Bowling Portfolio Management LLC Invests $961,000 in Ormat Technologies, Inc. (NYSE:ORA)

Bowling Portfolio Management LLC purchased a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 16,383 shares of the energy company’s stock, valued at approximately $961,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Personal Capital Advisors Corp increased its position in shares of Ormat Technologies by 1.0% in the second quarter. Personal Capital Advisors Corp now owns 114,205 shares of the energy company’s stock worth $6,702,000 after buying an additional 1,095 shares during the last quarter. Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD increased its position in shares of Ormat Technologies by 7.8% in the second quarter. Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD now owns 194,984 shares of the energy company’s stock worth $11,476,000 after buying an additional 14,162 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Ormat Technologies by 135.8% in the second quarter. Russell Investments Group Ltd. now owns 42,225 shares of the energy company’s stock worth $2,478,000 after buying an additional 24,320 shares during the last quarter. Bridge Creek Capital Management LLC bought a new position in shares of Ormat Technologies during the second quarter worth about $1,406,000. Finally, Aperio Group LLC increased its position in shares of Ormat Technologies by 10.8% in the second quarter. Aperio Group LLC now owns 79,532 shares of the energy company’s stock worth $4,667,000 after buying an additional 7,748 shares during the last quarter. 45.96% of the stock is owned by institutional investors.

Ormat Technologies, Inc. (NYSE ORA) opened at 60.55 on Thursday. The firm has a market capitalization of $3.01 billion, a P/E ratio of 30.55 and a beta of 1.20. Ormat Technologies, Inc. has a 52 week low of $45.30 and a 52 week high of $61.49. The stock’s 50 day moving average price is $58.85 and its 200 day moving average price is $57.52.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Monday, May 8th. The energy company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.65 by $0.05. The business had revenue of $189.90 million during the quarter, compared to analysts’ expectations of $177.42 million. Ormat Technologies had a return on equity of 10.05% and a net margin of 14.26%. The company’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same period last year, the firm earned $0.59 EPS. On average, equities analysts expect that Ormat Technologies, Inc. will post $2.30 EPS for the current year.

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Several brokerages have recently weighed in on ORA. Cowen and Company set a $67.00 target price on Ormat Technologies and gave the stock a “buy” rating in a research note on Monday, July 17th. BidaskClub downgraded Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. J P Morgan Chase & Co raised Ormat Technologies from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $65.00 to $71.00 in a research note on Wednesday, June 7th. Barclays PLC raised Ormat Technologies from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $54.00 to $59.00 in a research note on Friday, May 26th. Finally, Zacks Investment Research downgraded Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 13th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $65.25.

In other news, VP Zvi Krieger sold 7,704 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $57.81, for a total value of $445,368.24. Following the completion of the sale, the vice president now directly owns 7,704 shares of the company’s stock, valued at approximately $445,368.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert F. Clarke sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $56.97, for a total value of $854,550.00. Following the completion of the sale, the director now directly owns 7,500 shares of the company’s stock, valued at $427,275. The disclosure for this sale can be found here. Insiders sold a total of 11,083,033 shares of company stock valued at $631,792,760 over the last three months. Insiders own 22.97% of the company’s stock.

About Ormat Technologies

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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