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

A number of other hedge funds have also recently made changes to their positions in ORA. Stuart Chaussee & Associates Inc. bought a new stake in shares of Ormat Technologies in the 4th quarter worth approximately $34,000. UMB Bank n.a. increased its stake in shares of Ormat Technologies by 42.6% in the first quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock worth $62,000 after buying an additional 263 shares during the period. Signaturefd LLC increased its stake in shares of Ormat Technologies by 60.6% in the first quarter. Signaturefd LLC now owns 890 shares of the energy company's stock worth $63,000 after buying an additional 336 shares during the period. CWM LLC increased its stake in shares of Ormat Technologies by 294.2% in the first quarter. CWM LLC now owns 887 shares of the energy company's stock worth $63,000 after buying an additional 662 shares during the period. Finally, Headlands Technologies LLC purchased a new position in shares of Ormat Technologies in the fourth quarter worth $66,000. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $88.71 on Friday. Ormat Technologies, Inc. has a 12 month low of $61.58 and a 12 month high of $91.81. The stock has a market cap of $5.38 billion, a PE ratio of 43.06, a price-to-earnings-growth ratio of 4.28 and a beta of 0.68. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 0.77. The company's fifty day moving average price is $83.53 and its 200-day moving average price is $74.30.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The energy company reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.10. The company had revenue of $229.76 million for the quarter, compared to analysts' expectations of $228.33 million. Ormat Technologies had a net margin of 14.18% and a return on equity of 5.35%. Ormat Technologies's revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 EPS. On average, equities analysts expect that Ormat Technologies, Inc. will post 1.94 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 21st were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, May 21st. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies's dividend payout ratio is currently 23.30%.

Wall Street Analyst Weigh In

Several research analysts recently commented on ORA shares. Baird R W raised shares of Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday. Barclays boosted their price objective on shares of Ormat Technologies from $86.00 to $90.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Wall Street Zen raised shares of Ormat Technologies from a "sell" rating to a "hold" rating in a research report on Monday, April 7th. UBS Group boosted their price objective on shares of Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Robert W. Baird raised shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $87.00 to $103.00 in a research report on Wednesday. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $91.25.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, Director Stanley Stern sold 547 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $85.54, for a total transaction of $46,790.38. Following the transaction, the director owned 6,137 shares in the company, valued at approximately $524,958.98. This represents a 8.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Granot sold 950 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $73.10, for a total transaction of $69,445.00. Following the transaction, the director owned 2,713 shares in the company, valued at $198,320.30. This represents a 25.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,329 shares of company stock worth $423,443. 0.56% of the stock is owned by company insiders.

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.

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