The LMR Partners LLP Sells shares of Pinnacle West Capital Corp. (PNW)

The LMR Partners LLP Sells shares of Pinnacle West Capital Corp. (PNW)

LMR Partners LLP decreased its stake in Pinnacle West Capital Corp. (NYSE:PNW) by 64.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,720 shares of the company’s stock after selling 10,597 shares during the period. LMR Partners LLP’s holdings in Pinnacle West Capital Corp. were worth $464,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cleararc Capital Inc. purchased a new stake in Pinnacle West Capital Corp. during the first quarter valued at about $202,000. Hollencrest Securities LLC raised its stake in Pinnacle West Capital Corp. by 1.0% in the second quarter. Hollencrest Securities LLC now owns 3,149 shares of the company’s stock valued at $256,000 after buying an additional 31 shares during the last quarter. Eqis Capital Management Inc. raised its stake in Pinnacle West Capital Corp. by 15.0% in the second quarter. Eqis Capital Management Inc. now owns 3,920 shares of the company’s stock valued at $318,000 after buying an additional 510 shares during the last quarter. ING Groep NV purchased a new stake in Pinnacle West Capital Corp. during the second quarter valued at about $318,000. Finally, Regentatlantic Capital LLC purchased a new stake in Pinnacle West Capital Corp. during the second quarter valued at about $337,000. Hedge funds and other institutional investors own 82.65% of the company’s stock.

Shares of Pinnacle West Capital Corp. (NYSE:PNW) traded up 1.00% during trading on Wednesday, reaching $73.63. 388,777 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $75.82 and a 200 day moving average price of $76.01. Pinnacle West Capital Corp. has a 12 month low of $60.70 and a 12 month high of $82.78. The firm has a market cap of $8.19 billion, a price-to-earnings ratio of 19.44 and a beta of 0.33.

Pinnacle West Capital Corp. (NYSE:PNW) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.14 by $0.06. The firm had revenue of $915.40 million for the quarter, compared to analysts’ expectations of $915.40 million. Pinnacle West Capital Corp. had a return on equity of 8.94% and a net margin of 12.02%. The firm’s revenue was up 2.8% on a year-over-year basis. During the same period last year, the company earned $1.10 earnings per share. On average, analysts forecast that Pinnacle West Capital Corp. will post $3.99 EPS for the current year.

Several research firms have recently issued reports on PNW. Zacks Investment Research upgraded shares of Pinnacle West Capital Corp. from a “sell” rating to a “hold” rating in a research note on Monday, August 1st. SunTrust Banks Inc. reduced their target price on shares of Pinnacle West Capital Corp. from $75.00 to $73.00 and set a “neutral” rating for the company in a research note on Monday, September 12th. Mizuho increased their price target on shares of Pinnacle West Capital Corp. from $70.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, August 3rd. Royal Bank Of Canada restated a “sector perfor” rating and set a $69.00 price target (down previously from $73.00) on shares of Pinnacle West Capital Corp. in a research report on Monday, June 20th. Finally, BMO Capital Markets restated a “hold” rating on shares of Pinnacle West Capital Corp. in a research report on Monday, July 18th. Three analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $71.40.

In other news, VP John S. Hatfield sold 4,523 shares of the company’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $75.27, for a total transaction of $340,446.21. Following the sale, the vice president now directly owns 2,265 shares of the company’s stock, valued at approximately $170,486.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.70% of the company’s stock.

Pinnacle West Capital Corp. Company Profile

Pinnacle West Capital Corporation is a holding company that operates primarily through its subsidiaries. The Company operates through electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission and distribution.

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