Ormat Technologies, Inc. (NYSE:ORA) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its stake in Ormat Technologies, Inc. (NYSE:ORA) by 2.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 451,487 shares of the energy company’s stock after selling 9,664 shares during the quarter. Bank of New York Mellon Corp owned 0.74% of Ormat Technologies worth $31,952,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Stuart Chaussee & Associates Inc. bought a new position in shares of Ormat Technologies during the 4th quarter worth approximately $34,000. AlphaQuest LLC grew its position in Ormat Technologies by 4,691.7% during the fourth quarter. AlphaQuest LLC now owns 575 shares of the energy company’s stock worth $39,000 after buying an additional 563 shares in the last quarter. UMB Bank n.a. boosted its holdings in shares of Ormat Technologies by 42.6% in the 1st quarter. UMB Bank n.a. now owns 880 shares of the energy company’s stock valued at $62,000 after purchasing an additional 263 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Ormat Technologies in the 4th quarter valued at $66,000. Finally, Sterling Capital Management LLC raised its position in shares of Ormat Technologies by 897.8% in the 4th quarter. Sterling Capital Management LLC now owns 1,856 shares of the energy company’s stock worth $126,000 after acquiring an additional 1,670 shares in the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ORA. Jefferies Financial Group upped their price target on shares of Ormat Technologies from $78.00 to $86.00 and gave the stock a “buy” rating in a report on Tuesday, March 25th. Barclays boosted their target price on shares of Ormat Technologies from $86.00 to $90.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Finally, Wall Street Zen upgraded shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research report on Monday, April 7th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $84.71.

Insider Buying and Selling

In related news, Director Michal Marom sold 895 shares of the firm’s stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $73.47, for a total value of $65,755.65. Following the completion of the sale, the director owned 3,080 shares in the company, valued at $226,287.60. This trade represents a 22.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David Granot sold 950 shares of Ormat Technologies stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $73.10, for a total transaction of $69,445.00. Following the sale, the director owned 2,713 shares of the company’s stock, valued at approximately $198,320.30. This trade represents a 25.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,329 shares of company stock worth $423,443. 0.56% of the stock is currently owned by insiders.

Ormat Technologies Stock Down 0.8%

ORA opened at $86.80 on Wednesday. The stock has a market capitalization of $5.26 billion, a price-to-earnings ratio of 42.14, a PEG ratio of 4.22 and a beta of 0.64. The company has a fifty day moving average of $79.48 and a two-hundred day moving average of $72.39. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.90 and a current ratio of 0.97. Ormat Technologies, Inc. has a fifty-two week low of $61.58 and a fifty-two week high of $88.60.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, May 7th. The energy company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.10. Ormat Technologies had a net margin of 14.18% and a return on equity of 5.35%. The business had revenue of $229.76 million during the quarter, compared to analysts’ expectations of $228.33 million. During the same quarter in the prior year, the company posted $0.64 EPS. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, research analysts expect that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 4th. Investors of record on Wednesday, May 21st were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend was Wednesday, May 21st. Ormat Technologies’s dividend payout ratio (DPR) is 23.30%.

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.