Gateway Investment Advisers LLC Sells 4,513 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Gateway Investment Advisers LLC cut its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 7.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,701 shares of the utilities provider’s stock after selling 4,513 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Pinnacle West Capital were worth $4,467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC raised its stake in Pinnacle West Capital by 24.6% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock worth $533,562,000 after buying an additional 1,379,368 shares in the last quarter. State Street Corp lifted its stake in shares of Pinnacle West Capital by 0.9% in the third quarter. State Street Corp now owns 6,404,718 shares of the utilities provider’s stock worth $567,394,000 after buying an additional 56,644 shares in the last quarter. Zimmer Partners LP boosted its stake in Pinnacle West Capital by 5.7% during the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock valued at $256,882,000 after purchasing an additional 155,466 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Pinnacle West Capital by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock valued at $91,078,000 after buying an additional 5,066 shares during the last quarter. Finally, Empower Advisory Group LLC boosted its holdings in shares of Pinnacle West Capital by 2.0% during the 3rd quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider’s stock valued at $86,230,000 after acquiring an additional 18,673 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on PNW. Citigroup boosted their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a report on Wednesday, December 4th. Wells Fargo & Company boosted their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $93.00 to $91.00 in a research note on Monday, November 18th. Finally, Morgan Stanley cut their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, November 22nd. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $84.65.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $86.75 on Friday. The stock has a 50-day moving average price of $88.12 and a 200 day moving average price of $86.85. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $95.42. The stock has a market capitalization of $9.86 billion, a P/E ratio of 16.43, a P/E/G ratio of 3.24 and a beta of 0.56.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 4.13%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

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.