Northern Trust Corp Sells 8,667 Shares of Ormat Technologies, Inc. $ORA

Key Points

• Northern Trust Corp reduced its holdings in Ormat Technologies by 1.0%, now owning 850,007 shares valued at approximately $60.15 million.
• Multiple institutional investors, including Teacher Retirement System of Texas and Harel Insurance Investments, significantly increased their stakes in Ormat Technologies during the same quarter.
• Ormat Technologies reported a quarterly EPS of $0.48, exceeding estimates, alongside a year-over-year revenue increase of 9.9%, leading analysts to maintain a positive outlook for the stock.

Northern Trust Corp reduced its holdings in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 850,007 shares of the energy company's stock after selling 8,667 shares during the period. Northern Trust Corp owned approximately 1.40% of Ormat Technologies worth $60,155,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ORA. Harel Insurance Investments & Financial Services Ltd. increased its position in Ormat Technologies by 273,109.4% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company's stock worth $67,673,000 after buying an additional 955,883 shares during the period. Dimensional Fund Advisors LP increased its position in Ormat Technologies by 19.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company's stock worth $133,770,000 after buying an additional 303,756 shares during the period. Nuveen LLC bought a new position in Ormat Technologies in the 1st quarter worth approximately $14,453,000. Soros Fund Management LLC bought a new stake in shares of Ormat Technologies during the fourth quarter valued at approximately $10,158,000. Finally, 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 purchasing an additional 103,352 shares during the period. 95.49% of the stock is owned by institutional investors.

Analyst Ratings Changes

ORA has been the topic of a number of research reports. Cowen restated a "hold" rating on shares of Ormat Technologies in a research report on Friday, August 8th. UBS Group boosted their price objective on Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Robert W. Baird upgraded 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, July 30th. Piper Sandler boosted their price objective on Ormat Technologies from $78.00 to $90.00 and gave the company a "neutral" rating in a research report on Tuesday, August 19th. Finally, JPMorgan Chase & Co. boosted their price objective on Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $93.30.

Ormat Technologies Trading Down 1.2%

Shares of ORA traded down $1.11 during trading hours on Monday, hitting $91.86. 737,659 shares of the stock traded hands, compared to its average volume of 601,914. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.77. Ormat Technologies, Inc. has a 1-year low of $61.58 and a 1-year high of $95.36. The firm has a market capitalization of $5.58 billion, a PE ratio of 42.73, a price-to-earnings-growth ratio of 4.27 and a beta of 0.69. The business has a fifty day moving average of $88.70 and a 200-day moving average of $78.16.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.11. The business had revenue of $234.02 million for the quarter, compared to analyst estimates of $225.26 million. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The firm's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.37 earnings per share. Analysts expect that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Wednesday, August 20th. Ormat Technologies's dividend payout ratio is currently 22.33%.

Insiders Place Their Bets

In related news, CFO Assi Ginzburg sold 7,066 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $94.71, for a total value of $669,220.86. Following the completion of the sale, the chief financial officer owned 33,825 shares in the company, valued at approximately $3,203,565.75. This represents a 17.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Dafna Sharir sold 1,601 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $85.63, for a total value of $137,093.63. Following the completion of the sale, the director owned 3,238 shares of the company's stock, valued at $277,269.94. This represents a 33.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,976 shares of company stock valued at $1,105,067 in the last ninety days. 0.56% of the stock is currently owned by insiders.

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.