Jupiter Asset Management Ltd. Has $16.33 Million Stock Holdings in Ormat Technologies, Inc. $ORA

Key Points

• Jupiter Asset Management cut its Ormat Technologies stake by 20.5% in the fourth quarter, though it still held 147,781 shares valued at about $16.33 million.
• Ormat posted a strong quarterly beat, reporting $1.30 EPS versus the $0.92 estimate and revenue of $403.91 million, with revenue up 75.8% year over year.
• The company announced a quarterly dividend of $0.12 per share and analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $133.18.

Jupiter Asset Management Ltd. lessened its stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 20.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 147,781 shares of the energy company's stock after selling 38,041 shares during the period. Jupiter Asset Management Ltd. owned 0.24% of Ormat Technologies worth $16,325,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Intech Investment Management LLC grew its holdings in Ormat Technologies by 387.6% during the fourth quarter. Intech Investment Management LLC now owns 106,877 shares of the energy company's stock valued at $11,807,000 after purchasing an additional 84,959 shares during the last quarter. Geode Capital Management LLC grew its holdings in Ormat Technologies by 6.8% during the fourth quarter. Geode Capital Management LLC now owns 1,611,360 shares of the energy company's stock valued at $178,033,000 after purchasing an additional 102,864 shares during the last quarter. Flputnam Investment Management Co. grew its holdings in Ormat Technologies by 29.6% during the fourth quarter. Flputnam Investment Management Co. now owns 8,810 shares of the energy company's stock valued at $973,000 after purchasing an additional 2,014 shares during the last quarter. Royce & Associates LP acquired a new position in Ormat Technologies during the fourth quarter valued at approximately $2,486,000. Finally, Legal & General Group Plc grew its holdings in Ormat Technologies by 14.2% during the fourth quarter. Legal & General Group Plc now owns 691,478 shares of the energy company's stock valued at $76,388,000 after purchasing an additional 86,000 shares during the last quarter. Institutional investors and hedge funds own 95.49% of the company's stock.

Ormat Technologies Trading Down 0.6%

Shares of Ormat Technologies stock opened at $136.88 on Friday. Ormat Technologies, Inc. has a 12-month low of $73.05 and a 12-month high of $141.62. The stock has a market cap of $8.41 billion, a P/E ratio of 66.45, a P/E/G ratio of 5.87 and a beta of 0.80. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87. The business's 50 day moving average is $118.80 and its 200-day moving average is $116.15.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.38. The company had revenue of $403.91 million for the quarter, compared to analysts' expectations of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business's revenue was up 75.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.68 EPS. Equities research analysts predict that Ormat Technologies, Inc. will post 2.35 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Wednesday, May 20th. Ormat Technologies's dividend payout ratio is currently 23.30%.

Insider Activity at Ormat Technologies

In other news, Director Stanley Stern sold 250 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total transaction of $34,605.00. Following the sale, the director directly owned 5,800 shares of the company's stock, valued at approximately $802,836. This represents a 4.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Byron G. Wong sold 4,500 shares of the company's stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total value of $604,440.00. Following the sale, the director owned 5,925 shares of the company's stock, valued at approximately $795,846. This represents a 43.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 33,949 shares of company stock worth $4,444,618 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on ORA shares. Robert W. Baird lowered their price target on Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating on the stock in a report on Friday, February 27th. Oppenheimer restated an "outperform" rating and issued a $144.00 price objective on shares of Ormat Technologies in a research note on Friday, May 8th. Citigroup raised their target price on Ormat Technologies from $110.00 to $128.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 18th. UBS Group lifted their price objective on Ormat Technologies from $143.00 to $152.00 and gave the company a "buy" rating in a report on Friday, May 8th. Finally, Barclays lifted their price objective on Ormat Technologies from $123.00 to $126.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $133.18.

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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