Sequoia Financial Advisors LLC Makes New $358,000 Investment in Ormat Technologies, Inc. $ORA

Sequoia Financial Advisors LLC purchased a new position in Ormat Technologies, Inc. (NYSE:ORA) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 4,272 shares of the energy company’s stock, valued at approximately $358,000.

Other large investors have also added to or reduced their stakes in the company. Teacher Retirement System of Texas bought a new stake in Ormat Technologies in the 1st quarter worth $593,000. Empower Advisory Group LLC grew its holdings in Ormat Technologies by 6.5% in the 1st quarter. Empower Advisory Group LLC now owns 215,327 shares of the energy company’s stock worth $15,239,000 after acquiring an additional 13,061 shares during the last quarter. Bayforest Capital Ltd grew its holdings in Ormat Technologies by 2,293.3% in the 1st quarter. Bayforest Capital Ltd now owns 6,773 shares of the energy company’s stock worth $479,000 after acquiring an additional 6,490 shares during the last quarter. Voya Investment Management LLC grew its holdings in Ormat Technologies by 19.2% in the 1st quarter. Voya Investment Management LLC now owns 96,604 shares of the energy company’s stock worth $6,837,000 after acquiring an additional 15,532 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Ormat Technologies by 273,109.4% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company’s stock valued at $67,673,000 after purchasing an additional 955,883 shares in the last quarter. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Trading Down 4.0%

NYSE:ORA opened at $105.45 on Wednesday. Ormat Technologies, Inc. has a one year low of $61.58 and a one year high of $111.08. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64. The company’s 50-day simple moving average is $96.27 and its 200 day simple moving average is $85.11. The firm has a market capitalization of $6.40 billion, a P/E ratio of 49.05, a PEG ratio of 4.96 and a beta of 0.69.

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

Ormat Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies’s payout ratio is presently 22.33%.

Wall Street Analyst Weigh In

ORA has been the topic of a number of research reports. UBS Group lifted their target price on shares of Ormat Technologies from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Baird R W raised shares of Ormat Technologies from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 30th. Oppenheimer reaffirmed an “outperform” rating and set a $100.00 target price on shares of Ormat Technologies in a research note on Friday, August 8th. Roth Capital reaffirmed a “buy” rating and set a $98.00 target price (up previously from $88.00) on shares of Ormat Technologies in a research note on Tuesday, August 5th. Finally, Jefferies Financial Group lifted their target price on shares of Ormat Technologies from $97.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Insider Buying and Selling at Ormat Technologies

In related news, CFO Assi Ginzburg sold 9,343 shares of the business’s stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $93.31, for a total transaction of $871,795.33. Following the sale, the chief financial officer owned 24,482 shares of the company’s stock, valued at $2,284,415.42. The trade was a 27.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Dafna Sharir sold 981 shares of Ormat Technologies stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $96.70, for a total transaction of $94,862.70. Following the completion of the transaction, the director directly owned 2,257 shares of the company’s stock, valued at $218,251.90. This trade represents a 30.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 40,926 shares of company stock valued at $3,861,296 over the last three months. 0.56% of the stock is currently owned by corporate insiders.

About Ormat Technologies

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.