Guinness Asset Management LTD lessened its holdings in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 26.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 194,698 shares of the energy company's stock after selling 70,869 shares during the quarter. Guinness Asset Management LTD owned 0.32% of Ormat Technologies worth $13,777,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in ORA. Ameriprise Financial Inc. lifted its holdings in shares of Ormat Technologies by 2.8% during the fourth quarter. Ameriprise Financial Inc. now owns 53,105 shares of the energy company's stock worth $3,596,000 after purchasing an additional 1,434 shares during the period. Ethic Inc. lifted its holdings in shares of Ormat Technologies by 16.6% during the fourth quarter. Ethic Inc. now owns 7,350 shares of the energy company's stock worth $498,000 after purchasing an additional 1,048 shares during the period. Jefferies Financial Group Inc. acquired a new stake in shares of Ormat Technologies during the fourth quarter worth about $372,000. Laird Norton Wetherby Wealth Management LLC lifted its holdings in shares of Ormat Technologies by 34.6% during the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 11,565 shares of the energy company's stock worth $783,000 after purchasing an additional 2,972 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Ormat Technologies by 12.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,058 shares of the energy company's stock worth $3,729,000 after purchasing an additional 6,153 shares during the period. Institutional investors and hedge funds own 95.49% of the company's stock.
Ormat Technologies Price Performance
Shares of Ormat Technologies stock traded up $0.24 on Monday, reaching $91.69. The company's stock had a trading volume of 380,445 shares, compared to its average volume of 511,789. The company has a market capitalization of $5.57 billion, a P/E ratio of 42.65, a PEG ratio of 4.25 and a beta of 0.69. Ormat Technologies, Inc. has a 52-week low of $61.58 and a 52-week high of $95.36. The stock has a 50-day moving average price of $89.70 and a 200-day moving average price of $79.64. 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 (NYSE:ORA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The energy company reported $0.48 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.11. The business had revenue of $234.02 million during the quarter, compared to analysts' expectations of $225.26 million. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The business's revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.37 earnings per share. Analysts expect that Ormat Technologies, Inc. will post 1.94 EPS for the current year.
Ormat Technologies Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Wednesday, August 20th. Ormat Technologies's payout ratio is presently 22.33%.
Insider Activity
In related news, Director Stanley Stern sold 876 shares of the business's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $91.98, for a total transaction of $80,574.48. Following the completion of the sale, the director directly owned 5,261 shares in the company, valued at approximately $483,906.78. The trade was a 14.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jessica Woelfel sold 692 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $94.57, for a total value of $65,442.44. Following the sale, the insider owned 5,234 shares of the company's stock, valued at $494,979.38. The trade was a 11.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,976 shares of company stock valued at $1,105,067 in the last three months. Company insiders own 0.56% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently commented on ORA shares. Cowen reaffirmed a "hold" rating on shares of Ormat Technologies in a report on Friday, August 8th. Baird R W raised Ormat Technologies from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 30th. Roth Capital reaffirmed a "buy" rating and set a $98.00 target price (up previously from $88.00) on shares of Ormat Technologies in a report on Tuesday, August 5th. TD Cowen lifted their price target on Ormat Technologies from $76.00 to $85.00 and gave the company a "hold" rating in a research report on Friday, August 8th. Finally, 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 research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $93.30.
Read Our Latest Report on ORA
About Ormat Technologies
(
Free Report)
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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