AEGON ASSET MANAGEMENT UK Plc Cuts Position in Ormat Technologies, Inc. $ORA

AEGON ASSET MANAGEMENT UK Plc trimmed its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA) by 55.0% during the first quarter, HoldingsChannel reports. The institutional investor owned 132,672 shares of the energy company’s stock after selling 162,076 shares during the quarter. AEGON ASSET MANAGEMENT UK Plc’s holdings in Ormat Technologies were worth $14,851,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Ormat Technologies during the fourth quarter worth $86,545,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of Ormat Technologies by 155.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock valued at $97,935,000 after purchasing an additional 540,000 shares during the period. Canada Pension Plan Investment Board grew its holdings in Ormat Technologies by 62.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after purchasing an additional 413,384 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in Ormat Technologies during the 2nd quarter valued at $18,310,000. Finally, Handelsbanken Fonder AB increased its stake in Ormat Technologies by 34.3% during the 4th quarter. Handelsbanken Fonder AB now owns 516,500 shares of the energy company’s stock worth $57,058,000 after buying an additional 131,883 shares during the period. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ormat Technologies

In related news, Director Byron G. Wong sold 4,500 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total value of $604,440.00. Following the completion of the sale, the director directly owned 5,925 shares of the company’s stock, valued at $795,846. The trade was a 43.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dafna Sharir sold 883 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $122.44, for a total value of $108,114.52. Following the sale, the director owned 3,140 shares in the company, valued at $384,461.60. The trade was a 21.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 30,721 shares of company stock valued at $4,105,657. Corporate insiders own 0.56% of the company’s stock.

Ormat Technologies Stock Down 0.1%

Shares of NYSE:ORA opened at $127.57 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. The company has a fifty day simple moving average of $126.46 and a 200 day simple moving average of $118.89. The firm has a market cap of $7.84 billion, a PE ratio of 61.93, a price-to-earnings-growth ratio of 5.44 and a beta of 0.85. Ormat Technologies, Inc. has a 12-month low of $82.33 and a 12-month high of $146.39.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.38. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The firm had revenue of $403.91 million for the quarter, compared to analysts’ expectations of $349.17 million. During the same period in the prior year, the company posted $0.68 earnings per share. The firm’s quarterly revenue was up 75.8% on a year-over-year basis. On average, equities research analysts anticipate that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.30%.

Analyst Ratings Changes

A number of brokerages have commented on ORA. Sanford C. Bernstein started coverage on shares of Ormat Technologies in a report on Tuesday. They issued an “underperform” rating and a $115.00 price objective on the stock. Wolfe Research started coverage on Ormat Technologies in a research note on Monday, June 8th. They set a “peer perform” rating for the company. Royal Bank Of Canada assumed coverage on Ormat Technologies in a research report on Tuesday, March 3rd. They set an “outperform” rating and a $130.00 target price on the stock. Robert W. Baird cut their price target on Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research note on Tuesday, April 21st. Eight equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $131.67.

Ormat Technologies 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.