Bank of America Corp DE Sells 31,850 Shares of Ormat Technologies, Inc. $ORA

Key Points

• Bank of America reduced its Ormat Technologies stake by 11.9%, selling 31,850 shares in the first quarter. It retained 236,541 shares worth approximately $26.5 million, while institutional investors collectively own 95.49% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $130.83. Recent targets range from $122 at Barclays to $152 at UBS, although Wall Street Zen downgraded the stock to “sell.”
• Ormat reported quarterly EPS of $0.50, well above the $0.26 consensus estimate, on revenue of $258.76 million, up 10.6% year over year. The company also declared a quarterly dividend of $0.12 per share, representing a 0.4% yield.

Bank of America Corp DE lowered its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 11.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 236,541 shares of the energy company's stock after selling 31,850 shares during the period. Bank of America Corp DE owned about 0.38% of Ormat Technologies worth $26,474,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Aster Capital Management DIFC Ltd acquired a new stake in shares of Ormat Technologies during the 4th quarter valued at about $26,000. Main Street Group LTD bought a new stake in Ormat Technologies in the first quarter valued at about $29,000. Caitong International Asset Management Co. Ltd acquired a new position in Ormat Technologies in the fourth quarter worth about $31,000. Los Angeles Capital Management LLC acquired a new position in Ormat Technologies in the fourth quarter worth about $32,000. Finally, Smartleaf Asset Management LLC raised its position in Ormat Technologies by 245.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company's stock worth $33,000 after purchasing an additional 211 shares in the last quarter. Institutional investors own 95.49% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on ORA. Piper Sandler lifted their price objective on Ormat Technologies from $125.00 to $142.00 and gave the company an "overweight" rating in a report on Monday, May 18th. Weiss Ratings reissued a "hold (c)" rating on shares of Ormat Technologies in a report on Friday, July 17th. Barclays cut their target price on Ormat Technologies from $127.00 to $122.00 and set an "overweight" rating for the company in a research report on Monday, August 10th. Wall Street Zen lowered Ormat Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, UBS Group upped their price target on Ormat Technologies from $143.00 to $152.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Ormat Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $130.83.

Insiders Place Their Bets

In other news, Director Michal Marom sold 3,080 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total transaction of $403,387.60. Following the sale, the director directly owned 1,766 shares of the company's stock, valued at $231,293.02. This represents a 63.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David Granot sold 1,766 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total transaction of $237,403.38. Following the completion of the sale, the director directly owned 1,766 shares of the company's stock, valued at approximately $237,403.38. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 6,849 shares of company stock valued at $908,019. Insiders own 0.50% of the company's stock.

Ormat Technologies Stock Up 0.1%

Shares of ORA opened at $114.83 on Monday. The company has a market capitalization of $7.06 billion, a P/E ratio of 56.57, a PEG ratio of 4.55 and a beta of 0.90. Ormat Technologies, Inc. has a one year low of $87.33 and a one year high of $146.39. The business's 50 day simple moving average is $113.62 and its 200-day simple moving average is $117.20. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.24. The firm had revenue of $258.76 million during the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The business's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 EPS. As a group, sell-side analysts predict that Ormat Technologies, Inc. will post 2.52 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.4%. The ex-dividend date is Wednesday, August 19th. Ormat Technologies's dividend payout ratio (DPR) is presently 23.65%.

Ormat Technologies Company Profile

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.

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