Ormat Technologies, Inc. (ORA) Stake Raised by Smith Asset Management Group LP
Smith Asset Management Group LP raised its position in Ormat Technologies, Inc. (NYSE:ORA) by 144.0% during the second quarter, Holdings Channel reports. The institutional investor owned 50,830 shares of the energy company’s stock after buying an additional 30,000 shares during the period. Smith Asset Management Group LP’s holdings in Ormat Technologies were worth $2,983,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of the company. BlackRock Inc. raised its position in 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. Renaissance Technologies LLC raised its position in Ormat Technologies by 24.3% in the first quarter. Renaissance Technologies LLC now owns 921,157 shares of the energy company’s stock worth $52,580,000 after buying an additional 179,900 shares in the last quarter. Vanguard Group Inc. raised its position in Ormat Technologies by 5.8% in the first quarter. Vanguard Group Inc. now owns 3,223,631 shares of the energy company’s stock worth $184,006,000 after buying an additional 177,288 shares in the last quarter. Teachers Advisors LLC raised its position in Ormat Technologies by 250.2% in the fourth quarter. Teachers Advisors LLC now owns 222,435 shares of the energy company’s stock worth $11,927,000 after buying an additional 158,913 shares in the last quarter. Finally, FMR LLC acquired a new position in Ormat Technologies during the first quarter worth approximately $8,562,000. 45.91% of the stock is currently owned by institutional investors.
Ormat Technologies, Inc. (NYSE:ORA) opened at 56.13 on Friday. The stock’s 50 day moving average price is $58.24 and its 200 day moving average price is $57.68. Ormat Technologies, Inc. has a 52 week low of $45.30 and a 52 week high of $61.49. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 25.61 and a beta of 1.20.
Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results 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 company had revenue of $179.36 million for the quarter, compared to analyst estimates of $169.80 million. During the same quarter last year, the company posted $0.49 EPS. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. On average, equities research analysts predict that Ormat Technologies, Inc. will post $2.28 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 29th. Investors of record on Tuesday, August 15th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend is Friday, August 11th. Ormat Technologies’s dividend payout ratio (DPR) is 14.61%.
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ORA has been the topic of a number of recent analyst reports. Zacks Investment Research lowered Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, May 4th. BidaskClub lowered Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. Oppenheimer Holdings, Inc. set a $65.00 price objective on Ormat Technologies and gave the stock a “buy” rating in a research note on Thursday, May 4th. Barclays PLC raised Ormat Technologies from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $54.00 to $59.00 in a research note on Friday, May 26th. Finally, Cowen and Company set a $67.00 price objective on Ormat Technologies and gave the stock a “buy” rating in a research note on Wednesday, May 10th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Ormat Technologies has an average rating of “Buy” and a consensus price target of $65.38.
In related news, SVP Etty Rosner sold 879 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $56.39, for a total transaction of $49,566.81. Following the sale, the senior vice president now owns 879 shares of the company’s stock, valued at approximately $49,566.81. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Iv 2007 Ltd. Fimi sold 7,202,646 shares of the firm’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $57.00, for a total value of $410,550,822.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,075,533 shares of company stock worth $631,371,335. 22.97% of the stock is currently 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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