Bank of New York Mellon Corp Sells 9,664 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Bank of New York Mellon Corp decreased its holdings in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 451,487 shares of the energy company's stock after selling 9,664 shares during the quarter. Bank of New York Mellon Corp owned 0.74% of Ormat Technologies worth $31,952,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. raised its position in 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 worth $67,673,000 after acquiring an additional 955,883 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Ormat Technologies by 1.0% during the 1st quarter. Principal Financial Group Inc. now owns 133,227 shares of the energy company's stock valued at $9,428,000 after acquiring an additional 1,321 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Ormat Technologies during the 1st quarter worth $593,000. New York State Teachers Retirement System grew its holdings in shares of Ormat Technologies by 0.9% in the 1st quarter. New York State Teachers Retirement System now owns 32,180 shares of the energy company's stock worth $2,277,000 after acquiring an additional 300 shares during the last quarter. Finally, Amalgamated Bank increased its stake in Ormat Technologies by 4.3% in the 1st quarter. Amalgamated Bank now owns 25,662 shares of the energy company's stock worth $1,816,000 after purchasing an additional 1,068 shares in the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Price Performance

Shares of ORA stock traded up $0.73 during mid-day trading on Thursday, reaching $88.19. The company's stock had a trading volume of 242,905 shares, compared to its average volume of 486,728. The company has a market cap of $5.35 billion, a P/E ratio of 42.80, a PEG ratio of 4.18 and a beta of 0.64. The firm's 50-day moving average is $79.78 and its two-hundred day moving average is $72.49. Ormat Technologies, Inc. has a 1-year low of $61.58 and a 1-year high of $88.60. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.90 and a current ratio of 0.97.

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

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 4th. Stockholders of record on Wednesday, May 21st were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.54%. The ex-dividend date was Wednesday, May 21st. Ormat Technologies's dividend payout ratio (DPR) is 23.30%.

Insider Activity

In other Ormat Technologies news, Director Stanley Stern sold 547 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $85.54, for a total transaction of $46,790.38. Following the completion of 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michal Marom sold 895 shares of the business's stock in a transaction that occurred on 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 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 quarter, insiders sold 5,329 shares of company stock valued at $423,443. Company insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on ORA. Barclays raised their price objective on Ormat Technologies from $86.00 to $90.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Jefferies Financial Group boosted their price target on Ormat Technologies from $78.00 to $86.00 and gave the stock a "buy" rating in a research report on Tuesday, March 25th. Finally, Wall Street Zen raised Ormat Technologies from a "sell" rating to a "hold" rating in a research report on Monday, April 7th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $84.71.

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.