Swedbank AB Sells 17,211 Shares of Ormat Technologies, Inc. $ORA

Key Points

• Swedbank AB reduced its stake in Ormat Technologies by 26.8%, owning 46,895 shares valued at approximately $3.93 million after selling 17,211 shares during the 2nd quarter.
• Several institutional investors have increased their holdings in Ormat Technologies, with UMB Bank and CWM LLC boosting their stakes significantly by 42.6% and 294.2%, respectively, within the first quarter.
• Analysts have raised price targets for Ormat Technologies, with UBS increasing its target from $100 to $105 and Roth Capital updating its target from $88 to $98, signaling a consensus rating of "Moderate Buy."

Swedbank AB cut its stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 26.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,895 shares of the energy company's stock after selling 17,211 shares during the period. Swedbank AB owned 0.08% of Ormat Technologies worth $3,928,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. UMB Bank n.a. raised its stake in shares of 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 raised its stake in shares of Ormat Technologies by 294.2% in the first quarter. CWM LLC now owns 887 shares of the energy company's stock worth $63,000 after acquiring an additional 662 shares during the last quarter. Signaturefd LLC raised its stake in shares of Ormat Technologies by 60.6% in the first quarter. Signaturefd LLC now owns 890 shares of the energy company's stock worth $63,000 after acquiring an additional 336 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Ormat Technologies by 30.7% during the first quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company's stock worth $76,000 after buying an additional 252 shares during the last quarter. Finally, Gitterman Wealth Management LLC bought a new stake in shares of Ormat Technologies during the first quarter worth approximately $202,000. 95.49% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Robert W. Baird raised shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $87.00 to $103.00 in a report on Wednesday, July 30th. Baird R W raised shares of 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. Piper Sandler raised shares of Ormat Technologies from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $90.00 to $102.00 in a report on Wednesday, September 17th. Finally, UBS Group lifted their target price 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. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Ormat Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $94.50.

Insider Activity

In other news, Director Byron G. Wong sold 535 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $91.39, for a total value of $48,893.65. Following the transaction, the director directly owned 8,659 shares of the company's stock, valued at $791,346.01. This represents a 5.82% 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 this link. Also, Director Stanley Stern sold 876 shares of the stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $91.98, for a total transaction of $80,574.48. Following the completion of the transaction, the director directly owned 5,261 shares in the company, valued at $483,906.78. The trade was a 14.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,171 shares of company stock worth $1,792,979. 0.56% of the stock is owned by insiders.

Ormat Technologies Stock Up 0.2%

ORA traded up $0.19 during trading hours on Monday, hitting $92.68. 497,212 shares of the company's stock were exchanged, compared to its average volume of 497,752. Ormat Technologies, Inc. has a 1-year low of $61.58 and a 1-year high of $95.36. The stock's 50-day moving average is $90.28 and its two-hundred day moving average is $80.60. The stock 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. 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 announced its quarterly earnings results 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 firm had revenue of $234.02 million during the quarter, compared to analysts' expectations of $225.26 million. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. The company's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.37 earnings per share. Sell-side analysts predict that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

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