Vanguard Group Inc. Sells 91,673 Shares of Ormat Technologies, Inc. $ORA

Key Points

• Vanguard Group Inc. reduced its stake in Ormat Technologies by 1.5% in Q1, holding approximately 5.95 million shares worth $421 million, representing about 9.82% of the company.
• Ormat Technologies reported earnings of $0.48 per share for the quarter, exceeding analysts' expectations, with a revenue increase of 9.9% year-over-year.
• The company declared a quarterly dividend of $0.12, which will be paid on September 3rd, reflecting an annualized dividend yield of 0.5%.

Vanguard Group Inc. lowered its position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 1.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,952,323 shares of the energy company's stock after selling 91,673 shares during the period. Vanguard Group Inc. owned 9.82% of Ormat Technologies worth $421,244,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ORA. Franklin Resources Inc. bought a new position in shares of Ormat Technologies in the 4th quarter worth approximately $526,000. Invesco Ltd. raised its position in shares of Ormat Technologies by 3.1% in the 4th quarter. Invesco Ltd. now owns 225,851 shares of the energy company's stock worth $15,295,000 after acquiring an additional 6,702 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Ormat Technologies in the 4th quarter worth approximately $204,000. Sterling Capital Management LLC raised its position in shares of Ormat Technologies by 897.8% in the 4th quarter. Sterling Capital Management LLC now owns 1,856 shares of the energy company's stock worth $126,000 after acquiring an additional 1,670 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Ormat Technologies in the 4th quarter worth approximately $375,000. Institutional investors own 95.49% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Roth Capital reissued a "buy" rating and issued a $98.00 target price (up previously from $88.00) on shares of Ormat Technologies in a research report on Tuesday, August 5th. Oppenheimer restated an "outperform" rating and issued a $100.00 price target on shares of Ormat Technologies in a research note on Friday, August 8th. JPMorgan Chase & Co. upped their price target on Ormat Technologies from $75.00 to $85.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Piper Sandler upped their price target on Ormat Technologies from $78.00 to $90.00 and gave the stock a "neutral" rating in a research note on Tuesday. Finally, Robert W. Baird upgraded 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 note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $93.30.

Ormat Technologies Stock Down 0.5%

ORA traded down $0.4820 during trading on Wednesday, hitting $92.3080. 572,973 shares of the company's stock traded hands, compared to its average volume of 544,272. The company's 50 day simple moving average is $87.06 and its two-hundred day simple moving average is $76.35. 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, Inc. has a 12-month low of $61.58 and a 12-month high of $93.26. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of 42.93, a PEG ratio of 4.32 and a beta of 0.68.

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

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be issued 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 of this dividend is Wednesday, August 20th. Ormat Technologies's dividend payout ratio is presently 22.33%.

Insider Transactions at Ormat Technologies

In other news, Director Stanley Stern sold 547 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $85.54, for a total transaction of $46,790.38. Following the transaction, the director directly owned 6,137 shares of the company's stock, valued at $524,958.98. This represents a 8.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Byron G. Wong sold 535 shares of the stock in a transaction on 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 in the company, valued at $791,346.01. The trade was a 5.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,038 shares of company stock valued at $337,192 over the last 90 days. 0.56% of the stock is owned by corporate insiders.

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.