Mitsubishi UFJ Asset Management Co. Ltd. Raises Position in Pinnacle West Capital Co. (NYSE:PNW)

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 29.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,225 shares of the utilities provider’s stock after purchasing an additional 24,099 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Pinnacle West Capital were worth $9,034,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. HITE Hedge Asset Management LLC grew its holdings in Pinnacle West Capital by 261.2% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock valued at $8,178,000 after buying an additional 66,755 shares during the period. XTX Topco Ltd purchased a new stake in Pinnacle West Capital in the third quarter valued at approximately $2,235,000. Principal Financial Group Inc. increased its position in Pinnacle West Capital by 7.7% during the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock worth $12,336,000 after purchasing an additional 9,993 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Pinnacle West Capital by 47.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock worth $995,000 after purchasing an additional 3,758 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Pinnacle West Capital by 33.3% in the 4th quarter. Blue Trust Inc. now owns 1,440 shares of the utilities provider’s stock valued at $128,000 after purchasing an additional 360 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PNW. UBS Group increased their target price on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Guggenheim reissued a “buy” rating and set a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Wells Fargo & Company lifted their price objective on Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. Citigroup increased their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Finally, LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a “strong-buy” rating in a research report on Monday, March 17th. Six analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle West Capital currently has a consensus rating of “Moderate Buy” and an average price target of $95.17.

Pinnacle West Capital Stock Up 1.2 %

Shares of NYSE:PNW opened at $95.28 on Tuesday. The company has a market capitalization of $11.35 billion, a price-to-earnings ratio of 18.04, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. The company has a 50 day moving average of $90.45 and a two-hundred day moving average of $89.01. Pinnacle West Capital Co. has a 52-week low of $70.73 and a 52-week high of $95.83. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. As a group, analysts forecast that Pinnacle West Capital Co. will post 5.13 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.