Impax Asset Management Group plc Cuts Stake in Ormat Technologies, Inc. $ORA

Key Points

• Impax Asset Management cut its stake in Ormat by 61.6% in Q4, selling 1,086,369 shares and finishing with 676,741 shares (roughly 1.11% of the company, valued at $74.76M).
• Ormat reported Q4 EPS of $0.67 (in line with estimates) and revenue of $276.04M, which beat expectations and rose 19.6% year-over-year.
• The company paid a $0.12 quarterly dividend (annualized $0.48, yield 0.4%), has a market cap of $6.97B, and holds a consensus analyst rating of "Moderate Buy" with an average target of $128.64.

Impax Asset Management Group plc reduced its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 61.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 676,741 shares of the energy company's stock after selling 1,086,369 shares during the period. Impax Asset Management Group plc owned about 1.11% of Ormat Technologies worth $74,760,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Veracity Capital LLC acquired a new position in Ormat Technologies during the 4th quarter worth approximately $568,000. M&T Bank Corp acquired a new position in Ormat Technologies during the 4th quarter worth approximately $1,214,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Ormat Technologies by 155.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company's stock worth $97,935,000 after acquiring an additional 540,000 shares in the last quarter. Evergreen Capital Management LLC acquired a new position in Ormat Technologies during the 4th quarter worth approximately $210,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Ormat Technologies by 259.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,830 shares of the energy company's stock worth $7,935,000 after acquiring an additional 51,830 shares in the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Stock Performance

Shares of ORA opened at $113.41 on Friday. The company has a 50-day simple moving average of $111.74 and a 200-day simple moving average of $113.01. The company has a quick ratio of 0.75, a current ratio of 0.81 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $6.97 billion, a PE ratio of 56.42, a P/E/G ratio of 4.98 and a beta of 0.80. Ormat Technologies, Inc. has a 52-week low of $70.42 and a 52-week high of $132.58.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The energy company reported $0.67 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.67. The business had revenue of $276.04 million during the quarter, compared to the consensus estimate of $257.75 million. Ormat Technologies had a net margin of 12.52% and a return on equity of 5.21%. The business's revenue was up 19.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.67 EPS. Equities research analysts predict that Ormat Technologies, Inc. will post 2.28 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Stockholders of record on Tuesday, March 10th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Tuesday, March 10th. Ormat Technologies's dividend payout ratio (DPR) is currently 23.88%.

Insider Activity

In other news, insider Jessica Woelfel sold 2,359 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $105.16, for a total value of $248,072.44. Following the completion of the transaction, the insider owned 3,433 shares in the company, valued at $361,014.28. This trade represents a 40.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders have sold 3,364 shares of company stock valued at $353,621. Company insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ORA shares. Oppenheimer boosted their price target on shares of Ormat Technologies from $125.00 to $136.00 and gave the stock an "outperform" rating in a report on Tuesday, January 27th. Roth Mkm set a $139.00 target price on shares of Ormat Technologies in a report on Wednesday, January 28th. Royal Bank Of Canada initiated coverage on shares of Ormat Technologies in a research note on Tuesday, March 3rd. They set an "outperform" rating and a $130.00 price target for the company. UBS Group decreased their price target on shares of Ormat Technologies from $148.00 to $143.00 and set a "buy" rating for the company in a research note on Tuesday, March 3rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Ormat Technologies from $108.00 to $106.00 and set a "neutral" rating for the company in a research note on Thursday, April 16th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $128.64.

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.

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