Swedbank AB Sells 16,444 Shares of Ormat Technologies, Inc. $ORA

Key Points

• Swedbank AB has reduced its holdings in Ormat Technologies by 20.4%, now owning approximately $4.54 million worth of shares after selling 16,444 shares during the first quarter.
• Ormat Technologies recently announced a quarterly dividend of $0.12 per share, resulting in an annualized yield of 0.5%, with a payout ratio of 22.33%.
• Various institutional investors have significantly increased their stakes in Ormat Technologies, with recent purchases leading to institutional ownership rising to 95.49% of the company's stock.

Swedbank AB trimmed its stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 20.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 64,106 shares of the energy company's stock after selling 16,444 shares during the quarter. Swedbank AB owned about 0.11% of Ormat Technologies worth $4,537,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of ORA. Voya Investment Management LLC boosted its stake in shares of Ormat Technologies by 19.2% in the first quarter. Voya Investment Management LLC now owns 96,604 shares of the energy company's stock valued at $6,837,000 after purchasing an additional 15,532 shares during the period. Strs Ohio acquired a new stake in shares of Ormat Technologies during the first quarter worth $304,000. Intech Investment Management LLC raised its holdings in shares of Ormat Technologies by 10.5% during the first quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company's stock worth $1,740,000 after purchasing an additional 2,329 shares during the period. Bayforest Capital Ltd raised its holdings in shares of Ormat Technologies by 2,293.3% during the first quarter. Bayforest Capital Ltd now owns 6,773 shares of the energy company's stock worth $479,000 after purchasing an additional 6,490 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Ormat Technologies by 22.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company's stock worth $16,593,000 after purchasing an additional 43,483 shares during the period. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on ORA shares. JPMorgan Chase & Co. upped their price target on shares of Ormat Technologies from $75.00 to $85.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Roth Capital restated a "buy" rating and set a $98.00 price target (up previously from $88.00) on shares of Ormat Technologies in a research report on Tuesday, August 5th. Robert W. Baird upgraded shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $87.00 to $103.00 in a research report on Wednesday, July 30th. Oppenheimer restated an "outperform" rating and set a $100.00 price target on shares of Ormat Technologies in a research report on Friday, August 8th. Finally, UBS Group upped their price target on shares of Ormat Technologies from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Ormat Technologies currently has an average rating of "Moderate Buy" and an average price target of $94.50.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 692 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $94.57, for a total value of $65,442.44. Following the completion of the sale, the insider directly 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Stanley Stern sold 876 shares of the company's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $91.98, for a total transaction of $80,574.48. Following the transaction, the director owned 5,261 shares of the company's stock, valued at approximately $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. Over the last ninety days, insiders sold 9,828 shares of company stock valued at $921,183. 0.56% of the stock is currently owned by insiders.

Ormat Technologies Trading Down 1.6%

Shares of ORA traded down $1.52 during midday trading on Friday, hitting $92.48. The stock had a trading volume of 1,097,554 shares, compared to its average volume of 472,109. Ormat Technologies, Inc. has a fifty-two week low of $61.58 and a fifty-two week high of $95.36. The business has a 50-day simple moving average of $90.18 and a two-hundred day simple moving average of $80.29. The firm has a market cap of $5.62 billion, a P/E ratio of 43.01, a price-to-earnings-growth ratio of 4.37 and a beta of 0.69. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.77.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its earnings results on Wednesday, August 6th. The energy company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.37 by $0.11. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. The company had revenue of $234.02 million during the quarter, compared to analysts' expectations of $225.26 million. During the same period last year, the company posted $0.37 earnings per share. The business's revenue for the quarter was up 9.9% on a year-over-year basis. As a group, equities analysts forecast that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, August 20th. Ormat Technologies's payout ratio is currently 22.33%.

Ormat Technologies Company 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.