California Public Employees Retirement System Sells 5,484 Shares of Ormat Technologies, Inc. (NYSE:ORA)

California Public Employees Retirement System decreased its stake in shares of Ormat Technologies, Inc. (NYSE:ORA) by 5.8% during the fourth quarter, Holdings Channel reports. The firm owned 89,682 shares of the energy company’s stock after selling 5,484 shares during the quarter. California Public Employees Retirement System’s holdings in Ormat Technologies were worth $6,797,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ORA. Guinness Asset Management LTD raised its holdings in Ormat Technologies by 5.7% in the 3rd quarter. Guinness Asset Management LTD now owns 518,360 shares of the energy company’s stock worth $36,234,000 after purchasing an additional 28,058 shares during the period. Guinness Atkinson Asset Management Inc increased its stake in shares of Ormat Technologies by 1.2% in the third quarter. Guinness Atkinson Asset Management Inc now owns 15,944 shares of the energy company’s stock worth $1,115,000 after purchasing an additional 194 shares in the last quarter. LGT Capital Partners LTD. increased its stake in shares of Ormat Technologies by 26.6% in the fourth quarter. LGT Capital Partners LTD. now owns 524,710 shares of the energy company’s stock worth $39,768,000 after purchasing an additional 110,330 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Ormat Technologies by 25.0% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 864,232 shares of the energy company’s stock valued at $65,500,000 after purchasing an additional 172,934 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in shares of Ormat Technologies during the 4th quarter valued at $1,516,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

NYSE ORA opened at $67.50 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.20 and a quick ratio of 1.12. Ormat Technologies, Inc. has a 1-year low of $58.73 and a 1-year high of $88.26. The business has a 50 day simple moving average of $64.85 and a two-hundred day simple moving average of $66.90. The stock has a market capitalization of $4.08 billion, a PE ratio of 32.30, a P/E/G ratio of 3.08 and a beta of 0.48.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, February 21st. The energy company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. The firm had revenue of $241.30 million during the quarter, compared to analyst estimates of $239.71 million. Ormat Technologies had a net margin of 15.00% and a return on equity of 5.09%. Ormat Technologies’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period last year, the firm posted $0.73 earnings per share. On average, research analysts predict that Ormat Technologies, Inc. will post 2.14 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.71%. The ex-dividend date of this dividend was Tuesday, March 5th. Ormat Technologies’s dividend payout ratio is 22.97%.

Insider Activity

In other Ormat Technologies news, Director Stanley Stern sold 1,825 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $66.95, for a total transaction of $122,183.75. Following the sale, the director now directly owns 4,835 shares of the company’s stock, valued at $323,703.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

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