Nordea Investment Management AB Has $382,000 Position in Pinnacle West Capital Corporation (PNW)

Nordea Investment Management AB held its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,481 shares of the utilities provider’s stock at the close of the 2nd quarter. Nordea Investment Management AB’s holdings in Pinnacle West Capital Corporation were worth $382,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Swiss National Bank boosted its stake in Pinnacle West Capital Corporation by 2.8% during the 2nd quarter. Swiss National Bank now owns 405,651 shares of the utilities provider’s stock valued at $34,545,000 after purchasing an additional 11,200 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Pinnacle West Capital Corporation by 4.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 507,078 shares of the utilities provider’s stock valued at $43,183,000 after purchasing an additional 20,097 shares during the last quarter. American Century Companies Inc. boosted its stake in Pinnacle West Capital Corporation by 140.6% during the 2nd quarter. American Century Companies Inc. now owns 2,515,865 shares of the utilities provider’s stock valued at $214,251,000 after purchasing an additional 1,470,383 shares during the last quarter. Franklin Resources Inc. boosted its stake in Pinnacle West Capital Corporation by 0.3% during the 2nd quarter. Franklin Resources Inc. now owns 1,962,966 shares of the utilities provider’s stock valued at $167,166,000 after purchasing an additional 5,092 shares during the last quarter. Finally, State of Wisconsin Investment Board boosted its stake in Pinnacle West Capital Corporation by 38.0% during the 2nd quarter. State of Wisconsin Investment Board now owns 82,960 shares of the utilities provider’s stock valued at $7,065,000 after purchasing an additional 22,860 shares during the last quarter. Institutional investors and hedge funds own 84.20% of the company’s stock.

Pinnacle West Capital Corporation (NYSE:PNW) opened at 85.80 on Wednesday. Pinnacle West Capital Corporation has a one year low of $70.86 and a one year high of $90.92. The company has a 50-day moving average price of $87.92 and a 200-day moving average price of $86.70. The company has a market capitalization of $9.58 billion, a PE ratio of 18.95 and a beta of 0.36.

Pinnacle West Capital Corporation (NYSE:PNW) last posted its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.16 by $0.33. Pinnacle West Capital Corporation had a net margin of 14.37% and a return on equity of 10.20%. The company had revenue of $944.59 million for the quarter, compared to analyst estimates of $921.79 million. During the same period in the prior year, the company earned $1.08 earnings per share. The firm’s revenue was up 3.2% on a year-over-year basis. Analysts expect that Pinnacle West Capital Corporation will post $4.25 earnings per share for the current fiscal year.

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Several analysts have commented on the company. Morgan Stanley increased their target price on Pinnacle West Capital Corporation from $79.00 to $83.00 and gave the company an “underweight” rating in a research note on Thursday, August 10th. Zacks Investment Research cut Pinnacle West Capital Corporation from a “hold” rating to a “sell” rating in a report on Tuesday. Royal Bank Of Canada reissued a “hold” rating and set a $89.00 price target on shares of Pinnacle West Capital Corporation in a report on Tuesday, August 29th. BMO Capital Markets reissued a “hold” rating and set a $89.00 price target on shares of Pinnacle West Capital Corporation in a report on Friday, August 4th. Finally, BidaskClub cut Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. Pinnacle West Capital Corporation has an average rating of “Hold” and an average price target of $86.00.

In other Pinnacle West Capital Corporation news, Director Kathryn L. Munro sold 1,806 shares of the company’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $90.28, for a total value of $163,045.68. Following the sale, the director now directly owns 17,852 shares of the company’s stock, valued at $1,611,678.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Donald E. Brandt sold 35,013 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $89.57, for a total transaction of $3,136,114.41. Following the completion of the sale, the chairman now directly owns 118,574 shares in the company, valued at $10,620,673.18. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,419 shares of company stock worth $3,713,068. 0.70% of the stock is owned by corporate insiders.

About Pinnacle West Capital Corporation

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.

Institutional Ownership by Quarter for Pinnacle West Capital Corporation (NYSE:PNW)

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