Bank of America Corp DE Lowers Position in Ormat Technologies, Inc. (NYSE:ORA)

Bank of America Corp DE reduced its holdings in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 87.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 reporting period.

Other large investors also recently modified their holdings of the company. Pacer Advisors Inc. boosted its position in shares of Ormat Technologies by 2.0% during the fourth quarter. Pacer Advisors Inc. now owns 8,026 shares of the energy company's stock worth $544,000 after buying an additional 160 shares during the period. Bailard Inc. boosted its position in shares of Ormat Technologies by 0.9% during the fourth quarter. Bailard Inc. now owns 19,446 shares of the energy company's stock worth $1,317,000 after buying an additional 169 shares during the period. Securian Asset Management Inc. boosted its position in shares of Ormat Technologies by 5.1% during the fourth quarter. Securian Asset Management Inc. now owns 4,354 shares of the energy company's stock worth $295,000 after buying an additional 212 shares during the period. Caprock Group LLC boosted its position in shares of Ormat Technologies by 4.0% during the fourth quarter. Caprock Group LLC now owns 6,080 shares of the energy company's stock worth $412,000 after buying an additional 235 shares during the period. Finally, Victory Capital Management Inc. boosted its position in shares of Ormat Technologies by 1.8% during the fourth quarter. Victory Capital Management Inc. now owns 18,896 shares of the energy company's stock worth $1,280,000 after buying an additional 336 shares during the period. 95.49% of the stock is currently owned by institutional investors.

Insider Activity

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

Ormat Technologies Stock Performance

Shares of NYSE ORA traded up $0.68 during midday trading on Friday, hitting $74.32. 13,250 shares of the company's stock were exchanged, compared to its average volume of 481,831. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. Ormat Technologies, Inc. has a 12 month low of $61.58 and a 12 month high of $84.30. The company's 50 day moving average price is $71.61 and its 200 day moving average price is $71.00. The firm has a market capitalization of $4.50 billion, a PE ratio of 37.93, a price-to-earnings-growth ratio of 3.18 and a beta of 0.65.

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

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 4th. Stockholders of record on Wednesday, May 21st will be paid a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, May 21st. This represents a $0.48 annualized dividend and a dividend yield of 0.65%. Ormat Technologies's payout ratio is 23.30%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Robert W. Baird assumed coverage on Ormat Technologies in a research note on Thursday, March 13th. They issued a "neutral" rating and a $81.00 price target for the company. JPMorgan Chase & Co. raised their price target on Ormat Technologies from $71.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, February 28th. Barclays raised their price target on Ormat Technologies from $75.00 to $80.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Wall Street Zen upgraded Ormat Technologies from a "sell" rating to a "hold" rating in a research note on Monday, April 7th. Finally, Baird R W upgraded Ormat Technologies to a "hold" rating in a research note on Thursday, March 13th. Six 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.

Ormat Technologies Company 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.