Friedberg Investment Management Sells 46,200 Shares of Ormat Technologies, Inc. (ORA)
Friedberg Investment Management lowered its stake in shares of Ormat Technologies, Inc. (NYSE:ORA) by 61.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,030 shares of the energy company’s stock after selling 46,200 shares during the quarter. Ormat Technologies makes up approximately 2.9% of Friedberg Investment Management’s holdings, making the stock its 10th largest position. Friedberg Investment Management owned approximately 0.06% of Ormat Technologies worth $1,772,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in ORA. Vanguard Group Inc. raised its stake in Ormat Technologies by 4.4% during the 2nd quarter. Vanguard Group Inc. now owns 3,366,355 shares of the energy company’s stock valued at $197,538,000 after acquiring an additional 142,724 shares in the last quarter. BlackRock Inc. raised its stake in Ormat Technologies by 6,068.3% during the 1st quarter. BlackRock Inc. now owns 2,473,872 shares of the energy company’s stock valued at $141,210,000 after acquiring an additional 2,433,766 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Ormat Technologies by 6.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,526,801 shares of the energy company’s stock valued at $89,594,000 after acquiring an additional 96,288 shares in the last quarter. Renaissance Technologies LLC raised its stake in Ormat Technologies by 17.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,085,257 shares of the energy company’s stock valued at $63,683,000 after acquiring an additional 164,100 shares in the last quarter. Finally, State Street Corp raised its stake in Ormat Technologies by 7.5% during the 2nd quarter. State Street Corp now owns 778,621 shares of the energy company’s stock valued at $45,685,000 after acquiring an additional 54,489 shares in the last quarter. Institutional investors and hedge funds own 45.82% of the company’s stock.
Ormat Technologies, Inc. (NYSE:ORA) traded down $0.16 on Wednesday, hitting $62.80. The stock had a trading volume of 132,900 shares, compared to its average volume of 181,374. Ormat Technologies, Inc. has a 12 month low of $46.40 and a 12 month high of $65.91. The company has a quick ratio of 1.62, a current ratio of 1.72 and a debt-to-equity ratio of 0.65. The company has a market cap of $3,185.59, a P/E ratio of 27.86, a PEG ratio of 2.12 and a beta of 1.25.
Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Tuesday, November 7th. The energy company reported $0.42 EPS for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.06). Ormat Technologies had a return on equity of 9.41% and a net margin of 16.99%. The firm had revenue of $157.20 million during the quarter, compared to the consensus estimate of $159.02 million. During the same period in the prior year, the firm posted $0.56 EPS. The firm’s quarterly revenue was down 14.8% on a year-over-year basis. research analysts expect that Ormat Technologies, Inc. will post 2.21 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 21st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date is Monday, November 20th. Ormat Technologies’s dividend payout ratio (DPR) is presently 13.73%.
In other news, Director David Granot sold 2,500 shares of the business’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $57.66, for a total transaction of $144,150.00. Following the sale, the director now directly owns 2,500 shares of the company’s stock, valued at $144,150. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Shlomi Argas sold 11,523 shares of the business’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $59.50, for a total value of $685,618.50. Following the sale, the vice president now directly owns 1,734 shares in the company, valued at $103,173. The disclosure for this sale can be found here. Insiders have sold 84,359 shares of company stock worth $5,013,332 over the last ninety days. 14.74% of the stock is owned by insiders.
ORA has been the topic of several recent analyst reports. Zacks Investment Research downgraded Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Cowen and Company set a $67.00 target price on Ormat Technologies and gave the company a “buy” rating in a research note on Friday, August 18th. TheStreet downgraded Ormat Technologies from a “b” rating to a “c+” rating in a research note on Monday, August 14th. Roth Capital set a $70.00 price objective on Ormat Technologies and gave the stock a “buy” rating in a research note on Monday, November 13th. Finally, Oppenheimer Holdings, Inc. reissued a “buy” rating and issued a $70.00 price objective (up previously from $65.00) on shares of Ormat Technologies in a research note on Wednesday, September 27th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $66.88.
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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