Canada Pension Plan Investment Board Invests $1.13 Million in Avista Corporation $AVA

Key Points

• Canada Pension Plan Investment Board initiated a position in Avista by purchasing 27,600 shares valued at approximately $1.13 million. Institutional investors and hedge funds collectively own 85.24% of the company.
• Avista reported quarterly EPS of $0.43, exceeding analysts’ $0.23 estimate, while revenue of $413 million fell short of expectations. Shares opened at $37.17, below the consensus analyst price target of $39.25.
• Avista declared a quarterly dividend of $0.4925 per share, equivalent to an annualized dividend of $1.97 and a 5.3% yield; analysts maintain a consensus “Hold” rating.

Canada Pension Plan Investment Board bought a new position in Avista Corporation (NYSE:AVA - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 27,600 shares of the utilities provider's stock, valued at approximately $1,129,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AVA. BlackRock Inc. bought a new position in shares of Avista in the second quarter valued at $605,448,000. Bank of New York Mellon Corp bought a new stake in shares of Avista during the 2nd quarter worth $37,919,000. Goldman Sachs Group Inc. boosted its stake in shares of Avista by 105.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,137,236 shares of the utilities provider's stock worth $43,829,000 after acquiring an additional 582,742 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Avista by 37,219.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 541,136 shares of the utilities provider's stock worth $20,855,000 after acquiring an additional 539,686 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Avista in the 2nd quarter worth $19,466,000. 85.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVA. Weiss Ratings raised Avista from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, July 23rd. Zacks Research upgraded Avista from a "strong sell" rating to a "hold" rating in a research report on Friday, May 22nd. Barclays dropped their price target on Avista from $40.00 to $37.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 4th. Finally, Mizuho boosted their price objective on Avista from $41.00 to $42.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Avista currently has a consensus rating of "Hold" and an average target price of $39.25.

Avista Trading Down 1.3%

Shares of NYSE AVA opened at $37.17 on Tuesday. The business has a 50 day simple moving average of $40.14 and a 200 day simple moving average of $40.64. Avista Corporation has a 52 week low of $35.50 and a 52 week high of $43.50. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 3.53 and a beta of 0.25. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.69 and a current ratio of 1.10.

Avista (NYSE:AVA - Get Free Report) last posted its earnings results on Friday, July 31st. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.20. Avista had a net margin of 11.83% and a return on equity of 7.85%. The firm had revenue of $413.00 million during the quarter, compared to analysts' expectations of $426.93 million. During the same period in the previous year, the company earned $0.17 earnings per share. The company's revenue was up .5% compared to the same quarter last year. On average, research analysts predict that Avista Corporation will post 2.58 earnings per share for the current fiscal year.

Avista Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Tuesday, August 18th will be issued a $0.4925 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $1.97 dividend on an annualized basis and a yield of 5.3%. Avista's dividend payout ratio is currently 71.12%.

Avista Company Profile

Avista Corporation operates as an integrated energy company providing electric and natural gas delivery services to residential, commercial and industrial customers in the Pacific Northwest. Through its regulated utility operations, the company maintains and upgrades an extensive transmission and distribution network, delivering reliable energy to approximately 400,000 electric customers and 324,000 natural gas customers across Washington, Oregon and Idaho. In addition to its core utility business, Avista invests in owned generation assets, including hydroelectric, natural gas–fired, coal and wind facilities, to support system reliability and long-term supply planning.

Founded in 1889 as the Spokane and Inland Empire Water Power Company, the business adopted the Avista name in 1999 to reflect its growing energy portfolio and strategic focus on innovation.

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