Avista Co. (NYSE:AVA) Sees Large Drop in Short Interest

Avista Co. (NYSE:AVA - Get Free Report) was the recipient of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 2,280,000 shares, a decline of 6.2% from the October 15th total of 2,430,000 shares. Based on an average daily volume of 454,500 shares, the short-interest ratio is presently 5.0 days.

Analyst Upgrades and Downgrades

Separately, Bank of America began coverage on shares of Avista in a research note on Thursday, September 12th. They issued an "underperform" rating and a $37.00 price target on the stock.

Avista Price Performance

Shares of NYSE AVA traded up $0.89 during midday trading on Monday, hitting $38.64. The stock had a trading volume of 699,600 shares, compared to its average volume of 518,731. The company has a quick ratio of 0.48, a current ratio of 0.75 and a debt-to-equity ratio of 1.05. The stock has a 50 day simple moving average of $37.92 and a 200-day simple moving average of $37.27. The company has a market capitalization of $3.06 billion, a PE ratio of 15.10, a P/E/G ratio of 4.13 and a beta of 0.47. Avista has a 1 year low of $31.91 and a 1 year high of $39.99.

Avista (NYSE:AVA - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The utilities provider reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.13 by $0.10. Avista had a return on equity of 7.83% and a net margin of 10.24%. The company had revenue of $383.70 million for the quarter, compared to analyst estimates of $389.29 million. During the same quarter last year, the firm posted $0.19 EPS. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. On average, sell-side analysts expect that Avista will post 2.36 EPS for the current fiscal year.

Avista Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, November 26th will be given a $0.475 dividend. The ex-dividend date of this dividend is Tuesday, November 26th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.92%. Avista's dividend payout ratio (DPR) is presently 75.70%.

Insider Activity at Avista

In related news, VP David J. Meyer sold 2,400 shares of the company's stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $38.32, for a total value of $91,968.00. Following the completion of the transaction, the vice president now owns 5,436 shares of the company's stock, valued at approximately $208,307.52. This represents a 30.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.96% of the company's stock.

Institutional Investors Weigh In On Avista

Several hedge funds and other institutional investors have recently made changes to their positions in AVA. Moors & Cabot Inc. raised its position in Avista by 4.0% in the second quarter. Moors & Cabot Inc. now owns 10,031 shares of the utilities provider's stock valued at $347,000 after purchasing an additional 390 shares during the period. Envestnet Portfolio Solutions Inc. lifted its position in Avista by 6.8% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 6,696 shares of the utilities provider's stock valued at $232,000 after buying an additional 424 shares during the last quarter. First Trust Direct Indexing L.P. boosted its stake in Avista by 7.3% during the third quarter. First Trust Direct Indexing L.P. now owns 6,330 shares of the utilities provider's stock worth $245,000 after buying an additional 428 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Avista by 6.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 6,836 shares of the utilities provider's stock valued at $237,000 after acquiring an additional 442 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of Avista by 8.4% in the 1st quarter. SG Americas Securities LLC now owns 5,785 shares of the utilities provider's stock worth $203,000 after acquiring an additional 450 shares during the last quarter. Institutional investors and hedge funds own 85.24% 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.