarter worth approximately $898,000. Virtu Financial LLC acquired a new position in shares of Pinnacle West Capital in the fourth quarter valued at $977,000. Quantbot Technologies LP acquired a new position in shares of Pinnacle West Capital in the first quarter valued at $1,102,000. Natixis acquired a new position in shares of Pinnacle West Capital in the first quarter valued at $4,064,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Pinnacle West Capital by 148.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 17,944 shares of the utilities provider’s stock valued at $1,341,000 after purchasing an additional 10,732 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

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 of the company’s stock, valued at approximately $548,862.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by company insiders.

Pinnacle West Capital Trading Down 1.7 %

PNW opened at $87.98 on Friday. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $91.57. The company has a 50-day simple moving average of $87.82 and a 200 day simple moving average of $80.27. 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 $9.99 billion, a price-to-earnings ratio of 19.17, a P/E/G ratio of 2.30 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the prior year, the business posted $0.94 earnings per share. Pinnacle West Capital’s revenue was up 15.7% compared to the same quarter last year. Analysts predict that Pinnacle West Capital Co. will post 4.77 EPS for the current fiscal year.

Analysts Set New Price Targets

PNW has been the topic of several research reports. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective on the stock. 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 report on Friday, August 2nd. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Barclays decreased their price target on shares of 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. Finally, Morgan Stanley upped their price target on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $80.54.

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.