Smith Graham & Co. Investment Advisors LP cut its stake in shares of Avista Corp. (NYSE:AVA) by 6.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 138,879 shares of the company’s stock after selling 8,930 shares during the period. Smith Graham & Co. Investment Advisors LP’s holdings in Avista Corp. were worth $6,222,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in AVA. Manchester Capital Management LLC acquired a new stake in Avista Corp. during the first quarter valued at about $155,000. Bank of Montreal Can acquired a new stake in Avista Corp. during the second quarter valued at about $181,000. North Point Portfolio Managers Corp OH acquired a new stake in Avista Corp. during the second quarter valued at about $206,000. C M Bidwell & Associates Ltd. acquired a new stake in Avista Corp. during the first quarter valued at about $276,000. Finally, Boothbay Fund Management LLC acquired a new stake in Avista Corp. during the first quarter valued at about $341,000. 68.07% of the stock is owned by institutional investors and hedge funds.
Shares of Avista Corp. (NYSE:AVA) traded down 0.12% on Wednesday, reaching $42.72. 186,520 shares of the company traded hands. The stock has a 50 day moving average of $41.74 and a 200 day moving average of $41.58. Avista Corp. has a 52-week low of $32.57 and a 52-week high of $45.22. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 19.67 and a beta of 0.45.
Avista Corp. (NYSE:AVA) last issued its earnings results on Wednesday, August 3rd. The company reported $0.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.02. Avista Corp. had a net margin of 9.38% and a return on equity of 8.32%. The firm earned $234.79 million during the quarter, compared to the consensus estimate of $316.24 million. During the same period in the previous year, the company posted $0.40 EPS. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. On average, analysts expect that Avista Corp. will post $2.08 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were paid a $0.3425 dividend. This represents a $1.37 annualized dividend and a yield of 3.21%. The ex-dividend date was Tuesday, August 30th. Avista Corp.’s payout ratio is presently 64.02%.
Several equities research analysts recently issued reports on the stock. Williams Capital lifted their price objective on shares of Avista Corp. from $38.00 to $40.00 and gave the company a “hold” rating in a research note on Thursday, September 22nd. Zacks Investment Research raised shares of Avista Corp. from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research note on Wednesday, July 20th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $42.00 price objective on shares of Avista Corp. in a research note on Wednesday, June 22nd.
In other Avista Corp. news, insider Marian M. Durkin sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $42.56, for a total value of $148,960.00. Following the completion of the sale, the insider now owns 67,245 shares of the company’s stock, valued at $2,861,947.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jason R. Thackston sold 950 shares of the company’s stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $40.90, for a total transaction of $38,855.00. Following the completion of the sale, the senior vice president now directly owns 17,232 shares of the company’s stock, valued at approximately $704,788.80. The disclosure for this sale can be found here. 1.07% of the stock is currently owned by company insiders.
About Avista Corp.
Avista Corporation is an electric and natural gas utility with certain other business ventures. The Company operates through two business segments: Avista Utilities, and Alaska Electric Light and Power Company (AEL&P). Avista Utilities segment generates, transmits and distributes electricity, and distributes natural gas serving electric and natural gas customers in eastern Washington and northern Idaho and natural gas customers in parts of Oregon.
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