Ormat Technologies, Inc. (NYSE:ORA) Stake Lessened by RWC Asset Management LLP

Key Points

• RWC Asset Management LLP reduced its stake in Ormat Technologies by 23.7% in the first quarter, holding 126,343 shares worth approximately $8.94 million.
• Harel Insurance Investments increased its stake by an astounding 273,109.4%, now owning 956,233 shares valued at about $67.67 million.
• The company recently announced a quarterly dividend of $0.12 per share, marking an annualized dividend yield of 0.54% and a payout ratio of 23.30%.

RWC Asset Management LLP lessened its stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 23.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 126,343 shares of the energy company's stock after selling 39,256 shares during the quarter. RWC Asset Management LLP owned about 0.21% of Ormat Technologies worth $8,941,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ORA. Harel Insurance Investments & Financial Services Ltd. lifted its holdings 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 valued at $67,673,000 after acquiring an additional 955,883 shares during the last quarter. Norges Bank bought a new stake in shares of Ormat Technologies in the 4th quarter worth approximately $62,851,000. Vanguard Group Inc. lifted its stake in Ormat Technologies by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company's stock valued at $409,305,000 after purchasing an additional 274,540 shares during the last quarter. Soros Fund Management LLC bought a new stake in Ormat Technologies during the fourth quarter worth approximately $10,158,000. Finally, Handelsbanken Fonder AB boosted its holdings in Ormat Technologies by 66.3% during the first quarter. Handelsbanken Fonder AB now owns 259,258 shares of the energy company's stock worth $18,348,000 after buying an additional 103,352 shares in the last quarter. Institutional investors own 95.49% of the company's stock.

Insider Buying and Selling

In other news, Director Byron G. Wong sold 460 shares of the firm's stock in a transaction that occurred on 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 sale, the director owned 8,659 shares of the company's stock, valued at approximately $727,702.36. This trade represents a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michal Marom sold 895 shares of the firm's stock in a transaction 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 sale, the director directly owned 3,080 shares of the company's stock, valued at $226,287.60. This represents a 22.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,329 shares of company stock worth $423,443 in the last three months. Company insiders own 0.56% of the company's stock.

Ormat Technologies Stock Up 0.4%

ORA stock opened at $89.44 on Friday. Ormat Technologies, Inc. has a twelve month low of $61.58 and a twelve month high of $91.81. The company has a quick ratio of 0.90, a current ratio of 0.97 and a debt-to-equity ratio of 0.77. The company has a market cap of $5.42 billion, a PE ratio of 43.42, a price-to-earnings-growth ratio of 4.31 and a beta of 0.64. The business's 50-day simple moving average is $81.93 and its 200 day simple moving average is $73.54.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The energy company reported $0.68 earnings per share for the quarter, topping 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 firm had revenue of $229.76 million for the quarter, compared to the consensus estimate of $228.33 million. During the same quarter in the previous year, the company earned $0.64 earnings per share. The business's revenue was up 2.5% compared to the same quarter last year. On average, research analysts anticipate that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 21st were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.54%. Ormat Technologies's payout ratio is presently 23.30%.

Wall Street Analysts Forecast Growth

ORA has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lifted their price target on Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. 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. Wall Street Zen upgraded Ormat Technologies from a "sell" rating to a "hold" rating in a report on Monday, April 7th. Finally, UBS Group increased their price target on shares of Ormat Technologies from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $88.50.

About Ormat Technologies

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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