Legal & General Group Plc trimmed its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 6.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,602 shares of the energy company’s stock after selling 977 shares during the period. Legal & General Group Plc’s holdings in Ormat Technologies were worth $777,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Smithfield Trust Co. acquired a new position in Ormat Technologies during the second quarter worth $129,000. Cubist Systematic Strategies LLC acquired a new position in Ormat Technologies during the first quarter worth $182,000. Royal Bank of Canada increased its position in Ormat Technologies by 103.6% during the first quarter. Royal Bank of Canada now owns 5,445 shares of the energy company’s stock worth $307,000 after buying an additional 2,771 shares during the last quarter. SG Americas Securities LLC increased its position in Ormat Technologies by 63.2% during the second quarter. SG Americas Securities LLC now owns 6,438 shares of the energy company’s stock worth $342,000 after buying an additional 2,492 shares during the last quarter. Finally, Xact Kapitalforvaltning AB increased its position in Ormat Technologies by 37.7% during the second quarter. Xact Kapitalforvaltning AB now owns 6,944 shares of the energy company’s stock worth $369,000 after buying an additional 1,900 shares during the last quarter. Institutional investors and hedge funds own 72.87% of the company’s stock.
Several research firms have commented on ORA. JPMorgan Chase & Co. raised shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and lowered their target price for the stock from $64.00 to $60.00 in a research report on Thursday, August 9th. Guggenheim downgraded shares of Ormat Technologies from a “buy” rating to a “neutral” rating and set a $72.00 target price on the stock. in a research report on Wednesday, June 13th. ValuEngine downgraded shares of Ormat Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, October 4th. TheStreet downgraded shares of Ormat Technologies from a “b-” rating to a “c+” rating in a research report on Thursday, August 9th. Finally, Zacks Investment Research raised shares of Ormat Technologies from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Wednesday, July 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. Ormat Technologies currently has an average rating of “Hold” and an average target price of $64.80.
In other news, EVP Bob Sullivan sold 20,329 shares of the firm’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $56.94, for a total value of $1,157,533.26. Following the sale, the executive vice president now directly owns 23,329 shares of the company’s stock, valued at $1,328,353.26. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.50% of the company’s stock.
Shares of NYSE:ORA opened at $52.71 on Tuesday. The stock has a market capitalization of $2.74 billion, a PE ratio of 17.63, a price-to-earnings-growth ratio of 2.87 and a beta of 1.47. Ormat Technologies, Inc. has a 52-week low of $45.79 and a 52-week high of $70.68. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.05 and a current ratio of 1.16.
Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Tuesday, August 7th. The energy company reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.17). The business had revenue of $178.30 million during the quarter, compared to analyst estimates of $176.06 million. Ormat Technologies had a net margin of 18.88% and a return on equity of 9.60%. On average, sell-side analysts predict that Ormat Technologies, Inc. will post 1.71 earnings per share for the current year.
Ormat Technologies Company Profile
Ormat Technologies, Inc engages in the geothermal and recovered energy power business worldwide. The company operates through Electricity and Product segments. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity. This segment also offers energy storage, demand response, and energy management related services.
Further Reading: Price to Earnings Ratio (PE) Basics
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