Mirae Asset Global Investments Co. Ltd. Reduces Position in Ormat Technologies, Inc. (NYSE:ORA)

Mirae Asset Global Investments Co. Ltd. cut its position in Ormat Technologies, Inc. (NYSE:ORA) by 5.1% during the fourth quarter, HoldingsChannel reports. The firm owned 46,691 shares of the energy company’s stock after selling 2,488 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Ormat Technologies were worth $3,539,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. IFP Advisors Inc boosted its holdings in shares of Ormat Technologies by 248.0% in the 2nd quarter. IFP Advisors Inc now owns 428 shares of the energy company’s stock valued at $34,000 after buying an additional 305 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Ormat Technologies by 43.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,008 shares of the energy company’s stock valued at $87,000 after buying an additional 303 shares in the last quarter. Toroso Investments LLC boosted its holdings in shares of Ormat Technologies by 15.8% in the 3rd quarter. Toroso Investments LLC now owns 1,065 shares of the energy company’s stock valued at $91,000 after buying an additional 145 shares in the last quarter. Lazard Asset Management LLC acquired a new position in shares of Ormat Technologies in the 2nd quarter valued at $110,000. Finally, FMR LLC boosted its holdings in shares of Ormat Technologies by 13.0% in the 2nd quarter. FMR LLC now owns 1,465 shares of the energy company’s stock valued at $115,000 after buying an additional 169 shares in the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Stock Down 1.7 %

ORA stock opened at $59.96 on Wednesday. The company has a fifty day moving average of $65.20 and a 200-day moving average of $67.17. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.12 and a current ratio of 1.20. The stock has a market capitalization of $3.62 billion, a PE ratio of 28.69, a price-to-earnings-growth ratio of 2.92 and a beta of 0.48. Ormat Technologies, Inc. has a one year low of $58.73 and a one year high of $88.64.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Wednesday, February 21st. The energy company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. The business had revenue of $241.30 million during the quarter, compared to the consensus estimate of $239.71 million. Ormat Technologies had a net margin of 15.00% and a return on equity of 5.09%. The business’s revenue was up 17.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.73 EPS. As a group, analysts expect that Ormat Technologies, Inc. will post 2.2 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.80%. Ormat Technologies’s dividend payout ratio is presently 22.97%.

Insider Activity

In other news, Director Stanley Stern sold 1,825 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $66.95, for a total value of $122,183.75. Following the completion of the transaction, the director now owns 4,835 shares in the company, valued at approximately $323,703.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ORA. Oppenheimer decreased their price target on shares of Ormat Technologies from $84.00 to $83.00 and set an “outperform” rating for the company in a research note on Friday, January 19th. Barclays decreased their price target on shares of Ormat Technologies from $82.00 to $75.00 and set an “equal weight” rating for the company in a research note on Monday, February 5th. Finally, TD Cowen decreased their price target on shares of Ormat Technologies from $74.00 to $70.00 and set a “market perform” rating for the company in a research note on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $81.00.

Ormat Technologies Profile

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.