Jupiter Asset Management Ltd. Cuts Stock Position in Ormat Technologies, Inc. (NYSE:ORA)

Key Points

• Jupiter Asset Management Ltd. reduced its stake in Ormat Technologies by 3.3%, holding approximately $13.40 million in shares after selling 6,458 shares in the first quarter.
• Several analysts have upgraded their ratings on Ormat Technologies, with Barclays and UBS raising their price targets significantly, indicating a positive outlook for the stock.
• Ormat Technologies recently announced a quarterly dividend of $0.12 per share, representing an annual yield of 0.5%, with a payout ratio of 23.30%.

Jupiter Asset Management Ltd. lessened its stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 3.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 189,353 shares of the energy company's stock after selling 6,458 shares during the quarter. Jupiter Asset Management Ltd. owned approximately 0.31% of Ormat Technologies worth $13,401,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ORA. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Ormat Technologies by 273,109.4% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company's stock valued at $67,673,000 after purchasing an additional 955,883 shares in the last quarter. Soros Fund Management LLC purchased a new stake in shares of Ormat Technologies during the fourth quarter valued at approximately $10,158,000. Handelsbanken Fonder AB increased its position in shares of Ormat Technologies by 66.3% during the first quarter. Handelsbanken Fonder AB now owns 259,258 shares of the energy company's stock valued at $18,348,000 after acquiring an additional 103,352 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Ormat Technologies by 6.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,586,479 shares of the energy company's stock valued at $107,440,000 after acquiring an additional 93,418 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Ormat Technologies by 11.7% during the fourth quarter. Northern Trust Corp now owns 858,674 shares of the energy company's stock valued at $58,149,000 after acquiring an additional 90,100 shares during the last quarter. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Trading Up 0.9%

NYSE:ORA traded up $0.81 during mid-day trading on Thursday, reaching $86.01. 80,744 shares of the company's stock traded hands, compared to its average volume of 507,180. Ormat Technologies, Inc. has a 12-month low of $61.58 and a 12-month high of $91.81. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 41.67, a PEG ratio of 4.11 and a beta of 0.68. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.97 and a quick ratio of 0.90. The company has a 50 day moving average price of $84.37 and a 200-day moving average price of $74.64.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.09. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.18%. The company had revenue of $234.02 million for the quarter, compared to the consensus estimate of $225.26 million. During the same quarter in the previous year, the business earned $0.37 EPS. Ormat Technologies's revenue was up 9.9% compared to the same quarter last year. On average, sell-side analysts predict that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Analyst Ratings Changes

ORA has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Robert W. Baird upgraded Ormat Technologies from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $87.00 to $103.00 in a research report on Wednesday, July 30th. Baird R W upgraded Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 30th. UBS Group boosted their target price on Ormat Technologies from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Roth Capital reaffirmed a "buy" rating and set a $98.00 price target (up previously from $88.00) on shares of Ormat Technologies in a research note on Tuesday. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.00.

Insider Activity

In other Ormat Technologies news, Director Dafna Sharir sold 1,601 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $85.63, for a total transaction of $137,093.63. Following the transaction, the director owned 3,238 shares in the company, valued at approximately $277,269.94. This represents a 33.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michal Marom sold 895 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $73.47, for a total value of $65,755.65. Following the completion of the sale, the director owned 3,080 shares in the company, valued at $226,287.60. The trade was a 22.52% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,329 shares of company stock worth $423,443. Company insiders own 0.56% of the company's stock.

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.