AQR Capital Management LLC cut its stake in Ormat Technologies, Inc. (NYSE:ORA) by 6.6% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 37,632 shares of the energy company’s stock after selling 2,679 shares during the period. AQR Capital Management LLC owned 0.08% of Ormat Technologies worth $2,148,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Russell Investments Group Ltd. purchased a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $128,000. Norges Bank purchased a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $20,143,000. Teachers Advisors LLC boosted its position in shares of Ormat Technologies by 250.2% in the fourth quarter. Teachers Advisors LLC now owns 222,435 shares of the energy company’s stock valued at $11,927,000 after buying an additional 158,913 shares during the last quarter. Creative Planning boosted its position in shares of Ormat Technologies by 43.9% in the first quarter. Creative Planning now owns 1,874 shares of the energy company’s stock valued at $107,000 after buying an additional 572 shares during the last quarter. Finally, Navellier & Associates Inc boosted its position in shares of Ormat Technologies by 2.3% in the first quarter. Navellier & Associates Inc now owns 8,090 shares of the energy company’s stock valued at $462,000 after buying an additional 180 shares during the last quarter. Institutional investors own 45.33% of the company’s stock.
Ormat Technologies, Inc. (NYSE ORA) traded down 1.09% during mid-day trading on Tuesday, hitting $56.44. 148,897 shares of the company traded hands. The company’s 50-day moving average price is $58.06 and its 200 day moving average price is $57.78. Ormat Technologies, Inc. has a one year low of $45.30 and a one year high of $61.49. The company has a market capitalization of $2.82 billion, a price-to-earnings ratio of 25.75 and a beta of 1.20.
Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Thursday, August 3rd. The energy company reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.03. Ormat Technologies had a return on equity of 10.25% and a net margin of 15.36%. The business had revenue of $179.36 million during the quarter, compared to analyst estimates of $169.80 million. During the same period in the previous year, the firm earned $0.49 EPS. Ormat Technologies’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, analysts anticipate that Ormat Technologies, Inc. will post $2.28 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 29th. Shareholders of record on Tuesday, August 15th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date is Friday, August 11th. Ormat Technologies’s dividend payout ratio (DPR) is currently 14.61%.
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Several research analysts have commented on ORA shares. Zacks Investment Research cut shares of Ormat Technologies from a “buy” rating to a “hold” rating in a report on Thursday, May 4th. Oppenheimer Holdings, Inc. set a $65.00 target price on shares of Ormat Technologies and gave the stock a “buy” rating in a report on Thursday, May 4th. Cowen and Company set a $67.00 price target on shares of Ormat Technologies and gave the stock a “buy” rating in a report on Wednesday, May 10th. Barclays PLC upgraded shares of Ormat Technologies from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $54.00 to $59.00 in a 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 raised their price target for the stock from $65.00 to $71.00 in a report on Wednesday, June 7th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $65.38.
In other news, VP Nir Wolf sold 3,010 shares of the stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $59.10, for a total value of $177,891.00. Following the completion of the sale, the vice president now owns 3,010 shares of the company’s stock, valued at approximately $177,891. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert Eugene Joyal sold 7,500 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $57.75, for a total value of $433,125.00. Following the completion of the sale, the director now directly owns 7,500 shares of the company’s stock, valued at approximately $433,125. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,068,033 shares of company stock valued at $630,943,835. 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.
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