Meeder Asset Management Inc. raised its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 99.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,460 shares of the energy company’s stock after buying an additional 6,211 shares during the period. Meeder Asset Management Inc.’s holdings in Ormat Technologies were worth $732,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Creative Planning increased its stake in shares of Ormat Technologies by 12.0% in the second quarter. Creative Planning now owns 2,099 shares of the energy company’s stock worth $123,000 after buying an additional 225 shares during the last quarter. Cutler Group LP increased its stake in Ormat Technologies by 125.3% in the second quarter. Cutler Group LP now owns 5,736 shares of the energy company’s stock worth $336,000 after buying an additional 3,190 shares in the last quarter. Handelsbanken Fonder AB increased its stake in Ormat Technologies by 15.8% in the second quarter. Handelsbanken Fonder AB now owns 88,406 shares of the energy company’s stock worth $5,188,000 after buying an additional 12,035 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in Ormat Technologies during the first quarter worth about $374,000. Finally, Tudor Investment Corp ET AL increased its stake in Ormat Technologies by 7.2% in the first quarter. Tudor Investment Corp ET AL now owns 10,012 shares of the energy company’s stock worth $571,000 after buying an additional 670 shares in the last quarter. 45.81% of the stock is owned by institutional investors.
Ormat Technologies, Inc. (ORA) opened at 59.03 on Friday. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of 29.78 and a beta of 1.19. Ormat Technologies, Inc. has a 12-month low of $45.30 and a 12-month high of $61.49. The stock has a 50 day moving average price of $58.91 and a 200-day moving average price of $57.35.
Ormat Technologies (NYSE:ORA) last announced its earnings results on Monday, May 8th. The energy company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.05. Ormat Technologies had a net margin of 14.26% and a return on equity of 10.05%. The firm had revenue of $189.90 million for the quarter, compared to the consensus estimate of $177.42 million. During the same period in the prior year, the firm earned $0.59 EPS. The firm’s revenue for the quarter was up 25.3% on a year-over-year basis. Equities analysts predict that Ormat Technologies, Inc. will post $2.30 EPS for the current fiscal year.
A number of analysts have issued reports on the company. Cowen and Company set a $67.00 target price on Ormat Technologies and gave the stock a “buy” rating in a research report on Monday, July 17th. BidaskClub downgraded Ormat Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, July 6th. J P Morgan Chase & Co raised Ormat Technologies from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $65.00 to $71.00 in a research report on Wednesday, June 7th. Barclays PLC raised Ormat Technologies from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $54.00 to $59.00 in a research report on Friday, May 26th. Finally, Zacks Investment Research downgraded Ormat Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 13th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Ormat Technologies currently has an average rating of “Buy” and an average target price of $65.25.
In related news, CEO Isaac Angel sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $57.00, for a total transaction of $8,550,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert F. Clarke sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $56.97, for a total transaction of $854,550.00. Following the sale, the director now directly owns 7,500 shares in the company, valued at $427,275. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,833,033 shares of company stock worth $617,542,760. 22.97% of the stock is owned by insiders.
Ormat Technologies Company Profile
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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