Pinnacle West Adds Amazon Stake Worth Over $4 Million

Pinnacle West Asset Management Inc., an institutional investor, has acquired a new position in shares of Amazon.com, Inc. (NASDAQ:AMZN), according to its recent disclosure with the Securities & Exchange Commission.

The company bought 17,857 shares of the e-commerce giant's stock, valued at approximately $4,256,000 in the second quarter.

This acquisition makes Amazon.com accounts for 2.9% of Pinnacle West Asset Management Inc.'s investment portfolio, making it the 7th biggest position held by the company.