Ormat Technologies, Inc. $ORA Shares Sold by TT International Asset Management LTD

Key Points

• TT International Asset Management LTD has reduced its stake in Ormat Technologies by 17.7%, now owning 13,914 shares worth approximately $1.165 million.
• Ormat Technologies reported an earnings per share (EPS) of $0.48 for the last quarter, exceeding the consensus estimate of $0.37, with revenues increasing by 9.9% year-over-year.
• The company declared a quarterly dividend of $0.12 per share, representing an annualized yield of 0.5%, with a current dividend payout ratio of 22.33%.

TT International Asset Management LTD cut its holdings in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 17.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 13,914 shares of the energy company's stock after selling 2,987 shares during the period. TT International Asset Management LTD's holdings in Ormat Technologies were worth $1,165,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of ORA. UMB Bank n.a. lifted its holdings in 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 acquiring an additional 263 shares during the last quarter. CWM LLC boosted its stake in Ormat Technologies by 294.2% in the first quarter. CWM LLC now owns 887 shares of the energy company's stock valued at $63,000 after acquiring an additional 662 shares during the period. Signaturefd LLC boosted its stake in Ormat Technologies by 60.6% in the first quarter. Signaturefd LLC now owns 890 shares of the energy company's stock valued at $63,000 after acquiring an additional 336 shares during the period. Russell Investments Group Ltd. boosted its stake in Ormat Technologies by 30.7% in the first quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company's stock valued at $76,000 after acquiring an additional 252 shares during the period. Finally, Gitterman Wealth Management LLC acquired a new position in Ormat Technologies in the first quarter valued at approximately $202,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, CFO Assi Ginzburg sold 9,343 shares of the business's stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $93.31, for a total transaction of $871,795.33. Following the sale, the chief financial officer directly owned 24,482 shares in the company, valued at approximately $2,284,415.42. The trade was a 27.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Byron G. Wong sold 535 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $91.39, for a total transaction of $48,893.65. Following the sale, the director owned 8,659 shares in the company, valued at $791,346.01. This trade represents a 5.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,171 shares of company stock valued at $1,792,979 over the last quarter. Corporate insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

ORA has been the subject of a number of research reports. Baird R W upgraded Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 30th. UBS Group lifted their target price on Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. JPMorgan Chase & Co. boosted their target price on shares of Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Roth Capital reissued a "buy" rating and set a $98.00 target price (up from $88.00) on shares of Ormat Technologies in a research note on Tuesday, August 5th. Finally, Cowen reissued a "hold" rating on shares of Ormat Technologies in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $94.50.

Ormat Technologies Stock Performance

Ormat Technologies stock traded up $0.19 during midday trading on Monday, reaching $92.68. 497,212 shares of the stock traded hands, compared to its average volume of 497,752. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.77. The firm has a fifty day moving average price of $90.28 and a two-hundred day moving average price of $80.60. The firm has a market cap of $5.63 billion, a price-to-earnings ratio of 43.11, a PEG ratio of 4.30 and a beta of 0.69. Ormat Technologies, Inc. has a fifty-two week low of $61.58 and a fifty-two week high of $95.36.

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

Ormat Technologies Dividend Announcement

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

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.