Bank of America Corp DE Sells 874,308 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Bank of America Corp DE decreased its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 87.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,621 shares of the energy company's stock after selling 874,308 shares during the quarter. Bank of America Corp DE owned 0.20% of Ormat Technologies worth $8,372,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ORA. AlphaQuest LLC lifted its position in Ormat Technologies by 4,691.7% in the 4th quarter. AlphaQuest LLC now owns 575 shares of the energy company's stock worth $39,000 after buying an additional 563 shares during the last quarter. Headlands Technologies LLC bought a new stake in Ormat Technologies in the 4th quarter worth approximately $66,000. Sterling Capital Management LLC lifted its position in Ormat Technologies by 897.8% in the 4th quarter. Sterling Capital Management LLC now owns 1,856 shares of the energy company's stock worth $126,000 after buying an additional 1,670 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. bought a new stake in Ormat Technologies in the 4th quarter worth approximately $182,000. Finally, Raymond James Financial Inc. bought a new stake in Ormat Technologies in the 4th quarter worth approximately $204,000. Hedge funds and other institutional investors own 95.49% of the company's stock.

Ormat Technologies Trading Up 0.3%

ORA stock traded up $0.25 during midday trading on Wednesday, hitting $72.64. The company had a trading volume of 366,351 shares, compared to its average volume of 483,357. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Ormat Technologies, Inc. has a 52 week low of $61.58 and a 52 week high of $84.30. The stock's 50 day moving average price is $71.53 and its 200 day moving average price is $71.06. The stock has a market cap of $4.40 billion, a price-to-earnings ratio of 37.06, a PEG ratio of 3.18 and a beta of 0.65.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its earnings results on Wednesday, May 7th. The energy company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.10. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. The firm had revenue of $229.76 million for the quarter, compared to analysts' expectations of $228.33 million. During the same period in the previous year, the firm earned $0.64 earnings per share. The business's revenue was up 2.5% compared to the same quarter last year. As a group, equities research analysts expect that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 4th. Stockholders of record on Wednesday, May 21st will be paid a dividend of $0.12 per share. The ex-dividend date is Wednesday, May 21st. This represents a $0.48 annualized dividend and a dividend yield of 0.66%. Ormat Technologies's dividend payout ratio (DPR) is presently 23.30%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Wall Street Zen upgraded Ormat Technologies from a "sell" rating to a "hold" rating in a research report on Monday, April 7th. Baird R W upgraded Ormat Technologies to a "hold" rating in a research report on Thursday, March 13th. Jefferies Financial Group boosted their target price on Ormat Technologies from $78.00 to $86.00 and gave the stock a "buy" rating in a research report on Tuesday, March 25th. JPMorgan Chase & Co. boosted their price objective on Ormat Technologies from $71.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, February 28th. Finally, Robert W. Baird initiated coverage on Ormat Technologies in a research report on Thursday, March 13th. They issued a "neutral" rating and a $81.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $83.29.

Insider Activity

In other news, Director Dafna Sharir sold 876 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $75.00, for a total transaction of $65,700.00. Following the transaction, the director now directly owns 4,438 shares of the company's stock, valued at approximately $332,850. The trade was a 16.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Granot sold 1,666 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total value of $114,954.00. Following the transaction, the director now directly owns 1,910 shares in the company, valued at $131,790. This trade represents a 46.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,068 shares of company stock valued at $291,572. Company insiders own 0.56% of the company's stock.

Ormat Technologies Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.