Inspire Investing LLC Buys Shares of 9,634 Pinnacle West Capital Co. (NYSE:PNW)

Inspire Investing LLC purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 9,634 shares of the utilities provider’s stock, valued at approximately $854,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PNW. Intech Investment Management LLC purchased a new position in Pinnacle West Capital in the first quarter valued at $898,000. Quantbot Technologies LP acquired a new stake in Pinnacle West Capital during the 1st quarter worth approximately $1,102,000. Natixis acquired a new stake in shares of Pinnacle West Capital in the 1st quarter worth $4,064,000. Allspring Global Investments Holdings LLC boosted its stake 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 buying an additional 10,732 shares in the last quarter. Finally, Sei Investments Co. increased its holdings in Pinnacle West Capital by 15.6% in the first quarter. Sei Investments Co. now owns 228,555 shares of the utilities provider’s stock valued at $17,080,000 after buying an additional 30,924 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the sale, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at $548,862.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Morgan Stanley boosted their target price 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. Barclays reduced their target price on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective for the company. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Wells Fargo & Company raised their price objective on Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Seven equities research 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 presently has a consensus rating of “Hold” and an average target price of $80.54.

Pinnacle West Capital Stock Up 0.7 %

Pinnacle West Capital stock opened at $86.53 on Tuesday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $91.57. The firm’s 50 day moving average price is $87.80 and its two-hundred day moving average price is $80.79. The firm has a market cap of $9.83 billion, a PE ratio of 18.85, a P/E/G ratio of 2.20 and a beta of 0.52.

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

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.