Bank of America Corp DE increased its position in Ormat Technologies, Inc. (NYSE:ORA) by 369.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 85,990 shares of the energy company’s stock after buying an additional 67,663 shares during the period. Bank of America Corp DE owned about 0.17% of Ormat Technologies worth $4,908,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. increased its position in shares of Ormat Technologies by 0.5% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 11,131 shares of the energy company’s stock worth $633,000 after buying an additional 60 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Ormat Technologies by 8.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 157,054 shares of the energy company’s stock worth $8,965,000 after buying an additional 11,842 shares in the last quarter. Invictus RG bought a new position in shares of Ormat Technologies during the first quarter worth approximately $437,000. KCG Holdings Inc. bought a new position in shares of Ormat Technologies during the first quarter worth approximately $203,000. Finally, BlackRock Inc. increased its position in shares of 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. 45.33% of the stock is owned by institutional investors and hedge funds.
Shares of Ormat Technologies, Inc. (NYSE:ORA) opened at 55.71 on Friday. The stock has a market cap of $2.78 billion, a PE ratio of 25.42 and a beta of 1.20. The stock’s 50 day moving average price is $57.77 and its 200 day moving average price is $57.77. Ormat Technologies, Inc. has a 1-year low of $45.30 and a 1-year high of $61.49.
Ormat Technologies (NYSE:ORA) last announced its earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.03. The firm had revenue of $179.36 million for the quarter, compared to the consensus estimate of $169.80 million. Ormat Technologies had a return on equity of 10.25% and a net margin of 15.36%. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 EPS. On average, equities research analysts anticipate that Ormat Technologies, Inc. will post $2.28 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 29th. Shareholders of record on Tuesday, August 15th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Friday, August 11th. Ormat Technologies’s payout ratio is currently 14.61%.
A number of equities analysts have recently commented on the company. Cowen and Company reissued a “buy” rating and set a $67.00 price objective on shares of Ormat Technologies in a research report on Friday. TheStreet downgraded Ormat Technologies from a “b” rating to a “c+” rating in a report on Monday, August 14th. Zacks Investment Research downgraded Ormat Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. BidaskClub downgraded Ormat Technologies from a “buy” rating to a “hold” rating in a report on Thursday, July 6th. Finally, J P Morgan Chase & Co upgraded Ormat Technologies from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $65.00 to $71.00 in a research note on Wednesday, June 7th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $65.38.
In other news, CEO Isaac Angel sold 150,000 shares of the business’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $57.00, for a total value of $8,550,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David Granot sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $57.70, for a total value of $288,500.00. Following the completion of the sale, the director now directly owns 5,000 shares in the company, valued at approximately $288,500. The disclosure for this sale can be found here. Insiders have sold a total of 11,067,154 shares of company stock worth $630,894,268 in the last ninety days. 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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