Handelsbanken Fonder AB Sells 367,848 Shares of Ormat Technologies, Inc. $ORA

Handelsbanken Fonder AB lessened its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 65.4% in the second quarter, according to its most recent filing with the SEC. The firm owned 194,203 shares of the energy company’s stock after selling 367,848 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.32% of Ormat Technologies worth $21,149,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in shares of Ormat Technologies by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,910,292 shares of the energy company’s stock valued at $211,036,000 after purchasing an additional 43,749 shares during the last quarter. Geode Capital Management LLC raised its stake in Ormat Technologies by 6.8% during the fourth quarter. Geode Capital Management LLC now owns 1,611,360 shares of the energy company’s stock worth $178,033,000 after buying an additional 102,864 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Ormat Technologies by 32.7% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock valued at $128,469,000 after buying an additional 282,583 shares during the period. Canada Pension Plan Investment Board lifted its holdings in Ormat Technologies by 62.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after buying an additional 413,384 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its position in Ormat Technologies by 155.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock valued at $97,935,000 after acquiring an additional 540,000 shares during the last quarter. Institutional investors own 95.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ORA shares. UBS Group lifted their price objective on Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. upped their target price on Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $112.00 target price on shares of Ormat Technologies in a research note on Monday. Wolfe Research began coverage on Ormat Technologies in a report on Monday, June 8th. They issued a “peer perform” rating for the company. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Ormat Technologies has a consensus rating of “Moderate Buy” and an average price target of $130.83.

Ormat Technologies Trading Down 1.3%

NYSE:ORA opened at $113.00 on Thursday. Ormat Technologies, Inc. has a 12 month low of $87.33 and a 12 month high of $146.39. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $6.95 billion, a price-to-earnings ratio of 55.67, a PEG ratio of 4.53 and a beta of 0.90. The firm has a fifty day simple moving average of $114.70 and a two-hundred day simple moving average of $117.33.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.24. The firm had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.48 earnings per share. Analysts expect that Ormat Technologies, Inc. will post 2.52 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $0.48 annualized dividend and a yield of 0.4%. Ormat Technologies’s dividend payout ratio is presently 23.65%.

Insiders Place Their Bets

In other Ormat Technologies news, Director Stanley Stern sold 577 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $130.17, for a total value of $75,108.09. Following the completion of the sale, the director owned 6,050 shares of the company’s stock, valued at approximately $787,528.50. This trade represents a 8.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David Granot sold 1,766 shares of the firm’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 directly owned 1,766 shares of the company’s stock, valued at $237,403.38. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 7,426 shares of company stock worth $983,127. Corporate insiders own 0.50% of the company’s stock.

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.