Ormat Technologies, Inc. (NYSE:ORA) Position Reduced by Global Alpha Capital Management Ltd.

Global Alpha Capital Management Ltd. decreased its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 0.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 2,296,140 shares of the energy company’s stock after selling 17,716 shares during the period. Ormat Technologies makes up about 11.3% of Global Alpha Capital Management Ltd.’s investment portfolio, making the stock its largest position. Global Alpha Capital Management Ltd.’s holdings in Ormat Technologies were worth $151,588,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Impax Asset Management Group plc raised its stake in shares of Ormat Technologies by 15.0% during the fourth quarter. Impax Asset Management Group plc now owns 2,638,182 shares of the energy company’s stock valued at $199,004,000 after purchasing an additional 343,650 shares during the period. Norges Bank purchased a new stake in shares of Ormat Technologies during the fourth quarter valued at approximately $25,709,000. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Ormat Technologies by 25.0% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 864,232 shares of the energy company’s stock worth $65,500,000 after buying an additional 172,934 shares in the last quarter. LGT Capital Partners LTD. grew its position in shares of Ormat Technologies by 26.6% during the fourth quarter. LGT Capital Partners LTD. now owns 524,710 shares of the energy company’s stock worth $39,768,000 after buying an additional 110,330 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Ormat Technologies by 0.8% during the third quarter. Vanguard Group Inc. now owns 5,285,456 shares of the energy company’s stock worth $369,559,000 after buying an additional 42,266 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

Ormat Technologies stock traded up $3.11 during mid-day trading on Tuesday, reaching $76.07. The company’s stock had a trading volume of 564,865 shares, compared to its average volume of 482,479. The firm has a market cap of $4.60 billion, a price-to-earnings ratio of 34.27, a PEG ratio of 3.76 and a beta of 0.51. The business has a 50 day moving average price of $72.83 and a 200-day moving average price of $68.56. The company has a current ratio of 1.12, a quick ratio of 1.02 and a debt-to-equity ratio of 0.73. Ormat Technologies, Inc. has a twelve month low of $58.73 and a twelve month high of $85.82.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Wednesday, May 8th. The energy company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.03). Ormat Technologies had a net margin of 15.43% and a return on equity of 5.45%. The firm had revenue of $224.17 million for the quarter, compared to analyst estimates of $224.38 million. Sell-side analysts predict that Ormat Technologies, Inc. will post 2 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.63%. The ex-dividend date was Tuesday, May 21st. Ormat Technologies’s dividend payout ratio (DPR) is 21.62%.

Insider Activity at Ormat Technologies

In related news, Director David Granot sold 686 shares of Ormat Technologies stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $73.46, for a total transaction of $50,393.56. Following the sale, the director now directly owns 4,832 shares in the company, valued at $354,958.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ORA shares. UBS Group raised their price target on shares of Ormat Technologies from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, May 14th. JPMorgan Chase & Co. raised their price target on shares of Ormat Technologies from $69.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday. TD Cowen raised their price target on shares of Ormat Technologies from $70.00 to $76.00 and gave the stock a “hold” rating in a research report on Friday, May 10th. Barclays decreased their price target on shares of Ormat Technologies from $75.00 to $73.00 and set an “equal weight” rating for the company in a research report on Monday, May 13th. Finally, Oppenheimer lifted their price objective on shares of Ormat Technologies from $83.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Ormat Technologies has an average rating of “Hold” and a consensus target price of $83.50.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.