Bayforest Capital Ltd Takes Position in Avista Corporation $AVA

Key Points

• Bayforest Capital Ltd has acquired a new stake in Avista Corporation, purchasing 16,549 shares valued at approximately $628,000 in the 2nd quarter.
• Avista reported disappointing earnings, with an EPS of $0.17 for the last quarter, missing the consensus estimate of $0.28 by $0.11.
• The company has declared a quarterly dividend of $0.49 per share, representing an annualized yield of 5.2%, with a payout ratio of 88.29%.

Bayforest Capital Ltd purchased a new stake in Avista Corporation (NYSE:AVA - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 16,549 shares of the utilities provider's stock, valued at approximately $628,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in Avista by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 10,360,222 shares of the utilities provider's stock worth $433,782,000 after acquiring an additional 99,365 shares during the last quarter. Westwood Holdings Group Inc. grew its position in Avista by 8.1% during the 1st quarter. Westwood Holdings Group Inc. now owns 1,382,168 shares of the utilities provider's stock worth $57,871,000 after acquiring an additional 103,844 shares during the last quarter. Millennium Management LLC grew its position in Avista by 531.2% during the 1st quarter. Millennium Management LLC now owns 1,370,502 shares of the utilities provider's stock worth $57,383,000 after acquiring an additional 1,153,389 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Avista by 1.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,266,825 shares of the utilities provider's stock worth $53,042,000 after acquiring an additional 13,545 shares during the last quarter. Finally, Demars Financial Group LLC grew its position in Avista by 18.8% during the 1st quarter. Demars Financial Group LLC now owns 682,659 shares of the utilities provider's stock worth $28,583,000 after acquiring an additional 108,072 shares during the last quarter. Institutional investors own 85.24% of the company's stock.

Avista Trading Up 1.5%

NYSE AVA opened at $37.39 on Wednesday. The business's 50-day moving average price is $36.88 and its two-hundred day moving average price is $38.26. Avista Corporation has a 12 month low of $34.80 and a 12 month high of $43.09. The firm has a market capitalization of $3.03 billion, a PE ratio of 16.84, a price-to-earnings-growth ratio of 2.05 and a beta of 0.39. The company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 1.06.

Avista (NYSE:AVA - Get Free Report) last announced its earnings results on Wednesday, August 6th. The utilities provider reported $0.17 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $416.06 million. During the same quarter in the previous year, the company earned $0.29 EPS. On average, analysts expect that Avista Corporation will post 2.3 EPS for the current year.

Avista Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, August 19th were paid a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend was Tuesday, August 19th. Avista's dividend payout ratio is 88.29%.

Analyst Ratings Changes

Separately, Weiss Ratings restated a "hold (c)" rating on shares of Avista in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $39.00.

Insider Buying and Selling

In related news, VP David J. Meyer sold 1,367 shares of the company's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $36.72, for a total transaction of $50,196.24. Following the transaction, the vice president directly owned 8,394 shares of the company's stock, valued at approximately $308,227.68. This represents a 14.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Bryan Alden Cox bought 3,671 shares of the company's stock in a transaction dated Tuesday, September 16th. The stock was bought at an average price of $35.55 per share, for a total transaction of $130,504.05. Following the acquisition, the senior vice president directly owned 9,989 shares of the company's stock, valued at approximately $355,108.95. This represents a 58.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.94% of the stock is currently owned by corporate insiders.

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.

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