Handelsbanken Fonder AB Sells 367,848 Shares of Ormat Technologies, Inc. $ORA

Handelsbanken Fonder AB decreased its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 65.4% during the 2nd quarter, Holdings Channel.com reports. The fund owned 194,203 shares of the energy company’s stock after selling 367,848 shares during the quarter. Handelsbanken Fonder AB’s holdings in Ormat Technologies were worth $21,149,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in Ormat Technologies by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,910,292 shares of the energy company’s stock worth $211,036,000 after purchasing an additional 43,749 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Ormat Technologies by 6.8% in the fourth quarter. Geode Capital Management LLC now owns 1,611,360 shares of the energy company’s stock valued at $178,033,000 after purchasing an additional 102,864 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Ormat Technologies by 32.7% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock valued at $128,469,000 after buying an additional 282,583 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Ormat Technologies by 62.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after buying an additional 413,384 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its holdings in Ormat Technologies by 155.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after buying an additional 540,000 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Barclays lowered their target price on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a report on Monday. Roth Capital reiterated a “buy” rating and set a $135.00 price target on shares of Ormat Technologies in a report on Monday, May 11th. Wall Street Zen downgraded Ormat Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. UBS Group upped their price objective on Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Finally, Sanford C. Bernstein reaffirmed an “underperform” rating and set a $112.00 target price on shares of Ormat Technologies in a research report on Monday. Eight research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Ormat Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $130.83.

Insider Transactions at Ormat Technologies

In related news, Director Stanley Stern sold 577 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $130.17, for a total value of $75,108.09. Following the completion of the transaction, the director directly owned 6,050 shares of the company’s stock, valued at approximately $787,528.50. This trade represents a 8.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Granot sold 1,766 shares of Ormat Technologies stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total transaction of $237,403.38. Following the completion of the transaction, the director owned 1,766 shares of the company’s stock, valued at $237,403.38. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 7,426 shares of company stock worth $983,127 over the last quarter. Corporate insiders own 0.50% of the company’s stock.

Ormat Technologies Price Performance

Ormat Technologies stock opened at $113.00 on Thursday. The business’s 50 day simple moving average is $114.70 and its 200 day simple moving average is $117.33. Ormat Technologies, Inc. has a 12 month low of $87.33 and a 12 month high of $146.39. The company has a market cap of $6.95 billion, a price-to-earnings ratio of 55.67, a PEG ratio of 4.53 and a beta of 0.90. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA) last issued its earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The firm had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. During the same period in the previous year, the company posted $0.48 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. Sell-side analysts forecast that Ormat Technologies, Inc. will post 2.52 EPS for the current year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Wednesday, August 19th. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.65%.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.