Ormat Technologies, Inc. (NYSE:ORA) Major Shareholder Sells $278,906,000.00 in Stock

Ormat Technologies, Inc. (NYSE:ORA) major shareholder Corp Orix sold 3,700,000 shares of Ormat Technologies stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $75.38, for a total value of $278,906,000.00. Following the transaction, the insider now owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. This represents a 55.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Ormat Technologies Price Performance

NYSE ORA traded down $1.70 during midday trading on Friday, hitting $72.50. The company had a trading volume of 1,533,868 shares, compared to its average volume of 447,852. The company has a market capitalization of $4.38 billion, a PE ratio of 36.73, a P/E/G ratio of 4.15 and a beta of 0.53. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The firm has a 50-day moving average price of $79.33 and a 200-day moving average price of $75.92. Ormat Technologies, Inc. has a twelve month low of $59.41 and a twelve month high of $84.30.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, November 6th. The energy company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.05. The firm had revenue of $211.80 million during the quarter, compared to analysts’ expectations of $215.53 million. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.47 EPS. As a group, analysts anticipate that Ormat Technologies, Inc. will post 1.93 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.66%. Ormat Technologies’s dividend payout ratio (DPR) is currently 24.49%.

Hedge Funds Weigh In On Ormat Technologies

A number of institutional investors have recently modified their holdings of ORA. SG Americas Securities LLC raised its holdings in shares of Ormat Technologies by 287.4% during the 2nd quarter. SG Americas Securities LLC now owns 8,163 shares of the energy company’s stock worth $585,000 after buying an additional 6,056 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Ormat Technologies by 19.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,819 shares of the energy company’s stock worth $417,000 after buying an additional 961 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Ormat Technologies by 2.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 560,029 shares of the energy company’s stock worth $40,154,000 after buying an additional 15,004 shares in the last quarter. Bailard Inc. raised its holdings in shares of Ormat Technologies by 5.9% during the 2nd quarter. Bailard Inc. now owns 17,889 shares of the energy company’s stock worth $1,283,000 after buying an additional 1,000 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of Ormat Technologies by 9.9% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 45,616 shares of the energy company’s stock worth $3,271,000 after buying an additional 4,118 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ORA. Oppenheimer lifted their target price on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Roth Mkm restated a “buy” rating and issued a $92.00 price target (up from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $84.50.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.