Principal Financial Group Inc. Cuts Stake in Ormat Technologies, Inc. (ORA)

Principal Financial Group Inc. decreased its stake in shares of Ormat Technologies, Inc. (NYSE:ORA) by 4.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,582 shares of the energy company’s stock after selling 849 shares during the period. Principal Financial Group Inc.’s holdings in Ormat Technologies were worth $1,117,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ORA. Capital One National Association raised its stake in Ormat Technologies by 1.0% in the first quarter. Capital One National Association now owns 11,777 shares of the energy company’s stock valued at $672,000 after buying an additional 117 shares during the last quarter. Navellier & Associates Inc raised its stake in Ormat Technologies by 2.3% in the first quarter. Navellier & Associates Inc now owns 8,090 shares of the energy company’s stock valued at $462,000 after buying an additional 180 shares during the last quarter. SG Americas Securities LLC raised its stake in Ormat Technologies by 16.6% in the first quarter. SG Americas Securities LLC now owns 2,285 shares of the energy company’s stock valued at $130,000 after buying an additional 326 shares during the last quarter. Victory Capital Management Inc. raised its stake in Ormat Technologies by 13.5% in the first quarter. Victory Capital Management Inc. now owns 3,369 shares of the energy company’s stock valued at $192,000 after buying an additional 400 shares during the last quarter. Finally, US Bancorp DE raised its stake in Ormat Technologies by 33.6% in the first quarter. US Bancorp DE now owns 2,169 shares of the energy company’s stock valued at $124,000 after buying an additional 545 shares during the last quarter. Institutional investors and hedge funds own 45.91% of the company’s stock.

Shares of Ormat Technologies, Inc. (NYSE ORA) opened at 56.13 on Friday. The stock’s 50 day moving average is $58.24 and its 200-day moving average is $57.68. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 25.61 and a beta of 1.20. Ormat Technologies, Inc. has a 12-month low of $45.30 and a 12-month high of $61.49.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.03. Ormat Technologies had a net margin of 15.36% and a return on equity of 10.25%. The business had revenue of $179.36 million for the quarter, compared to analyst estimates of $169.80 million. During the same quarter in the prior year, the business posted $0.49 EPS. Ormat Technologies’s revenue for the quarter was up 12.2% compared to the same quarter last year. On average, analysts expect that Ormat Technologies, Inc. will post $2.28 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 29th. Shareholders of record on Tuesday, August 15th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $0.32 dividend on an annualized basis and a yield of 0.57%. Ormat Technologies’s payout ratio is 14.61%.

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Several research firms have issued reports on ORA. J P Morgan Chase & Co upgraded shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and upped their price target for the company from $65.00 to $71.00 in a research report on Wednesday, June 7th. Barclays PLC upgraded shares of Ormat Technologies from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $54.00 to $59.00 in a research report on Friday, May 26th. Cowen and Company set a $67.00 price target on shares of Ormat Technologies and gave the company a “buy” rating in a research report on Monday, July 17th. Oppenheimer Holdings, Inc. set a $65.00 price target on shares of Ormat Technologies and gave the company a “buy” rating in a research report on Thursday, May 4th. Finally, BidaskClub lowered shares of Ormat Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, July 6th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $65.38.

In other Ormat Technologies news, Director Robert Eugene Joyal sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $57.00, for a total transaction of $427,500.00. Following the transaction, the director now owns 7,500 shares in the company, valued at approximately $427,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Isaac Angel sold 250,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $57.00, for a total transaction of $14,250,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 11,075,533 shares of company stock worth $631,371,335 in the last 90 days. 22.97% of the stock is currently owned by company insiders.

About Ormat Technologies

Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.

Institutional Ownership by Quarter for Ormat Technologies (NYSE:ORA)

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