Ormat Technologies, Inc. (ORA) Position Reduced by First National Bank of Hutchinson

First National Bank of Hutchinson reduced its position in Ormat Technologies, Inc. (NYSE:ORA) by 0.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,389 shares of the energy company’s stock after selling 44 shares during the period. Ormat Technologies comprises approximately 0.5% of First National Bank of Hutchinson’s investment portfolio, making the stock its 28th largest position. First National Bank of Hutchinson’s holdings in Ormat Technologies were worth $730,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Ormat Technologies by 5.8% in the first quarter. Vanguard Group Inc. now owns 3,223,631 shares of the energy company’s stock worth $184,006,000 after buying an additional 177,288 shares in the last quarter. BlackRock Inc. increased its stake in Ormat Technologies by 6,068.3% in the first quarter. BlackRock Inc. now owns 2,473,872 shares of the energy company’s stock worth $141,210,000 after buying an additional 2,433,766 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Ormat Technologies by 5.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,430,513 shares of the energy company’s stock worth $81,654,000 after buying an additional 70,927 shares in the last quarter. Renaissance Technologies LLC increased its stake in Ormat Technologies by 24.3% in the first quarter. Renaissance Technologies LLC now owns 921,157 shares of the energy company’s stock worth $52,580,000 after buying an additional 179,900 shares in the last quarter. Finally, State Street Corp increased its stake in Ormat Technologies by 4.9% in the first quarter. State Street Corp now owns 724,132 shares of the energy company’s stock worth $41,332,000 after buying an additional 34,005 shares in the last quarter. Institutional investors own 45.91% of the company’s stock.

Ormat Technologies, Inc. (NYSE ORA) traded up 0.35% on Wednesday, hitting $57.67. The stock had a trading volume of 136,911 shares. Ormat Technologies, Inc. has a 12 month low of $45.30 and a 12 month high of $61.49. The stock has a market cap of $2.87 billion, a PE ratio of 29.10 and a beta of 1.20. The firm’s 50 day moving average price is $58.66 and its 200-day moving average price is $57.54.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.03. The company had revenue of $179.36 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the firm posted $0.49 earnings per share. On average, analysts forecast that Ormat Technologies, Inc. will post $2.32 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 29th. Stockholders of record on Tuesday, August 15th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Friday, August 11th. Ormat Technologies’s payout ratio is currently 14.61%.

ORA has been the topic of a number of research analyst reports. Cowen and Company set a $67.00 target price on Ormat Technologies and gave the stock a “buy” rating in a research report on Wednesday, May 10th. BidaskClub cut Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. Zacks Investment Research cut Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 13th. J P Morgan Chase & Co raised Ormat Technologies from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $65.00 to $71.00 in a research note on Wednesday, June 7th. Finally, Barclays PLC raised Ormat Technologies from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $54.00 to $59.00 in a research note on Friday, May 26th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Ormat Technologies has an average rating of “Buy” and an average price target of $65.38.

In other news, EVP Bob Sullivan sold 7,151 shares of the stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $58.13, for a total value of $415,687.63. Following the completion of the sale, the executive vice president now owns 7,151 shares of the company’s stock, valued at $415,687.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Iv 2007 Ltd. Fimi sold 7,202,646 shares of the stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $57.00, for a total transaction of $410,550,822.00. The disclosure for this sale can be found here. Insiders sold 11,090,533 shares of company stock valued at $632,225,885 in the last three months. Company insiders own 22.97% of the company’s stock.

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.