Cooper Creek Partners Management LLC Takes Position in Avista Corp (NYSE:AVA)

Cooper Creek Partners Management LLC purchased a new position in shares of Avista Corp (NYSE:AVA) in the 1st quarter, HoldingsChannel reports. The institutional investor purchased 237,046 shares of the utilities provider’s stock, valued at approximately $9,629,000. Avista accounts for approximately 3.3% of Cooper Creek Partners Management LLC’s investment portfolio, making the stock its 5th largest holding.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. NumerixS Investment Technologies Inc purchased a new position in Avista during the fourth quarter worth about $26,000. WP Advisors LLC purchased a new position in Avista during the first quarter worth about $26,000. Private Capital Group LLC raised its holdings in Avista by 1,179.2% during the first quarter. Private Capital Group LLC now owns 985 shares of the utilities provider’s stock worth $40,000 after purchasing an additional 908 shares in the last quarter. Legg Mason Asset Management Japan Co. Ltd. purchased a new position in Avista during the fourth quarter worth about $56,000. Finally, Riverhead Capital Management LLC purchased a new position in Avista during the first quarter worth about $77,000. 78.62% of the stock is owned by hedge funds and other institutional investors.

AVA has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Avista from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. Bank of America initiated coverage on shares of Avista in a research report on Thursday, May 9th. They set an “underperform” rating and a $43.00 target price on the stock. KeyCorp restated an “underweight” rating and set a $35.00 target price on shares of Avista in a research report on Wednesday, June 5th. Finally, TheStreet upgraded shares of Avista from a “c+” rating to a “b-” rating in a research report on Monday, June 10th. Three investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Avista presently has a consensus rating of “Hold” and an average price target of $39.25.

In other news, Chairman Scott L. Morris sold 23,000 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $44.33, for a total value of $1,019,590.00. Following the sale, the chairman now directly owns 198,865 shares in the company, valued at $8,815,685.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Kevin J. Christie sold 780 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $41.78, for a total transaction of $32,588.40. Following the completion of the sale, the vice president now owns 9,229 shares in the company, valued at $385,587.62. The disclosure for this sale can be found here. Insiders have sold 27,982 shares of company stock worth $1,231,347 over the last 90 days. 1.10% of the stock is currently owned by company insiders.

AVA traded up $0.17 on Friday, hitting $44.10. 335,276 shares of the company were exchanged, compared to its average volume of 488,965. The company has a current ratio of 0.64, a quick ratio of 0.54 and a debt-to-equity ratio of 0.94. Avista Corp has a fifty-two week low of $39.75 and a fifty-two week high of $52.91. The firm has a market capitalization of $2.90 billion, a P/E ratio of 20.90, a PEG ratio of 7.10 and a beta of 0.41.

Avista (NYSE:AVA) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.31). Avista had a return on equity of 6.48% and a net margin of 14.26%. The company had revenue of $377.70 million for the quarter. During the same quarter in the prior year, the firm earned $0.83 EPS. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. Analysts predict that Avista Corp will post 1.9 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Thursday, May 23rd were given a dividend of $0.3875 per share. The ex-dividend date was Wednesday, May 22nd. This represents a $1.55 annualized dividend and a yield of 3.51%. Avista’s payout ratio is currently 73.46%.

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About Avista

Avista Corporation operates as an electric and natural gas utility company. It operates through 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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Institutional Ownership by Quarter for Avista (NYSE:AVA)

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