LGT Capital Partners LTD. Sells 8,820 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Key Points

• LGT Capital Partners LTD. reduced its position in Ormat Technologies by 5.2%, selling 8,820 shares and owning a total of 161,860 shares worth approximately $11.5 million.
• Ormat Technologies reported quarterly earnings of $0.68 per share, exceeding analyst expectations of $0.58, with a revenue of $229.76 million.
• Several research analysts upgraded their ratings on Ormat Technologies, with price targets increased, indicating a consensus average rating of "Moderate Buy" and a price target of $91.25.

LGT Capital Partners LTD. reduced its position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 5.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 161,860 shares of the energy company's stock after selling 8,820 shares during the quarter. LGT Capital Partners LTD. owned about 0.27% of Ormat Technologies worth $11,455,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of Ormat Technologies during the 4th quarter valued at about $204,000. Pictet Asset Management Holding SA raised its stake in shares of Ormat Technologies by 128.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 18,725 shares of the energy company's stock worth $1,268,000 after buying an additional 10,535 shares during the period. Franklin Resources Inc. purchased a new position in shares of Ormat Technologies during the fourth quarter valued at about $526,000. Geode Capital Management LLC lifted its stake in Ormat Technologies by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 1,373,426 shares of the energy company's stock worth $93,029,000 after purchasing an additional 72,135 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Ormat Technologies in the fourth quarter worth approximately $66,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Trading Up 1.6%

NYSE:ORA traded up $1.39 during trading hours on Thursday, hitting $86.59. The company had a trading volume of 163,940 shares, compared to its average volume of 507,733. The stock has a 50-day moving average price of $84.37 and a 200 day moving average price of $74.64. 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 market capitalization of $5.25 billion, a PE ratio of 42.06, a price-to-earnings-growth ratio of 4.11 and a beta of 0.68. Ormat Technologies, Inc. has a 52 week low of $61.58 and a 52 week high of $91.81.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $225.26 million. During the same period in the previous year, the company posted $0.37 EPS. The firm's revenue was up 9.9% on a year-over-year basis. On average, equities research analysts predict that Ormat Technologies, Inc. will post 1.94 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Robert W. Baird raised shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $87.00 to $103.00 in a research report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their price objective on shares of Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Roth Capital reaffirmed a "buy" rating and issued a $98.00 target price (up previously from $88.00) on shares of Ormat Technologies in a report on Tuesday. Baird R W upgraded shares of Ormat Technologies from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 30th. Finally, Barclays upped their target price on Ormat Technologies from $86.00 to $90.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $92.00.

Insider Activity at Ormat Technologies

In related news, Director Stanley Stern sold 547 shares of the business's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $85.54, for a total value of $46,790.38. Following the sale, the director owned 6,137 shares in the company, valued at approximately $524,958.98. The trade was a 8.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michal Marom sold 895 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $73.47, for a total value of $65,755.65. Following the completion of the sale, the director directly owned 3,080 shares of the company's stock, valued at approximately $226,287.60. This trade represents a 22.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,329 shares of company stock valued at $423,443 in the last three months. Company insiders own 0.56% of the company's stock.

Ormat Technologies 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.