First Mercantile Trust Co. lowered its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 21.8% during the second quarter, Holdings Channel reports. The institutional investor owned 8,316 shares of the energy company’s stock after selling 2,318 shares during the period. First Mercantile Trust Co.’s holdings in Ormat Technologies were worth $488,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Chase Investment Counsel Corp bought a new position in Ormat Technologies during the first quarter worth approximately $984,000. Capital One National Association increased its position in Ormat Technologies by 1.0% in the first quarter. Capital One National Association now owns 11,777 shares of the energy company’s stock worth $672,000 after buying an additional 117 shares in the last quarter. Wells Fargo & Company MN increased its position in Ormat Technologies by 6.3% in the first quarter. Wells Fargo & Company MN now owns 49,488 shares of the energy company’s stock worth $2,825,000 after buying an additional 2,918 shares in the last quarter. Reynders McVeigh Capital Management LLC increased its position in Ormat Technologies by 25.7% in the first quarter. Reynders McVeigh Capital Management LLC now owns 5,645 shares of the energy company’s stock worth $322,000 after buying an additional 1,155 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. increased its position in Ormat Technologies by 378.5% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 29,617 shares of the energy company’s stock worth $1,690,000 after buying an additional 23,427 shares in the last quarter. 45.33% of the stock is owned by institutional investors.

Shares of Ormat Technologies, Inc. (NYSE ORA) opened at 56.44 on Wednesday. The company’s 50-day moving average is $58.06 and its 200-day moving average is $57.78. The firm has a market cap of $2.82 billion, a P/E ratio of 25.75 and a beta of 1.20. Ormat Technologies, Inc. has a 52-week low of $45.30 and a 52-week high of $61.49.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share for the quarter, topping the Zacks’ 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 during the quarter, compared to the consensus estimate of $169.80 million. During the same period last year, the business earned $0.49 EPS. The business’s quarterly revenue was up 12.2% on a year-over-year basis. Equities research analysts forecast that Ormat Technologies, Inc. will post $2.28 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 29th. Investors of record on Tuesday, August 15th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date of this dividend is Friday, August 11th. Ormat Technologies’s payout ratio is 14.61%.

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A number of research analysts have recently commented on the stock. BidaskClub raised shares of Ormat Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Zacks Investment Research downgraded shares of Ormat Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, May 4th. J P Morgan Chase & Co raised shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $65.00 to $71.00 in a research report on Wednesday, June 7th. Barclays PLC raised shares of Ormat Technologies from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $54.00 to $59.00 in a research report on Friday, May 26th. Finally, Cowen and Company set a $67.00 target price on shares of 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 stock. The company has a consensus rating of “Buy” and a consensus target price of $65.38.

In related news, major shareholder Iv 2007 Ltd. Fimi sold 7,202,646 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $57.00, for a total value of $410,550,822.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Isaac Angel sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $57.00, for a total value of $8,550,000.00. The disclosure for this sale can be found here. Insiders sold a total of 11,068,033 shares of company stock worth $630,943,835 over the last three months. 22.97% of the stock is 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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Institutional Ownership by Quarter for Ormat Technologies (NYSE:ORA)

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