Ormat Technologies, Inc. (ORA) Stake Increased by Bank of New York Mellon Corp
Bank of New York Mellon Corp lifted its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 0.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 279,582 shares of the energy company’s stock after purchasing an additional 1,483 shares during the quarter. Bank of New York Mellon Corp owned about 0.56% of Ormat Technologies worth $16,405,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. UBS Asset Management Americas Inc. boosted its position in shares of Ormat Technologies by 45.8% in the 1st quarter. UBS Asset Management Americas Inc. now owns 16,671 shares of the energy company’s stock worth $952,000 after purchasing an additional 5,233 shares in the last quarter. Stevens Capital Management LP acquired a new stake in shares of Ormat Technologies in the 1st quarter worth $226,000. BlackRock Inc. boosted its position in shares of Ormat Technologies by 6,068.3% in the 1st quarter. BlackRock Inc. now owns 2,473,872 shares of the energy company’s stock worth $141,210,000 after purchasing an additional 2,433,766 shares in the last quarter. US Bancorp DE boosted its position in shares of Ormat Technologies by 33.6% in the 1st quarter. US Bancorp DE now owns 2,169 shares of the energy company’s stock worth $124,000 after purchasing an additional 545 shares in the last quarter. Finally, Oxford Asset Management acquired a new stake in shares of Ormat Technologies in the 1st quarter worth $281,000. 46.41% of the stock is owned by hedge funds and other institutional investors.
Shares of Ormat Technologies, Inc. (NYSE:ORA) opened at 58.54 on Wednesday. The firm has a market cap of $2.92 billion, a PE ratio of 26.71 and a beta of 1.20. Ormat Technologies, Inc. has a 12 month low of $45.30 and a 12 month high of $61.49. The firm’s 50-day moving average price is $57.21 and its 200-day moving average price is $58.00.
Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Thursday, August 3rd. The energy company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.03. The company had revenue of $179.36 million for the quarter, compared to analyst estimates of $169.80 million. Ormat Technologies had a return on equity of 10.25% and a net margin of 15.36%. The business’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.49 earnings per share. Analysts expect that Ormat Technologies, Inc. will post $2.29 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 29th. Shareholders of record on Tuesday, August 15th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.55%. The ex-dividend date was Friday, August 11th. Ormat Technologies’s payout ratio is 14.61%.
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A number of analysts have commented on ORA shares. BidaskClub raised Ormat Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. J P Morgan Chase & Co raised Ormat Technologies from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $65.00 to $71.00 in a research report on Wednesday, June 7th. Barclays PLC raised Ormat Technologies from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $54.00 to $59.00 in a research report on Friday, May 26th. Zacks Investment Research raised Ormat Technologies from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research report on Tuesday, August 8th. Finally, Cowen and Company set a $67.00 price target on Ormat Technologies and gave the stock a “buy” rating in a research report on Monday, July 17th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $65.38.
In other Ormat Technologies news, CEO Isaac Angel sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $57.00, for a total transaction of $8,550,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bronicki Investments Ltd. sold 3,323,482 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $57.00, for a total value of $189,438,474.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,039,155 shares of company stock worth $629,243,610. Corporate insiders own 22.97% of the company’s stock.
About Ormat Technologies
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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