Ieq Capital LLC Acquires 8,954 Shares of Avista Corporation $AVA

Key Points

• Ieq Capital LLC increased its stake in Avista Corporation by 115.6%, acquiring an additional 8,954 shares to own a total of 16,701 shares valued at $699,000.
• Avista reported earnings per share of $0.17 for the latest quarter, falling short of the consensus estimate of $0.28, with revenues of $400 million compared to expectations of $416 million.
• The company announced a quarterly dividend of $0.49 per share, representing a 5.4% yield, to be paid on September 15th to shareholders of record on August 19th.

Ieq Capital LLC raised its position in Avista Corporation (NYSE:AVA - Free Report) by 115.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,701 shares of the utilities provider's stock after buying an additional 8,954 shares during the period. Ieq Capital LLC's holdings in Avista were worth $699,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in Avista by 252.3% during the 1st quarter. GAMMA Investing LLC now owns 916 shares of the utilities provider's stock worth $38,000 after purchasing an additional 656 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Avista in the 1st quarter worth approximately $43,000. Costello Asset Management INC bought a new stake in shares of Avista in the 1st quarter worth approximately $102,000. Entropy Technologies LP bought a new position in Avista in the 1st quarter worth $214,000. Finally, Cerity Partners LLC purchased a new stake in Avista during the 1st quarter valued at about $222,000. Institutional investors own 85.24% of the company's stock.

Avista Stock Performance

NYSE AVA traded up $0.22 on Friday, reaching $36.83. 665,120 shares of the stock were exchanged, compared to its average volume of 628,897. 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 Corporation has a one year low of $34.80 and a one year high of $43.09. The company's 50-day simple moving average is $37.40 and its two-hundred day simple moving average is $38.77. The firm has a market capitalization of $2.99 billion, a PE ratio of 16.59, a PEG ratio of 2.44 and a beta of 0.41.

Avista (NYSE:AVA - Get Free Report) last released its earnings results on Wednesday, August 6th. The utilities provider reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.11). The business had revenue of $400.00 million for the quarter, compared to the consensus estimate of $416.06 million. Avista had a return on equity of 6.86% and a net margin of 9.13%.During the same quarter last year, the business posted $0.29 earnings per share. Analysts expect that Avista Corporation will post 2.3 EPS for the current fiscal year.

Avista Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, August 19th will be paid a dividend of $0.49 per share. The ex-dividend date is Tuesday, August 19th. This represents a $1.96 annualized dividend and a yield of 5.3%. Avista's payout ratio is presently 88.29%.

Insider Activity at Avista

In other news, VP Scott J. Kinney sold 1,024 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $37.82, for a total transaction of $38,727.68. Following the sale, the vice president directly owned 11,515 shares in the company, valued at approximately $435,497.30. This represents a 8.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP David J. Meyer sold 1,367 shares of the firm's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $36.72, for a total value of $50,196.24. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. 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.