ORIX Corp Cuts Holdings in Ormat Technologies, Inc. $ORA

ORIX Corp cut its stake in shares of Ormat Technologies, Inc. (NYSE:ORA) by 86.2% in the 3rd quarter, Holdings Channel reports. The firm owned 379,767 shares of the energy company’s stock after selling 2,372,968 shares during the quarter. Ormat Technologies comprises approximately 100.0% of ORIX Corp’s holdings, making the stock its biggest position. ORIX Corp’s holdings in Ormat Technologies were worth $36,553,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Ameriflex Group Inc. boosted its position in Ormat Technologies by 1,100.0% during the 3rd quarter. Ameriflex Group Inc. now owns 360 shares of the energy company’s stock valued at $35,000 after purchasing an additional 330 shares during the period. Modern Wealth Management LLC acquired a new position in shares of Ormat Technologies during the third quarter valued at $244,000. Crossmark Global Holdings Inc. boosted its holdings in shares of Ormat Technologies by 4.3% during the third quarter. Crossmark Global Holdings Inc. now owns 3,803 shares of the energy company’s stock valued at $366,000 after acquiring an additional 158 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Ormat Technologies by 1.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,866,543 shares of the energy company’s stock worth $179,651,000 after acquiring an additional 22,748 shares during the last quarter. Finally, Roubaix Capital LLC increased its holdings in shares of Ormat Technologies by 14.2% in the 3rd quarter. Roubaix Capital LLC now owns 62,055 shares of the energy company’s stock worth $5,973,000 after acquiring an additional 7,700 shares during the period. Institutional investors own 95.49% of the company’s stock.

Wall Street Analysts Forecast Growth

ORA has been the subject of a number of analyst reports. Oppenheimer boosted their target price on shares of Ormat Technologies from $125.00 to $136.00 and gave the company an “outperform” rating in a research note on Tuesday, January 27th. Roth Mkm set a $139.00 price target on shares of Ormat Technologies in a research note on Wednesday, January 28th. Robert W. Baird reduced their price objective on Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. Royal Bank Of Canada began coverage on Ormat Technologies in a report on Tuesday. They issued an “outperform” rating and a $130.00 price objective for the company. Finally, Barclays raised their target price on Ormat Technologies from $108.00 to $123.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Ormat Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $129.09.

Ormat Technologies Trading Up 1.0%

Shares of ORA stock opened at $108.89 on Friday. The stock has a 50-day simple moving average of $117.89 and a 200 day simple moving average of $108.71. The stock has a market capitalization of $6.63 billion, a P/E ratio of 54.17, a P/E/G ratio of 4.56 and a beta of 0.84. Ormat Technologies, Inc. has a fifty-two week low of $64.39 and a fifty-two week high of $132.58. 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 results on Wednesday, February 25th. The energy company reported $0.67 EPS for the quarter, hitting the consensus estimate of $0.67. Ormat Technologies had a net margin of 12.52% and a return on equity of 5.21%. The firm had revenue of $276.04 million for the quarter, compared to analysts’ expectations of $257.75 million. During the same period in the previous year, the business earned $0.67 earnings per share. Ormat Technologies’s revenue for the quarter was up 19.6% compared to the same quarter last year. On average, sell-side analysts expect that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

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

Insider Activity at Ormat Technologies

In related news, insider Jessica Woelfel sold 2,359 shares of the stock in a transaction that occurred 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 directly owned 3,433 shares of the company’s stock, valued at $361,014.28. This represents a 40.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is owned by insiders.

Ormat Technologies 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.