Shell Asset Management Co. decreased its holdings in shares of Avista Co. (NYSE:AVA – Get Rating) by 12.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,181 shares of the utilities provider’s stock after selling 1,064 shares during the quarter. Shell Asset Management Co.’s holdings in Avista were worth $324,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Horizon Advisors Inc. grew its stake in Avista by 121.1% in the fourth quarter. First Horizon Advisors Inc. now owns 639 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 350 shares in the last quarter. Covestor Ltd bought a new position in Avista in the fourth quarter worth approximately $58,000. Convergence Investment Partners LLC bought a new position in Avista in the first quarter worth approximately $144,000. Krane Funds Advisors LLC bought a new position in Avista in the fourth quarter worth approximately $146,000. Finally, Rice Hall James & Associates LLC bought a new position in Avista in the fourth quarter worth approximately $209,000. Institutional investors own 82.47% of the company’s stock.
In other news, Chairman Scott L. Morris sold 7,627 shares of the stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $44.00, for a total transaction of $335,588.00. Following the completion of the sale, the chairman now owns 130,398 shares in the company, valued at approximately $5,737,512. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.94% of the company’s stock.
Avista Stock Down 2.2 %
Avista (NYSE:AVA – Get Rating) last posted its earnings results on Wednesday, August 3rd. The utilities provider reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Avista had a return on equity of 6.80% and a net margin of 9.53%. During the same period in the previous year, the business posted $0.20 EPS. On average, analysts forecast that Avista Co. will post 1.94 earnings per share for the current fiscal year.
Avista Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Friday, May 27th were issued a dividend of $0.44 per share. The ex-dividend date was Thursday, May 26th. This represents a $1.76 annualized dividend and a dividend yield of 4.18%. Avista’s dividend payout ratio is presently 85.44%.
Wall Street Analysts Forecast Growth
Separately, Mizuho increased their price objective on Avista from $43.00 to $44.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 29th.
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.
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