Polar Asset Management Partners Inc. Takes Position in Ormat Technologies, Inc. (NYSE:ORA)

Polar Asset Management Partners Inc. bought a new stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 75,000 shares of the energy company's stock, valued at approximately $5,079,000. Polar Asset Management Partners Inc. owned 0.12% of Ormat Technologies as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Ormat Technologies by 4.8% in 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 period. Impax Asset Management Group plc raised its holdings in shares of Ormat Technologies by 7.3% in the 4th quarter. Impax Asset Management Group plc now owns 2,415,479 shares of the energy company's stock valued at $162,586,000 after buying an additional 163,505 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Ormat Technologies by 6.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,586,479 shares of the energy company's stock valued at $107,440,000 after buying an additional 93,418 shares during the period. Geode Capital Management LLC raised its holdings in shares of Ormat Technologies by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 1,373,426 shares of the energy company's stock valued at $93,029,000 after buying an additional 72,135 shares during the period. Finally, Norges Bank purchased a new stake in shares of Ormat Technologies in the 4th quarter valued at $62,851,000. Hedge funds and other institutional investors own 95.49% of the company's stock.

Ormat Technologies Stock Up 0.3%

Shares of NYSE:ORA traded up $0.25 on Wednesday, hitting $72.64. 366,351 shares of the company's stock were exchanged, compared to its average volume of 483,588. The firm's 50-day moving average is $71.55 and its 200 day moving average is $71.07. The company has a market capitalization of $4.40 billion, a PE ratio of 37.06, a P/E/G ratio of 3.18 and a beta of 0.65. Ormat Technologies, Inc. has a 1-year low of $61.58 and a 1-year high of $84.30. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The energy company reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.10. The firm had revenue of $229.76 million for the quarter, compared to the consensus estimate of $228.33 million. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. The firm's quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 EPS. Sell-side analysts predict that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 21st will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, May 21st. This represents a $0.48 dividend on an annualized basis and a yield of 0.66%. Ormat Technologies's payout ratio is 23.30%.

Wall Street Analyst Weigh In

ORA has been the subject of several analyst reports. Jefferies Financial Group boosted their target price on Ormat Technologies from $78.00 to $86.00 and gave the stock a "buy" rating in a research note on Tuesday, March 25th. Baird R W raised Ormat Technologies to a "hold" rating in a research note on Thursday, March 13th. Wall Street Zen raised Ormat Technologies from a "sell" rating to a "hold" rating in a research note on Monday, April 7th. Barclays boosted their target price on Ormat Technologies from $75.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. upped their price objective on Ormat Technologies from $71.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, February 28th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $83.29.

Insiders Place Their Bets

In related news, insider Jessica Woelfel sold 409 shares of Ormat Technologies stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $72.15, for a total transaction of $29,509.35. Following the completion of the transaction, the insider now directly owns 6,094 shares of the company's stock, valued at approximately $439,682.10. The trade was a 6.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David Granot sold 1,666 shares of Ormat Technologies stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $69.00, for a total value of $114,954.00. Following the transaction, the director now directly owns 1,910 shares of the company's stock, valued at approximately $131,790. This represents a 46.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,068 shares of company stock valued at $291,572. 0.56% of the stock is owned by company insiders.

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.