Worldquant Millennium Quantitative Strategies LLC bought a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,583 shares of the utilities provider’s stock, valued at approximately $611,000.

A number of other large investors have also modified their holdings of the stock. Tower Research Capital LLC TRC bought a new stake in Pinnacle West Capital during the second quarter worth approximately $462,000. New England Asset Management Inc. boosted its holdings in Pinnacle West Capital by 12.4% during the second quarter. New England Asset Management Inc. now owns 47,000 shares of the utilities provider’s stock worth $3,787,000 after buying an additional 5,200 shares in the last quarter. Zacks Investment Management boosted its holdings in Pinnacle West Capital by 4.9% during the second quarter. Zacks Investment Management now owns 22,424 shares of the utilities provider’s stock worth $1,806,000 after buying an additional 1,043 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in Pinnacle West Capital by 4.6% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 49,375 shares of the utilities provider’s stock worth $3,978,000 after purchasing an additional 2,183 shares during the period. Finally, Bank of America Corp DE boosted its stake in Pinnacle West Capital by 4.1% in the 2nd quarter. Bank of America Corp DE now owns 519,693 shares of the utilities provider’s stock worth $41,866,000 after purchasing an additional 20,469 shares during the period. Hedge funds and other institutional investors own 81.98% of the company’s stock.

Pinnacle West Capital stock opened at $80.41 on Tuesday. Pinnacle West Capital Co. has a 52 week low of $73.41 and a 52 week high of $92.48. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.50 and a quick ratio of 0.36. The company has a market capitalization of $9.00 billion, a P/E ratio of 18.49, a PEG ratio of 4.04 and a beta of 0.13.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Friday, August 3rd. The utilities provider reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.04. Pinnacle West Capital had a net margin of 12.95% and a return on equity of 9.12%. The firm had revenue of $974.12 million during the quarter, compared to analyst estimates of $939.59 million. During the same quarter last year, the business posted $1.49 EPS. The company’s revenue was up 3.1% on a year-over-year basis. equities analysts forecast that Pinnacle West Capital Co. will post 4.45 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 1st were given a $0.695 dividend. The ex-dividend date of this dividend was Tuesday, July 31st. This represents a $2.78 dividend on an annualized basis and a yield of 3.46%. Pinnacle West Capital’s payout ratio is 63.91%.

A number of research firms recently commented on PNW. Wells Fargo & Co raised shares of Pinnacle West Capital to a “buy” rating and raised their price objective for the stock from $88.00 to $90.00 in a research note on Sunday. Zacks Investment Research lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. Morgan Stanley raised their price objective on shares of Pinnacle West Capital from $85.00 to $89.00 and gave the stock a “hold” rating in a research note on Tuesday, September 11th. UBS Group raised their price objective on shares of Pinnacle West Capital from $79.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, August 10th. Finally, ValuEngine raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Wednesday, June 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $84.67.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.

Read More: Stock Symbols Definition, Examples, Lookup

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

Receive News & Ratings for Pinnacle West Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle West Capital and related companies with MarketBeat.com's FREE daily email newsletter.