State of New Jersey Common Pension Fund D Sells 1,642 Shares of Ormat Technologies, Inc. $ORA

State of New Jersey Common Pension Fund D lessened its stake in Ormat Technologies, Inc. (NYSE:ORA) by 5.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,546 shares of the energy company’s stock after selling 1,642 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Ormat Technologies were worth $2,223,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ORA. UMB Bank n.a. grew its holdings in shares of Ormat Technologies by 20.3% during the 2nd quarter. UMB Bank n.a. now owns 1,059 shares of the energy company’s stock worth $89,000 after acquiring an additional 179 shares during the period. Louisiana State Employees Retirement System grew its holdings in shares of Ormat Technologies by 1.3% during the 1st quarter. Louisiana State Employees Retirement System now owns 16,100 shares of the energy company’s stock worth $1,139,000 after acquiring an additional 200 shares during the period. Mackenzie Financial Corp grew its holdings in shares of Ormat Technologies by 6.3% during the 1st quarter. Mackenzie Financial Corp now owns 3,687 shares of the energy company’s stock worth $261,000 after acquiring an additional 220 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Ormat Technologies by 30.7% during the 1st quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company’s stock worth $76,000 after acquiring an additional 252 shares during the period. Finally, State of Wyoming grew its holdings in shares of Ormat Technologies by 8.0% during the 1st quarter. State of Wyoming now owns 3,498 shares of the energy company’s stock worth $248,000 after acquiring an additional 259 shares during the period. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock opened at $106.29 on Wednesday. Ormat Technologies, Inc. has a one year low of $61.58 and a one year high of $111.08. The stock’s fifty day moving average is $97.78 and its 200 day moving average is $86.54. The stock has a market cap of $6.45 billion, a P/E ratio of 49.44, a P/E/G ratio of 4.81 and a beta of 0.69. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.64 and a current ratio of 0.70.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.11. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The business had revenue of $234.02 million during the quarter, compared to analyst estimates of $225.26 million. During the same quarter in the prior year, the business posted $0.37 EPS. Ormat Technologies’s revenue for the quarter was up 9.9% compared to the same quarter last year. Sell-side analysts anticipate that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

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

Analysts Set New Price Targets

Several analysts recently weighed in on the company. UBS Group upped their price target on Ormat Technologies from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. 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. JPMorgan Chase & Co. upped their price objective on Ormat Technologies from $88.00 to $99.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. Cowen reaffirmed a “hold” rating on shares of Ormat Technologies in a research report on Friday, August 8th. Finally, Jefferies Financial Group upped their price objective on Ormat Technologies from $97.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Ormat Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Insiders Place Their Bets

In other news, insider Jessica Woelfel sold 5,611 shares of the firm’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $94.80, for a total transaction of $531,922.80. Following the completion of the transaction, the insider owned 3,433 shares in the company, valued at $325,448.40. This trade represents a 62.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Dafna Sharir sold 981 shares of Ormat Technologies stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $96.70, for a total value of $94,862.70. Following the completion of the transaction, the director owned 2,257 shares of the company’s stock, valued at approximately $218,251.90. This represents a 30.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 40,926 shares of company stock worth $3,861,296 in the last three months. 0.56% of the stock is owned by company insiders.

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.