Man Group plc Invests $8.68 Million in Avista Corporation $AVA

Key Points

• Man Group acquired 212,181 Avista shares worth approximately $8.68 million during the second quarter, giving it a 0.25% stake. Institutional investors collectively own 85.24% of Avista.
• Avista reported quarterly EPS of $0.43, beating analyst estimates of $0.23, while revenue rose 0.5% year over year to $413 million.
• Avista declared a quarterly dividend of $0.4925 per share, equivalent to an annualized $1.97 payout and a 5.2% yield; analysts maintain a consensus “Hold” rating with a $39.25 price target.

Man Group plc acquired a new position in shares of Avista Corporation (NYSE:AVA - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 212,181 shares of the utilities provider's stock, valued at approximately $8,680,000. Man Group plc owned approximately 0.25% of Avista at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Avista in the 2nd quarter worth about $605,448,000. Bank of New York Mellon Corp acquired a new stake in shares of Avista during the 2nd quarter valued at about $37,919,000. Goldman Sachs Group Inc. lifted its holdings 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 valued at $43,829,000 after buying an additional 582,742 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Avista by 37,219.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 541,136 shares of the utilities provider's stock valued at $20,855,000 after buying an additional 539,686 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Avista in the 2nd quarter valued at approximately $19,466,000. Institutional investors and hedge funds own 85.24% of the company's stock.

Avista Price Performance

Shares of NYSE:AVA opened at $37.62 on Friday. The company has a market cap of $3.15 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 3.53 and a beta of 0.25. The business has a 50 day moving average price of $40.19 and a 200 day moving average price of $40.67. The company has a quick ratio of 0.69, a current ratio of 1.10 and a debt-to-equity ratio of 1.08. Avista Corporation has a twelve month low of $35.50 and a twelve month high of $43.50.

Avista (NYSE:AVA - Get Free Report) last announced its earnings results on Friday, July 31st. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, topping 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 business had revenue of $413.00 million for the quarter, compared to analyst estimates of $426.93 million. During the same quarter in the previous year, the firm posted $0.17 earnings per share. Avista's revenue was up .5% compared to the same quarter last year. Research analysts predict that Avista Corporation will post 2.58 earnings per share for the current year.

Avista Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Tuesday, August 18th will be given a dividend of $0.4925 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.97 dividend on an annualized basis and a dividend yield of 5.2%. Avista's dividend payout ratio is currently 71.12%.

Wall Street Analyst Weigh In

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

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.

Want to see what other hedge funds are holding AVA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avista Corporation (NYSE:AVA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source