Ormat Technologies, Inc. $ORA Shares Sold by AEGON ASSET MANAGEMENT UK Plc

Key Points

• AEGON ASSET MANAGEMENT UK Plc cut its Ormat Technologies stake by 55% in the first quarter, leaving it with 132,672 shares worth about $14.85 million.
• Insider selling has been notable, with directors David Granot and Michal Marom both selling shares, and insiders selling 30,721 shares total over the last quarter.
• Ormat beat quarterly expectations, reporting EPS of $1.30 versus $0.92 expected and revenue of $403.91 million, while analysts currently rate the stock a “Moderate Buy” with an average target price of $131.67.

AEGON ASSET MANAGEMENT UK Plc reduced its stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 55.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 132,672 shares of the energy company's stock after selling 162,076 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned 0.22% of Ormat Technologies worth $14,851,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Aster Capital Management DIFC Ltd purchased a new stake in shares of Ormat Technologies during the fourth quarter worth about $26,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC boosted its position in Ormat Technologies by 245.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company's stock worth $33,000 after acquiring an additional 211 shares during the last quarter. Wolff Wiese Magana LLC acquired a new stake in Ormat Technologies during the fourth quarter worth approximately $33,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Ormat Technologies during the fourth quarter worth approximately $32,000. Hedge funds and other institutional investors own 95.49% of the company's stock.

Wall Street Analyst Weigh In

ORA has been the subject of several analyst reports. Wolfe Research initiated coverage on Ormat Technologies in a report on Monday, June 8th. They issued a "peer perform" rating for the company. JPMorgan Chase & Co. raised their price objective on Ormat Technologies from $106.00 to $123.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. TD Cowen lowered their price objective on Ormat Technologies from $131.00 to $125.00 and set a "buy" rating for the company in a research report on Friday, February 27th. Sanford C. Bernstein initiated coverage on Ormat Technologies in a research note on Tuesday. They issued an "underperform" rating and a $115.00 target price for the company. Finally, Royal Bank Of Canada began coverage on Ormat Technologies in a research note on Tuesday, March 3rd. They issued an "outperform" rating and a $130.00 target price for the company. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $131.67.

Insider Buying and Selling at Ormat Technologies

In related news, Director David Granot sold 1,766 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $134.43, for a total value of $237,403.38. Following the transaction, the director directly owned 1,766 shares of the company's stock, valued at approximately $237,403.38. This trade represents a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michal Marom sold 3,080 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $130.97, for a total value of $403,387.60. Following the completion of the transaction, the director directly owned 1,766 shares in the company, valued at $231,293.02. This trade represents a 63.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 30,721 shares of company stock worth $4,105,657. 0.56% of the stock is currently owned by company insiders.

Ormat Technologies Price Performance

ORA opened at $127.57 on Friday. Ormat Technologies, Inc. has a 1 year low of $82.33 and a 1 year high of $146.39. The company's 50 day simple moving average is $126.46 and its 200 day simple moving average is $118.89. The stock has a market capitalization of $7.84 billion, a PE ratio of 61.93, a P/E/G ratio of 5.44 and a beta of 0.85. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping the consensus estimate of $0.92 by $0.38. The firm had revenue of $403.91 million during the quarter, compared to analyst estimates of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. Ormat Technologies's revenue for the quarter was up 75.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.68 earnings per share. As a group, sell-side analysts expect that Ormat Technologies, Inc. will post 2.35 EPS for the current year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. Ormat Technologies's payout ratio is currently 23.30%.

Ormat Technologies Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company's core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat's offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.