Municipal Employees Retirement System of Michigan raised its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 645.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,480 shares of the utilities provider’s stock after buying an additional 18,600 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Pinnacle West Capital were worth $1,829,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of PNW. Renaissance Technologies LLC boosted its position in Pinnacle West Capital by 803.8% during the fourth quarter. Renaissance Technologies LLC now owns 776,400 shares of the utilities provider’s stock valued at $66,134,000 after buying an additional 690,500 shares during the period. Boston Partners boosted its position in Pinnacle West Capital by 24.3% during the fourth quarter. Boston Partners now owns 3,511,585 shares of the utilities provider’s stock valued at $299,117,000 after buying an additional 687,119 shares during the period. TIAA CREF Investment Management LLC boosted its position in Pinnacle West Capital by 151.2% during the fourth quarter. TIAA CREF Investment Management LLC now owns 824,565 shares of the utilities provider’s stock valued at $70,236,000 after buying an additional 496,328 shares during the period. Two Sigma Advisers LP boosted its position in Pinnacle West Capital by 397.6% during the fourth quarter. Two Sigma Advisers LP now owns 509,783 shares of the utilities provider’s stock valued at $43,423,000 after buying an additional 407,325 shares during the period. Finally, Zimmer Partners LP purchased a new stake in Pinnacle West Capital during the fourth quarter valued at about $26,619,000. Institutional investors and hedge funds own 82.65% of the company’s stock.
In related news, VP John S. Hatfield sold 2,145 shares of the stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $76.14, for a total value of $163,320.30. Following the completion of the transaction, the vice president now directly owns 1,443 shares of the company’s stock, valued at $109,870.02. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kathryn L. Munro sold 2,666 shares of the stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $75.36, for a total transaction of $200,909.76. Following the completion of the transaction, the director now directly owns 15,630 shares of the company’s stock, valued at $1,177,876.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 68,110 shares of company stock valued at $5,300,760. 0.70% of the stock is owned by insiders.
Shares of Pinnacle West Capital Co. (NYSE PNW) opened at $77.97 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.61 and a current ratio of 0.85. The firm has a market cap of $8,717.05, a PE ratio of 17.92, a PEG ratio of 5.89 and a beta of 0.31. Pinnacle West Capital Co. has a 1-year low of $73.81 and a 1-year high of $92.48.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Friday, February 23rd. The utilities provider reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.09. Pinnacle West Capital had a net margin of 13.70% and a return on equity of 9.59%. The company had revenue of $759.65 million during the quarter, compared to the consensus estimate of $773.12 million. During the same period in the prior year, the firm earned $0.47 earnings per share. Pinnacle West Capital’s revenue was up 2.8% on a year-over-year basis. research analysts predict that Pinnacle West Capital Co. will post 4.46 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Thursday, February 1st were paid a $0.695 dividend. This represents a $2.78 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date was Wednesday, January 31st. Pinnacle West Capital’s payout ratio is currently 63.91%.
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Pinnacle West Capital Profile
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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