Clal Insurance Enterprises Holdings Ltd Cuts Stock Holdings in Ormat Technologies, Inc. $ORA

Clal Insurance Enterprises Holdings Ltd reduced its stake in Ormat Technologies, Inc. (NYSE:ORA) by 0.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,925,086 shares of the energy company’s stock after selling 11,804 shares during the period. Ormat Technologies makes up 1.3% of Clal Insurance Enterprises Holdings Ltd’s portfolio, making the stock its 16th largest holding. Clal Insurance Enterprises Holdings Ltd owned approximately 3.13% of Ormat Technologies worth $215,313,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Aster Capital Management DIFC Ltd purchased a new position in shares of Ormat Technologies during the fourth quarter valued at about $26,000. Main Street Group LTD purchased a new stake in Ormat Technologies during the first quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new position in Ormat Technologies during the fourth quarter worth $31,000. Los Angeles Capital Management LLC purchased a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $32,000. Finally, Wolff Wiese Magana LLC bought a new position in Ormat Technologies in the 4th quarter valued at $33,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ORA shares. Sanford C. Bernstein started coverage on Ormat Technologies in a report on Tuesday, June 16th. They set an “underperform” rating and a $115.00 price objective on the stock. JPMorgan Chase & Co. increased their price target on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Oppenheimer reiterated an “outperform” rating and issued a $144.00 target price on shares of Ormat Technologies in a research note on Friday, May 8th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research report on Friday. Finally, Roth Capital reaffirmed a “buy” rating and set a $135.00 target price on shares of Ormat Technologies in a research note on Monday, May 11th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $131.75.

Insider Activity at Ormat Technologies

In other news, Director Michal Marom sold 3,080 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $130.97, for a total transaction of $403,387.60. Following the sale, the director owned 1,766 shares of the company’s stock, valued at $231,293.02. The trade was a 63.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stanley Stern sold 250 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total value of $34,605.00. Following the completion of the sale, the director directly owned 5,800 shares in the company, valued at $802,836. This trade represents a 4.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 30,585 shares of company stock worth $4,090,998. 0.50% of the stock is currently owned by insiders.

Ormat Technologies Stock Up 1.5%

ORA opened at $105.07 on Wednesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. The stock has a market capitalization of $6.46 billion, a P/E ratio of 51.01, a price-to-earnings-growth ratio of 4.41 and a beta of 0.88. The business’s 50-day simple moving average is $125.21 and its 200-day simple moving average is $118.94. Ormat Technologies, Inc. has a one year low of $84.13 and a one year high of $146.39.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.38. The business 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%. The business’s quarterly revenue was up 75.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.68 earnings per share. Analysts anticipate that Ormat Technologies, Inc. will post 2.35 EPS for the current year.

Ormat Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th were given 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 was Wednesday, May 20th. Ormat Technologies’s payout ratio is presently 23.30%.

Ormat Technologies 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.