Trillium Asset Management LLC Sells 4,803 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Key Points

• Trillium Asset Management LLC has decreased its position in Ormat Technologies by 1.6% in Q1 2023, owning approximately 0.48% of the company valued at $20.43 million.
• Ormat Technologies reported Q2 2023 earnings of $0.48 per share, exceeding analysts' expectations, with a revenue of $234.02 million resulting in a 9.9% year-over-year growth.
• The company will pay a quarterly dividend of $0.12 on September 3rd, representing an annualized yield of 0.5% and a payout ratio of 22.33%.

Trillium Asset Management LLC reduced its position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 1.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 288,736 shares of the energy company's stock after selling 4,803 shares during the quarter. Trillium Asset Management LLC owned approximately 0.48% of Ormat Technologies worth $20,434,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Louisiana State Employees Retirement System lifted its position in shares of Ormat Technologies by 1.3% during the 1st quarter. Louisiana State Employees Retirement System now owns 16,100 shares of the energy company's stock valued at $1,139,000 after acquiring an additional 200 shares during the period. Mackenzie Financial Corp raised its holdings in Ormat Technologies by 6.3% during the first quarter. Mackenzie Financial Corp now owns 3,687 shares of the energy company's stock worth $261,000 after buying an additional 220 shares during the last quarter. UMB Bank n.a. raised its holdings in Ormat Technologies by 42.6% during 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 last quarter. Perigon Wealth Management LLC raised its holdings in Ormat Technologies by 8.8% during the first quarter. Perigon Wealth Management LLC now owns 3,440 shares of the energy company's stock worth $243,000 after buying an additional 278 shares during the last quarter. Finally, New York State Teachers Retirement System raised its holdings in Ormat Technologies by 0.9% during the first quarter. New York State Teachers Retirement System now owns 32,180 shares of the energy company's stock worth $2,277,000 after buying an additional 300 shares during the last quarter. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Stock Performance

ORA traded up $0.72 during trading on Wednesday, hitting $89.59. 493,032 shares of the company traded hands, compared to its average volume of 495,472. The firm has a market cap of $5.44 billion, a P/E ratio of 41.67, a price-to-earnings-growth ratio of 4.23 and a beta of 0.68. The stock's fifty day moving average is $85.75 and its 200 day moving average is $75.41. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.77. Ormat Technologies, Inc. has a one year low of $61.58 and a one year high of $91.81.

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

Ormat Technologies Dividend Announcement

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

Analyst Ratings Changes

Several research analysts have weighed in on ORA shares. Roth Capital restated a "buy" rating and set a $98.00 price objective (up previously from $88.00) on shares of Ormat Technologies in a report on Tuesday, August 5th. UBS Group upped their price objective on shares of Ormat Technologies from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. JPMorgan Chase & Co. upped their price objective on shares of Ormat Technologies from $75.00 to $85.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Cowen restated a "hold" rating on shares of Ormat Technologies in a report on Friday, August 8th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $100.00 target price on shares of Ormat Technologies in a report on Friday, August 8th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Ormat Technologies has an average rating of "Moderate Buy" and a consensus price target of $92.10.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, Director Byron G. Wong sold 460 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $84.04, for a total transaction of $38,658.40. Following the completion of the transaction, the director owned 8,659 shares in the company, valued at $727,702.36. This trade represents a 5.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the director owned 6,137 shares of the company's stock, valued at $524,958.98. This represents a 8.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,379 shares of company stock worth $353,998 in the last ninety days. Corporate 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.