State of New Jersey Common Pension Fund D trimmed its stake in Ormat Technologies, Inc. (NYSE:ORA – Get Rating) by 12.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 26,136 shares of the energy company’s stock after selling 3,630 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Ormat Technologies were worth $2,253,000 as of its most recent filing with the SEC.
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A number of other institutional investors have also recently bought and sold shares of ORA. Creative Planning raised its holdings in Ormat Technologies by 2.1% in the second quarter. Creative Planning now owns 5,429 shares of the energy company’s stock valued at $425,000 after acquiring an additional 111 shares in the last quarter. FMR LLC raised its holdings in Ormat Technologies by 13.0% in the second quarter. FMR LLC now owns 1,465 shares of the energy company’s stock valued at $115,000 after acquiring an additional 169 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Ormat Technologies by 4.0% in the second quarter. Nisa Investment Advisors LLC now owns 4,650 shares of the energy company’s stock valued at $364,000 after acquiring an additional 180 shares in the last quarter. Strs Ohio raised its holdings in Ormat Technologies by 7.1% in the second quarter. Strs Ohio now owns 3,000 shares of the energy company’s stock valued at $235,000 after acquiring an additional 200 shares in the last quarter. Finally, US Bancorp DE increased its stake in Ormat Technologies by 10.0% during the third quarter. US Bancorp DE now owns 3,598 shares of the energy company’s stock valued at $310,000 after purchasing an additional 328 shares during the last quarter. 81.74% of the stock is currently owned by hedge funds and other institutional investors.
Ormat Technologies Stock Performance
Shares of ORA opened at $90.21 on Tuesday. The firm has a 50-day moving average price of $89.90 and a 200 day moving average price of $89.14. The firm has a market capitalization of $5.06 billion, a PE ratio of 75.81, a P/E/G ratio of 4.74 and a beta of 0.49. The company has a quick ratio of 1.20, a current ratio of 1.28 and a debt-to-equity ratio of 0.80. Ormat Technologies, Inc. has a 52-week low of $60.32 and a 52-week high of $101.81.
Ormat Technologies (NYSE:ORA – Get Rating) last announced its earnings results on Wednesday, November 2nd. The energy company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.08. Ormat Technologies had a net margin of 9.27% and a return on equity of 3.69%. The firm had revenue of $175.89 million during the quarter, compared to analyst estimates of $173.11 million. On average, sell-side analysts anticipate that Ormat Technologies, Inc. will post 1.35 earnings per share for the current fiscal year.
Ormat Technologies Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 30th. Shareholders of record on Wednesday, November 16th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend was Tuesday, November 15th. Ormat Technologies’s payout ratio is 40.34%.
Insider Buying and Selling at Ormat Technologies
In other Ormat Technologies news, major shareholder Corp Orix sold 3,750,000 shares of the company’s stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $87.75, for a total value of $329,062,500.00. Following the completion of the sale, the insider now directly owns 7,238,577 shares of the company’s stock, valued at approximately $635,185,131.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Ormat Technologies news, major shareholder Corp Orix sold 3,750,000 shares of the company’s stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $87.75, for a total transaction of $329,062,500.00. Following the completion of the sale, the insider now directly owns 7,238,577 shares of the company’s stock, valued at $635,185,131.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, President Shlomi Argas sold 12,106 shares of the company’s stock in a transaction dated Friday, November 4th. The shares were sold at an average price of $98.25, for a total transaction of $1,189,414.50. Following the sale, the president now directly owns 6,369 shares of the company’s stock, valued at $625,754.25. The disclosure for this sale can be found here. In the last three months, insiders sold 4,331,557 shares of company stock valued at $380,304,372. 1.30% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
ORA has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their target price on shares of Ormat Technologies from $97.00 to $88.00 and set a “neutral” rating for the company in a research note on Thursday, October 20th. StockNews.com upgraded shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, November 16th. Citigroup assumed coverage on shares of Ormat Technologies in a research report on Thursday, October 20th. They set a “neutral” rating and a $91.00 price target for the company. Bank of America assumed coverage on shares of Ormat Technologies in a research report on Tuesday, November 22nd. They set a “neutral” rating for the company. Finally, Roth Capital restated a “neutral” rating on shares of Ormat Technologies in a research report on Sunday, November 6th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $87.00.
Ormat Technologies Profile
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Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through 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.
Further Reading
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