Amundi Has $51.23 Million Stock Position in Ormat Technologies, Inc. $ORA

Key Points

• Amundi reduced its Ormat Technologies stake by 5.2% in the first quarter, selling 24,895 shares and retaining 457,537 shares valued at approximately $51.23 million. Institutional investors and hedge funds collectively own 95.49% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $131.75. Price targets range from $115 to $135, while ratings include eight Buys, five Holds and one Sell.
• Ormat reported strong quarterly results, posting $1.30 in earnings per share versus the $0.92 consensus estimate and revenue of $403.91 million, up 75.8% year over year. The company also declared a quarterly dividend of $0.12 per share, equivalent to a 0.5% annualized yield.

Amundi reduced its stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 5.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 457,537 shares of the energy company's stock after selling 24,895 shares during the period. Amundi owned 0.74% of Ormat Technologies worth $51,229,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC increased its stake in shares of Ormat Technologies by 31.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 694 shares of the energy company's stock valued at $78,000 after acquiring an additional 168 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Ormat Technologies by 21.2% in the 1st quarter. California State Teachers Retirement System now owns 69,659 shares of the energy company's stock valued at $7,796,000 after buying an additional 12,199 shares in the last quarter. Ranger Investment Management L.P. acquired a new stake in Ormat Technologies during the 1st quarter worth $12,082,000. Quantinno Capital Management LP raised its stake in Ormat Technologies by 18.6% during the 1st quarter. Quantinno Capital Management LP now owns 7,048 shares of the energy company's stock worth $789,000 after buying an additional 1,103 shares during the period. Finally, Saba Capital Management L.P. bought a new position in Ormat Technologies during the first quarter worth about $315,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Ormat Technologies from $106.00 to $123.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Weiss Ratings reiterated a "hold (c)" rating on shares of Ormat Technologies in a report on Friday, July 17th. Barclays increased their price objective on shares of Ormat Technologies from $126.00 to $127.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Sanford C. Bernstein began coverage on shares of Ormat Technologies in a report on Tuesday, June 16th. They set an "underperform" rating and a $115.00 price objective on the stock. Finally, Roth Capital reiterated a "buy" rating and set a $135.00 target price on shares of Ormat Technologies in a report on Monday, May 11th. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Ormat Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $131.75.

Ormat Technologies Price Performance

Shares of ORA opened at $97.56 on Monday. The company has a market cap of $5.99 billion, a price-to-earnings ratio of 47.36, a PEG ratio of 4.16 and a beta of 0.90. Ormat Technologies, Inc. has a 1-year low of $84.13 and a 1-year high of $146.39. The company's fifty day simple moving average is $119.96 and its 200 day simple moving average is $118.06. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.38. The firm had revenue of $403.91 million during the quarter, compared to analysts' expectations of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The company's revenue for the quarter was up 75.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.68 earnings per share. On average, research analysts forecast that Ormat Technologies, Inc. will post 2.35 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, May 20th. Ormat Technologies's dividend payout ratio (DPR) is currently 23.30%.

Insiders Place Their Bets

In other Ormat Technologies news, CFO Assi Ginzburg sold 17,776 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $134.75, for a total transaction of $2,395,316.00. Following the transaction, the chief financial officer owned 1,970 shares in the company, valued at $265,457.50. This represents a 90.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stanley Stern sold 250 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total transaction of $34,605.00. Following the completion of the transaction, the director directly owned 5,800 shares of the company's stock, valued at $802,836. This trade represents a 4.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 30,585 shares of company stock worth $4,090,998. 0.50% of the stock is currently owned by insiders.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company's core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat's offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.

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.