Van ECK Associates Corp Decreases Stock Holdings in Ormat Technologies, Inc. $ORA

Van ECK Associates Corp reduced its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 5.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 453,519 shares of the energy company’s stock after selling 24,350 shares during the period. Van ECK Associates Corp owned 0.75% of Ormat Technologies worth $43,652,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Bank of Montreal Can raised its holdings in Ormat Technologies by 1.7% in the third quarter. Bank of Montreal Can now owns 299,142 shares of the energy company’s stock worth $28,792,000 after purchasing an additional 4,998 shares in the last quarter. Legal & General Group Plc grew its position in shares of Ormat Technologies by 2.7% in the 3rd quarter. Legal & General Group Plc now owns 605,478 shares of the energy company’s stock worth $58,277,000 after buying an additional 15,833 shares during the last quarter. Swiss National Bank grew its position in shares of Ormat Technologies by 1.6% in the 3rd quarter. Swiss National Bank now owns 111,734 shares of the energy company’s stock worth $10,754,000 after buying an additional 1,800 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Ormat Technologies by 4,952.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 23,240 shares of the energy company’s stock worth $2,237,000 after acquiring an additional 22,780 shares in the last quarter. Finally, Schroder Investment Management Group raised its stake in shares of Ormat Technologies by 6.7% during the 3rd quarter. Schroder Investment Management Group now owns 412,406 shares of the energy company’s stock worth $39,410,000 after acquiring an additional 25,949 shares in the last quarter. 95.49% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Jessica Woelfel sold 2,359 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $105.16, for a total transaction of $248,072.44. Following the completion of the sale, the insider owned 3,433 shares in the company, valued at $361,014.28. This represents a 40.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by corporate insiders.

Ormat Technologies Trading Down 2.2%

NYSE:ORA opened at $108.35 on Thursday. The company has a market capitalization of $6.59 billion, a PE ratio of 53.91, a P/E/G ratio of 4.68 and a beta of 0.84. Ormat Technologies, Inc. has a 52-week low of $64.39 and a 52-week high of $132.58. The stock’s 50 day moving average price is $117.77 and its 200 day moving average price is $109.17. The company has a quick ratio of 0.75, a current ratio of 0.81 and a debt-to-equity ratio of 0.79.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, February 25th. The energy company reported $0.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.67. The company had revenue of $276.04 million during the quarter, compared to analysts’ expectations of $257.75 million. Ormat Technologies had a return on equity of 5.21% and a net margin of 12.52%.The firm’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.67 earnings per share. On average, research analysts anticipate that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th will be given a $0.12 dividend. The ex-dividend date is Tuesday, March 10th. This represents a $0.48 annualized dividend and a yield of 0.4%. Ormat Technologies’s dividend payout ratio is 23.88%.

Wall Street Analysts Forecast Growth

ORA has been the subject of several recent analyst reports. Royal Bank Of Canada began coverage on shares of Ormat Technologies in a research note on Tuesday, March 3rd. They issued an “outperform” rating and a $130.00 target price for the company. Jefferies Financial Group downgraded Ormat Technologies from a “buy” rating to a “hold” rating and upped their price target for the stock from $125.00 to $130.00 in a research report on Friday, February 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a report on Thursday, January 22nd. UBS Group lowered their price objective on Ormat Technologies from $148.00 to $143.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Finally, Roth Mkm set a $139.00 target price on Ormat Technologies in a research report on Wednesday, January 28th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $129.09.

Ormat Technologies Company 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.