Mackay Shields LLC Sells 367 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Mackay Shields LLC cut its stake in Pinnacle West Capital Co. (NYSE:PNW – Get Rating) by 2.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,531 shares of the utilities provider’s stock after selling 367 shares during the quarter. Mackay Shields LLC’s holdings in Pinnacle West Capital were worth $1,167,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PNW. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Pinnacle West Capital by 14.4% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,226 shares of the utilities provider’s stock worth $89,000 after buying an additional 154 shares during the period. Signaturefd LLC grew its position in shares of Pinnacle West Capital by 48.5% in the 3rd quarter. Signaturefd LLC now owns 551 shares of the utilities provider’s stock worth $40,000 after buying an additional 180 shares during the period. Ironwood Investment Counsel LLC grew its position in shares of Pinnacle West Capital by 2.7% in the 3rd quarter. Ironwood Investment Counsel LLC now owns 7,728 shares of the utilities provider’s stock worth $559,000 after buying an additional 203 shares during the period. Reaves W H & Co. Inc. grew its position in shares of Pinnacle West Capital by 1.5% in the 3rd quarter. Reaves W H & Co. Inc. now owns 14,416 shares of the utilities provider’s stock worth $1,043,000 after buying an additional 213 shares during the period. Finally, Wedbush Securities Inc. grew its position in shares of Pinnacle West Capital by 4.3% in the 4th quarter. Wedbush Securities Inc. now owns 5,181 shares of the utilities provider’s stock worth $366,000 after buying an additional 213 shares during the period. Institutional investors and hedge funds own 80.03% of the company’s stock.

Shares of NYSE PNW opened at $77.14 on Tuesday. The company’s 50-day moving average is $73.77. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.67 and a current ratio of 0.88. The stock has a market cap of $8.72 billion, a P/E ratio of 14.10 and a beta of 0.28. Pinnacle West Capital Co. has a 52-week low of $62.78 and a 52-week high of $88.54.

Pinnacle West Capital (NYSE:PNW – Get Rating) last issued its quarterly earnings data on Friday, February 25th. The utilities provider reported $0.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.17. Pinnacle West Capital had a net margin of 16.27% and a return on equity of 10.38%. The firm had revenue of $798.90 million for the quarter, compared to analysts’ expectations of $659.68 million. During the same quarter in the prior year, the business earned ($0.17) EPS. The business’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, equities research analysts forecast that Pinnacle West Capital Co. will post 3.96 EPS for the current fiscal year.

A number of research firms have recently weighed in on PNW. StockNews.com started coverage on shares of Pinnacle West Capital in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Mizuho increased their price objective on shares of Pinnacle West Capital from $72.00 to $74.00 and gave the company a “neutral” rating in a research report on Thursday, March 10th. Royal Bank of Canada increased their price objective on shares of Pinnacle West Capital from $76.00 to $80.00 and gave the company a “sector perform” rating in a research report on Monday, April 4th. UBS Group downgraded shares of Pinnacle West Capital from a “neutral” rating to a “sell” rating and cut their price objective for the company from $72.00 to $64.00 in a research report on Wednesday, January 5th. Finally, Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $68.00 to $75.00 and gave the company an “equal weight” rating in a research report on Monday, February 28th. Six investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $74.18.

About Pinnacle West Capital (Get Rating)

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.

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