Polar Asset Management Partners Inc. Makes New $5.08 Million Investment in Ormat Technologies, Inc. (NYSE:ORA)

Polar Asset Management Partners Inc. bought a new stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 75,000 shares of the energy company's stock, valued at approximately $5,079,000. Polar Asset Management Partners Inc. owned approximately 0.12% of Ormat Technologies as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in Ormat Technologies during the fourth quarter worth about $62,851,000. Vanguard Group Inc. increased its holdings in shares of Ormat Technologies by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company's stock worth $409,305,000 after buying an additional 274,540 shares during the last quarter. Impax Asset Management Group plc raised its position in shares of Ormat Technologies by 7.3% during 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. Soros Fund Management LLC purchased a new stake in shares of Ormat Technologies during the 4th quarter valued at approximately $10,158,000. Finally, Handelsbanken Fonder AB lifted its holdings in Ormat Technologies by 896.6% in the fourth quarter. Handelsbanken Fonder AB now owns 155,906 shares of the energy company's stock valued at $10,558,000 after acquiring an additional 140,262 shares during the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Stock Up 1.2%

Ormat Technologies stock traded up $0.85 during trading on Friday, reaching $74.49. The stock had a trading volume of 478,839 shares, compared to its average volume of 484,006. The business has a 50 day moving average price of $71.67 and a 200 day moving average price of $70.91. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. Ormat Technologies, Inc. has a 52-week low of $61.58 and a 52-week high of $84.30. The stock has a market cap of $4.51 billion, a PE ratio of 38.01, a P/E/G ratio of 3.18 and a beta of 0.65.

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

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 4th. Investors of record on Wednesday, May 21st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend is Wednesday, May 21st. Ormat Technologies's dividend payout ratio is currently 23.30%.

Insider Buying and Selling

In related news, Director Dafna Sharir sold 876 shares of Ormat Technologies stock in a transaction on Monday, May 19th. The shares were sold at an average price of $75.00, for a total value of $65,700.00. Following the transaction, the director now directly owns 4,438 shares in the company, valued at $332,850. This trade represents a 16.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jessica Woelfel sold 409 shares of the firm's 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 sale, the insider now owns 6,094 shares of the company's stock, valued at $439,682.10. This trade represents a 6.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,068 shares of company stock valued at $291,572 over the last quarter. 0.56% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

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

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.