Ormat Technologies, Inc. $ORA Shares Sold by Swedbank AB

Swedbank AB lessened its stake in shares of Ormat Technologies, Inc. (NYSE:ORA) by 26.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 46,895 shares of the energy company’s stock after selling 17,211 shares during the period. Swedbank AB owned 0.08% of Ormat Technologies worth $3,928,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. UMB Bank n.a. boosted its holdings in Ormat Technologies by 42.6% in the first 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. CWM LLC grew its holdings in Ormat Technologies by 294.2% in the first quarter. CWM LLC now owns 887 shares of the energy company’s stock valued at $63,000 after purchasing an additional 662 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Ormat Technologies by 60.6% during the first quarter. Signaturefd LLC now owns 890 shares of the energy company’s stock valued at $63,000 after acquiring an additional 336 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Ormat Technologies by 30.7% in the 1st quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company’s stock valued at $76,000 after buying an additional 252 shares during the period. Finally, Gitterman Wealth Management LLC acquired a new position in shares of Ormat Technologies in the 1st quarter valued at about $202,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ORA has been the topic of several analyst reports. UBS Group lifted their price objective on Ormat Technologies from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Roth Capital restated a “buy” rating and set a $98.00 price objective (up from $88.00) on shares of Ormat Technologies in a research note on Tuesday, August 5th. Baird R W upgraded Ormat Technologies from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 30th. Piper Sandler upgraded Ormat Technologies from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $90.00 to $102.00 in a research report on Wednesday, September 17th. Finally, TD Cowen upped their price objective on Ormat Technologies from $76.00 to $85.00 and gave the company a “hold” rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Ormat Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.50.

Ormat Technologies Stock Performance

ORA stock opened at $92.48 on Monday. The stock has a 50-day moving average price of $90.18 and a 200-day moving average price of $80.44. Ormat Technologies, Inc. has a 1-year low of $61.58 and a 1-year high of $95.36. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.77. The firm has a market cap of $5.62 billion, a PE ratio of 43.01, a price-to-earnings-growth ratio of 4.30 and a beta of 0.69.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.11. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The business had revenue of $234.02 million during the quarter, compared to the consensus estimate of $225.26 million. During the same quarter in the previous year, the business earned $0.37 EPS. The company’s quarterly revenue was up 9.9% on a year-over-year basis. As a group, equities research analysts expect that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Wednesday, August 20th. Ormat Technologies’s dividend payout ratio is currently 22.33%.

Insider Activity

In other Ormat Technologies news, insider Jessica Woelfel sold 692 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $94.57, for a total transaction of $65,442.44. Following the completion of the transaction, the insider owned 5,234 shares of the company’s stock, valued at approximately $494,979.38. This trade represents a 11.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Assi Ginzburg sold 7,066 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $94.71, for a total transaction of $669,220.86. Following the sale, the chief financial officer directly owned 33,825 shares of the company’s stock, valued at $3,203,565.75. This trade represents a 17.28% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,828 shares of company stock valued at $921,183. Company insiders own 0.56% of the company’s stock.

Ormat Technologies Company 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.