Jacobs Levy Equity Management Inc. Makes New $19.25 Million Investment in Avista Corporation $AVA

Key Points

• Jacobs Levy Equity Management Inc. has acquired a new position in Avista Corporation, purchasing 459,816 shares valued at approximately $19.25 million, which accounts for about 0.57% of the company.
• Avista recently reported an EPS of $0.17 for the quarter, missing estimates, and announced a quarterly dividend of $0.49 per share, reflecting a 5.3% dividend yield.
• Institutional investors own approximately 85.24% of Avista's stock, indicating significant interest from major financial entities.

Jacobs Levy Equity Management Inc. acquired a new stake in shares of Avista Corporation (NYSE:AVA - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 459,816 shares of the utilities provider's stock, valued at approximately $19,252,000. Jacobs Levy Equity Management Inc. owned about 0.57% of Avista as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Jane Street Group LLC raised its position in shares of Avista by 8,255.8% during the 1st quarter. Jane Street Group LLC now owns 504,354 shares of the utilities provider's stock valued at $21,117,000 after buying an additional 498,318 shares in the last quarter. Russell Investments Group Ltd. raised its position in Avista by 48.5% during the first quarter. Russell Investments Group Ltd. now owns 35,188 shares of the utilities provider's stock valued at $1,473,000 after purchasing an additional 11,489 shares during the period. Hsbc Holdings PLC raised its position in Avista by 983.2% during the first quarter. Hsbc Holdings PLC now owns 98,649 shares of the utilities provider's stock valued at $4,088,000 after purchasing an additional 89,542 shares during the period. Sowell Financial Services LLC purchased a new stake in Avista during the first quarter valued at approximately $331,000. Finally, American Century Companies Inc. raised its position in Avista by 39.2% during the first quarter. American Century Companies Inc. now owns 243,046 shares of the utilities provider's stock valued at $10,176,000 after purchasing an additional 68,394 shares during the period. 85.24% of the stock is owned by hedge funds and other institutional investors.

Avista Trading Down 0.1%

NYSE:AVA traded down $0.02 during midday trading on Friday, hitting $36.42. 99,788 shares of the company traded hands, compared to its average volume of 721,980. The firm's fifty day moving average is $37.24 and its 200-day moving average is $38.71. 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 $2.95 billion, a P/E ratio of 16.40, a P/E/G ratio of 2.39 and a beta of 0.41. 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 released its quarterly 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). Avista had a net margin of 9.13% and a return on equity of 6.86%. The company had revenue of $400.00 million for the quarter, compared to analysts' expectations of $416.06 million. During the same quarter in the previous year, the company posted $0.29 EPS. On average, sell-side analysts predict that Avista Corporation will post 2.3 EPS for the current year.

Avista Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, August 19th will be given a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend is Tuesday, August 19th. Avista's dividend payout ratio is 88.29%.

Insiders Place Their Bets

In related news, VP David J. Meyer sold 1,367 shares of the stock in a transaction dated Friday, September 5th. The shares were 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 $308,227.68. This represents a 14.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.96% of the stock is owned by company insiders.

Avista Company Profile

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.