Intech Investment Management LLC Sells 9,698 Shares of Ormat Technologies, Inc. $ORA

Key Points

• Intech Investment Management LLC cut its stake in Ormat Technologies by 30.7%, selling 9,698 shares and ending the quarter with 21,918 shares worth about $2.11 million.
• Ormat's latest quarter showed EPS of $0.67 (in line with estimates) and revenue of $276.04 million (beat consensus and up 19.6% year‑over‑year); the company has a market cap of $6.56 billion and a P/E around 53.6.
• Analysts hold a consensus rating of "Moderate Buy" (eight Buys, four Holds) with an average price target of $129.09, alongside recent mixed notes including RBC's new "Outperform" coverage and Jefferies' downgrade to Hold.

Intech Investment Management LLC cut its holdings in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 30.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,918 shares of the energy company's stock after selling 9,698 shares during the period. Intech Investment Management LLC's holdings in Ormat Technologies were worth $2,110,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC lifted its holdings in shares of Ormat Technologies by 324.1% in the first quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company's stock worth $1,740,000 after buying an additional 19,043 shares in the last quarter. United Services Automobile Association bought a new stake in Ormat Technologies in the 1st quarter valued at $243,000. Empowered Funds LLC lifted its stake in Ormat Technologies by 7.3% in the 1st quarter. Empowered Funds LLC now owns 4,201 shares of the energy company's stock worth $297,000 after purchasing an additional 286 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Ormat Technologies by 22.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company's stock valued at $16,593,000 after purchasing an additional 43,483 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in shares of Ormat Technologies by 0.8% during the second quarter. Envestnet Asset Management Inc. now owns 25,166 shares of the energy company's stock valued at $2,108,000 after purchasing an additional 193 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ORA has been the topic of a number of research analyst reports. Royal Bank Of Canada began coverage on Ormat Technologies in a research report on Tuesday. They issued an "outperform" rating and a $130.00 target price on the stock. Robert W. Baird decreased their price objective on Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating on the stock in a report on Friday, February 27th. Jefferies Financial Group downgraded Ormat Technologies from a "buy" rating to a "hold" rating and increased their target price for the company from $125.00 to $130.00 in a research report on Friday, February 13th. Weiss Ratings restated a "hold (c)" rating on shares of Ormat Technologies in a research report on Thursday, January 22nd. Finally, Roth Mkm set a $139.00 price objective on shares of Ormat Technologies in a research report on Wednesday, January 28th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $129.09.

Ormat Technologies Stock Performance

NYSE ORA opened at $107.79 on Thursday. The business's 50 day moving average price is $118.10 and its 200-day moving average price is $108.60. Ormat Technologies, Inc. has a fifty-two week low of $64.39 and a fifty-two week high of $132.58. The company has a market cap of $6.56 billion, a P/E ratio of 53.63, a P/E/G ratio of 4.38 and a beta of 0.84. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.75 and a current ratio of 0.81.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The energy company reported $0.67 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.67. Ormat Technologies had a return on equity of 5.21% and a net margin of 12.52%.The company had revenue of $276.04 million during the quarter, compared to the consensus estimate of $257.75 million. During the same period last year, the company earned $0.67 earnings per share. Ormat Technologies's revenue was up 19.6% on a year-over-year basis. Sell-side analysts predict that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.4%. The ex-dividend date is Tuesday, March 10th. Ormat Technologies's dividend payout ratio is presently 23.88%.

Insiders Place Their Bets

In other Ormat Technologies news, insider Jessica Woelfel sold 2,359 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $105.16, for a total transaction of $248,072.44. Following the completion of the transaction, the insider owned 3,433 shares in the company, valued at $361,014.28. The trade was a 40.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.56% of the stock is owned by company insiders.

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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