Brandywine Global Investment Management LLC Reduces Position in Pinnacle West Capital Co. (NYSE:PNW)

Brandywine Global Investment Management LLC decreased its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 6.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 69,014 shares of the utilities provider’s stock after selling 5,107 shares during the period. Brandywine Global Investment Management LLC’s holdings in Pinnacle West Capital were worth $5,850,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. California Public Employees Retirement System grew its position in shares of Pinnacle West Capital by 1.7% in the fourth quarter. California Public Employees Retirement System now owns 556,241 shares of the utilities provider’s stock valued at $47,153,000 after purchasing an additional 9,438 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Pinnacle West Capital by 0.6% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider’s stock valued at $581,945,000 after buying an additional 37,768 shares in the last quarter. denkapparat Operations GmbH bought a new stake in shares of Pinnacle West Capital during the fourth quarter valued at about $525,000. Pictet Asset Management Holding SA lifted its holdings in shares of Pinnacle West Capital by 17.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,855,586 shares of the utilities provider’s stock worth $157,298,000 after buying an additional 268,951 shares in the last quarter. Finally, New Age Alpha Advisors LLC bought a new position in shares of Pinnacle West Capital in the fourth quarter valued at approximately $3,025,000. Institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PNW. Wells Fargo & Company increased their target price on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Jefferies Financial Group dropped their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Citigroup upped their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target for the company in a research report on Wednesday, December 4th. Finally, Guggenheim reissued a “buy” rating and set a $100.00 price objective on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $95.50.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $95.23 on Wednesday. The company has a market capitalization of $11.34 billion, a price-to-earnings ratio of 18.04, a PEG ratio of 3.59 and a beta of 0.53. The business has a 50 day moving average of $90.60 and a 200 day moving average of $89.04. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a 1-year low of $70.73 and a 1-year high of $95.83.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, topping 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 firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. On average, sell-side analysts predict that Pinnacle West Capital Co. will post 5.13 earnings per share 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.