Ormat Technologies, Inc. (NYSE:ORA) Shares Sold by Swedbank AB

Swedbank AB lowered its stake in Ormat Technologies, Inc. (NYSE:ORA) by 17.6% during the third quarter, HoldingsChannel reports. The firm owned 87,521 shares of the energy company’s stock after selling 18,676 shares during the quarter. Swedbank AB’s holdings in Ormat Technologies were worth $6,734,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Blue Trust Inc. raised its holdings in Ormat Technologies by 180.3% during the third quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock worth $26,000 after purchasing an additional 229 shares in the last quarter. Harrington Investments INC lifted its holdings in shares of Ormat Technologies by 3.0% in the 2nd quarter. Harrington Investments INC now owns 7,950 shares of the energy company’s stock valued at $570,000 after buying an additional 230 shares during the period. Arizona State Retirement System boosted its stake in shares of Ormat Technologies by 1.9% in the second quarter. Arizona State Retirement System now owns 15,214 shares of the energy company’s stock valued at $1,091,000 after buying an additional 286 shares in the last quarter. UMB Bank n.a. grew its holdings in Ormat Technologies by 107.7% during the third quarter. UMB Bank n.a. now owns 617 shares of the energy company’s stock worth $47,000 after acquiring an additional 320 shares during the period. Finally, GAMMA Investing LLC raised its position in Ormat Technologies by 44.0% in the third quarter. GAMMA Investing LLC now owns 1,051 shares of the energy company’s stock worth $81,000 after acquiring an additional 321 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Insider Activity

In related news, Director Byron G. Wong sold 1,266 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $74.98, for a total transaction of $94,924.68. Following the transaction, the director now owns 6,906 shares of the company’s stock, valued at approximately $517,811.88. This represents a 15.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $81.59 on Thursday. 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 company’s 50-day moving average price is $78.51 and its 200 day moving average price is $75.37. Ormat Technologies, Inc. has a 52 week low of $59.41 and a 52 week high of $84.30. The stock has a market cap of $4.93 billion, a price-to-earnings ratio of 41.40, a PEG ratio of 4.24 and a beta of 0.53.

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

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, November 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.59%. Ormat Technologies’s dividend payout ratio (DPR) is 24.49%.

About Ormat Technologies

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.