State of Alaska Department of Revenue increased its stake in Avista Corp (NYSE:AVA) by 127.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,981 shares of the utilities provider’s stock after purchasing an additional 28,602 shares during the period. State of Alaska Department of Revenue owned 0.08% of Avista worth $2,469,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in AVA. Vanguard Group Inc. increased its position in Avista by 1.1% in the 2nd quarter. Vanguard Group Inc. now owns 7,393,145 shares of the utilities provider’s stock valued at $329,734,000 after acquiring an additional 77,203 shares during the period. Renaissance Technologies LLC increased its position in Avista by 35.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,790,430 shares of the utilities provider’s stock valued at $79,853,000 after acquiring an additional 472,588 shares during the period. Bank of New York Mellon Corp increased its position in Avista by 6.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,788,937 shares of the utilities provider’s stock valued at $79,786,000 after acquiring an additional 107,296 shares during the period. Acadian Asset Management LLC increased its position in Avista by 23.9% in the 2nd quarter. Acadian Asset Management LLC now owns 1,247,830 shares of the utilities provider’s stock valued at $55,650,000 after acquiring an additional 241,109 shares during the period. Finally, Invesco Ltd. increased its position in Avista by 68.1% in the 2nd quarter. Invesco Ltd. now owns 1,104,297 shares of the utilities provider’s stock valued at $49,252,000 after acquiring an additional 447,492 shares during the period. 79.65% of the stock is currently owned by institutional investors and hedge funds.
Shares of AVA stock traded down $0.03 during mid-day trading on Wednesday, hitting $48.12. 1,043 shares of the stock traded hands, compared to its average volume of 549,071. Avista Corp has a twelve month low of $39.75 and a twelve month high of $52.70. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of 22.82, a price-to-earnings-growth ratio of 7.42 and a beta of 0.37. The company’s 50-day simple moving average is $47.61 and its 200-day simple moving average is $44.48. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.39 and a current ratio of 0.52.
The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 22nd were issued a $0.387 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date was Wednesday, August 21st. Avista’s payout ratio is 73.46%.
AVA has been the topic of several analyst reports. Williams Capital cut Avista from a “hold” rating to a “sell” rating and raised their target price for the company from $41.00 to $42.00 in a research report on Monday, September 16th. ValuEngine upgraded Avista from a “hold” rating to a “buy” rating in a research report on Tuesday, July 2nd. Finally, Zacks Investment Research cut Avista from a “buy” rating to a “hold” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $42.40.
In related news, Director R John Taylor sold 1,438 shares of Avista stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $46.78, for a total value of $67,269.64. Following the transaction, the director now directly owns 423 shares in the company, valued at approximately $19,787.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jason R. Thackston sold 6,500 shares of Avista stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $46.82, for a total value of $304,330.00. Following the completion of the transaction, the senior vice president now owns 17,452 shares in the company, valued at $817,102.64. The disclosure for this sale can be found here. Insiders sold a total of 8,698 shares of company stock worth $407,282 over the last 90 days. Insiders own 1.10% of the company’s stock.
Avista Corporation operates as an electric and natural gas utility company. It operates through two segments, Avista Utilities and AEL&P. The Avista Utilities segment provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho; and natural gas distribution services in parts of northeastern and southwestern Oregon, as well as generates electricity in Washington, Idaho, Oregon, and Montana.
Further Reading: How to calculate the intrinsic value of a stock
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