Aigen Investment Management LP Purchases New Holdings in Avista Corporation (NYSE:AVA)

Key Points

• Aigen Investment Management LP acquired 22,238 shares of Avista Corporation, valued at approximately $931,000, during the 1st quarter.
• Avista reported earnings of $0.17 per share for the quarter, missing the consensus estimate of $0.28, with revenue of $400 million compared to an expected $416 million.
• The company declared a quarterly dividend of $0.49 per share, resulting in a dividend yield of 5.2% and a payout ratio of 88.29%.

Aigen Investment Management LP purchased a new stake in Avista Corporation (NYSE:AVA - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 22,238 shares of the utilities provider's stock, valued at approximately $931,000.

Other hedge funds have also added to or reduced their stakes in the company. LPL Financial LLC boosted its stake in shares of Avista by 28.2% in the fourth quarter. LPL Financial LLC now owns 35,291 shares of the utilities provider's stock valued at $1,293,000 after buying an additional 7,753 shares during the period. Wells Fargo & Company MN raised its position in Avista by 11.7% in the fourth quarter. Wells Fargo & Company MN now owns 67,440 shares of the utilities provider's stock valued at $2,470,000 after purchasing an additional 7,084 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Avista by 11.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 297,117 shares of the utilities provider's stock worth $10,883,000 after acquiring an additional 31,406 shares during the last quarter. Bank of Montreal Can lifted its holdings in Avista by 17.1% during the 4th quarter. Bank of Montreal Can now owns 10,343 shares of the utilities provider's stock worth $379,000 after buying an additional 1,512 shares during the period. Finally, Invesco Ltd. boosted its holdings in Avista by 27.2% in the fourth quarter. Invesco Ltd. now owns 1,283,532 shares of the utilities provider's stock valued at $47,016,000 after acquiring an additional 274,270 shares during the last quarter. Institutional investors and hedge funds own 85.24% of the company's stock.

Avista Stock Down 0.8%

Shares of NYSE AVA traded down $0.32 during trading on Thursday, hitting $37.50. 611,599 shares of the company traded hands, compared to its average volume of 739,861. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 16.89, a P/E/G ratio of 2.50 and a beta of 0.40. The business's fifty day moving average is $37.64 and its 200 day moving average is $38.75. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.68 and a current ratio of 1.00. Avista Corporation has a fifty-two week low of $34.80 and a fifty-two week high of $43.09.

Avista (NYSE:AVA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $0.17 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.11). Avista had a net margin of 9.13% and a return on equity of 6.86%. The business had revenue of $400.00 million during the quarter, compared to analysts' expectations of $416.06 million. During the same quarter in the prior year, the firm posted $0.29 earnings per share. Equities research analysts predict that Avista Corporation will post 2.3 earnings per share for the current fiscal year.

Avista Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, August 19th will be issued a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date is Tuesday, August 19th. Avista's payout ratio is 88.29%.

Insider Activity at Avista

In related news, VP Scott J. Kinney sold 1,024 shares of Avista stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $37.82, for a total value of $38,727.68. Following the completion of the sale, the vice president directly owned 11,515 shares in the company, valued at approximately $435,497.30. This trade represents a 8.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.96% of the company's stock.

About Avista

Avista Corporation, together with its subsidiaries, operates as an electric and natural gas utility company. It operates in 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.