Van Berkom & Associates Inc. decreased its position in Ormat Technologies, Inc. (NYSE:ORA – Free Report) by 16.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 578,734 shares of the energy company’s stock after selling 114,390 shares during the quarter. Ormat Technologies accounts for about 2.1% of Van Berkom & Associates Inc.’s holdings, making the stock its 27th biggest holding. Van Berkom & Associates Inc.’s holdings in Ormat Technologies were worth $64,772,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in ORA. Aster Capital Management DIFC Ltd acquired a new position in Ormat Technologies during the 4th quarter worth approximately $26,000. Main Street Group LTD purchased a new stake in shares of Ormat Technologies during the 1st quarter worth $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Ormat Technologies during the 4th quarter worth $31,000. Los Angeles Capital Management LLC acquired a new position in shares of Ormat Technologies during the fourth quarter worth $32,000. Finally, Wolff Wiese Magana LLC acquired a new position in shares of Ormat Technologies during the fourth quarter worth $33,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.
Analyst Ratings Changes
A number of research firms have weighed in on ORA. UBS Group raised their price target on Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Barclays upped their price objective on Ormat Technologies from $126.00 to $127.00 and gave the stock an “overweight” rating in a research report on Thursday. Roth Capital reiterated a “buy” rating and issued a $135.00 price objective on shares of Ormat Technologies in a report on Monday, May 11th. JPMorgan Chase & Co. raised their target price on Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Finally, Oppenheimer restated an “outperform” rating and set a $144.00 target price on shares of Ormat Technologies in a research note on Friday, May 8th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $131.75.
Insider Transactions at Ormat Technologies
In other Ormat Technologies news, CFO Assi Ginzburg sold 17,776 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $134.75, for a total value of $2,395,316.00. Following the completion of the sale, the chief financial officer owned 1,970 shares in the company, valued at approximately $265,457.50. The trade was a 90.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Granot sold 1,766 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total value of $237,403.38. Following the completion of the sale, the director owned 1,766 shares of the company’s stock, valued at approximately $237,403.38. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 30,585 shares of company stock worth $4,090,998. Insiders own 0.56% of the company’s stock.
Ormat Technologies Price Performance
Shares of NYSE:ORA opened at $104.75 on Monday. Ormat Technologies, Inc. has a 12 month low of $84.13 and a 12 month high of $146.39. The firm has a market capitalization of $6.44 billion, a P/E ratio of 50.85, a P/E/G ratio of 4.49 and a beta of 0.88. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. The company’s fifty day moving average price is $126.03 and its 200 day moving average price is $119.03.
Ormat Technologies (NYSE:ORA – Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.38. The company had revenue of $403.91 million during the quarter, compared to the consensus estimate of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. Ormat Technologies’s revenue for the quarter was up 75.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.68 earnings per share. As a group, sell-side analysts predict that Ormat Technologies, Inc. will post 2.33 earnings per share for the current fiscal year.
Ormat Technologies Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. Ormat Technologies’s dividend payout ratio is 23.30%.
Ormat Technologies Company Profile
Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.
Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.
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