Meeder Asset Management Inc. boosted its stake in Ormat Technologies, Inc. (NYSE:ORA) by 99.4% during the second quarter, according to its most recent 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 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new position in Ormat Technologies during the fourth quarter valued at about $128,000. State Street Corp increased its position in Ormat Technologies by 5.6% in the fourth quarter. State Street Corp now owns 690,127 shares of the energy company’s stock valued at $37,006,000 after buying an additional 36,499 shares in the last quarter. A.R.T. Advisors LLC purchased a new position in Ormat Technologies during the fourth quarter valued at about $235,000. AQR Capital Management LLC increased its position in Ormat Technologies by 4.1% in the fourth quarter. AQR Capital Management LLC now owns 40,311 shares of the energy company’s stock valued at $2,161,000 after buying an additional 1,575 shares in the last quarter. Finally, Norges Bank purchased a new position in Ormat Technologies during the fourth quarter valued at about $20,143,000. 45.96% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Ormat Technologies, Inc. (NYSE:ORA) opened at 57.97 on Friday. The firm’s 50 day moving average is $58.85 and its 200 day moving average is $57.52. Ormat Technologies, Inc. has a 12 month low of $45.30 and a 12 month high of $61.49. The company has a market cap of $2.88 billion, a PE ratio of 29.25 and a beta of 1.20.
Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Thursday, August 3rd. The energy company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. The company had revenue of $179.36 million for the quarter, compared to analyst estimates of $169.80 million. Ormat Technologies had a net margin of 15.36% and a return on equity of 10.39%. Ormat Technologies’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.49 earnings per share. On average, equities analysts predict that Ormat Technologies, Inc. will post $2.32 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 29th. Stockholders of record on Tuesday, August 15th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, August 11th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.55%. Ormat Technologies’s dividend payout ratio (DPR) is presently 14.61%.
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ORA has been the topic of several research reports. Cowen and Company reaffirmed an “outperform” rating and set a $67.00 price objective on shares of Ormat Technologies in a report on Wednesday, April 12th. Zacks Investment Research cut shares of Ormat Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, May 4th. Oppenheimer Holdings, Inc. set a $65.00 target price on shares of Ormat Technologies and gave the company a “buy” rating in a research report on Thursday, May 4th. Barclays PLC upgraded shares of Ormat Technologies from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $54.00 to $59.00 in a research report on Friday, May 26th. Finally, J P Morgan Chase & Co upgraded shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and upped their target price for the company from $65.00 to $71.00 in a research report on Wednesday, June 7th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $65.25.
In related news, CEO Isaac Angel sold 250,000 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $57.00, for a total value of $14,250,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert F. Clarke sold 15,000 shares of the business’s stock in a transaction on Friday, May 12th. The shares were sold at an average price of $56.97, for a total transaction of $854,550.00. Following the completion of the transaction, the director now owns 7,500 shares in the company, valued at approximately $427,275. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,083,033 shares of company stock worth $631,792,760. 22.97% of the stock is owned by company 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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