Ormat Technologies, Inc. $ORA Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC has reduced its stake in Ormat Technologies, Inc. by 60.6%, resulting in ownership of 13,460 shares, valued at approximately $952,000.
• A significant majority, 95.49% of Ormat Technologies' stock is currently held by institutional investors, indicating strong institutional interest in the company.
• Analysts have set various price targets for Ormat Technologies, with a consensus average target of $93.30 following recent upgrades from multiple firms.

Hsbc Holdings PLC trimmed its position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 60.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,460 shares of the energy company's stock after selling 20,681 shares during the quarter. Hsbc Holdings PLC's holdings in Ormat Technologies were worth $952,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ORA. Dimensional Fund Advisors LP raised its position in shares of Ormat Technologies by 19.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company's stock worth $133,770,000 after acquiring an additional 303,756 shares in the last quarter. Van Berkom & Associates Inc. increased its position in Ormat Technologies by 2.7% during the 1st quarter. Van Berkom & Associates Inc. now owns 1,280,026 shares of the energy company's stock valued at $90,587,000 after buying an additional 33,719 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its position in Ormat Technologies by 273,109.4% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company's stock valued at $67,673,000 after buying an additional 955,883 shares in the last quarter. Northern Trust Corp increased its position in Ormat Technologies by 11.7% during the 4th quarter. Northern Trust Corp now owns 858,674 shares of the energy company's stock valued at $58,149,000 after buying an additional 90,100 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Ormat Technologies by 0.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 620,772 shares of the energy company's stock valued at $43,932,000 after buying an additional 1,835 shares in the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 692 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $94.57, for a total transaction of $65,442.44. Following the transaction, the insider owned 5,234 shares of the company's stock, valued at approximately $494,979.38. The trade was a 11.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Stanley Stern sold 876 shares of the business's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $91.98, for a total value of $80,574.48. Following the transaction, the director directly owned 5,261 shares in the company, valued at $483,906.78. This trade represents a 14.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,976 shares of company stock valued at $1,105,067 in the last three months. Company insiders own 0.56% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Robert W. Baird raised Ormat Technologies from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $87.00 to $103.00 in a report on Wednesday, July 30th. TD Cowen increased their price objective on Ormat Technologies from $76.00 to $85.00 and gave the company a "hold" rating in a report on Friday, August 8th. Cowen reissued a "hold" rating on shares of Ormat Technologies in a report on Friday, August 8th. Piper Sandler raised their target price on Ormat Technologies from $78.00 to $90.00 and gave the stock a "neutral" rating in a report on Tuesday, August 19th. Finally, Baird R W raised Ormat Technologies from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $93.30.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock traded down $1.11 on Monday, reaching $91.86. The company's stock had a trading volume of 737,659 shares, compared to its average volume of 601,914. The company has a market capitalization of $5.58 billion, a P/E ratio of 42.73, a PEG ratio of 4.27 and a beta of 0.69. Ormat Technologies, Inc. has a 52-week low of $61.58 and a 52-week high of $95.36. The stock has a 50-day moving average price of $88.70 and a 200-day moving average price of $78.16. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.77.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.11. The firm had revenue of $234.02 million for the quarter, compared to analyst estimates of $225.26 million. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The business's revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.37 earnings per share. Analysts expect that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies's payout ratio is 22.33%.

About Ormat Technologies

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.