Ormat Technologies, Inc. $ORA Stock Holdings Lowered by Migdal Insurance & Financial Holdings Ltd.

Migdal Insurance & Financial Holdings Ltd. lowered its stake in Ormat Technologies, Inc. (NYSE:ORA) by 4.2% during the third quarter, Holdings Channel reports. The firm owned 1,151,526 shares of the energy company’s stock after selling 50,000 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Ormat Technologies were worth $105,353,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ORA. Main Street Group LTD bought a new stake in Ormat Technologies during the first quarter worth about $29,000. Quantbot Technologies LP acquired a new stake in Ormat Technologies during the second quarter worth about $33,000. Allworth Financial LP acquired a new stake in Ormat Technologies during the second quarter worth about $40,000. Root Financial Partners LLC bought a new position in Ormat Technologies in the 3rd quarter valued at about $42,000. Finally, Balance Wealth Partners LLC bought a new position in Ormat Technologies in the 3rd quarter valued at about $44,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Price Performance

Shares of NYSE ORA traded down $0.17 during midday trading on Friday, reaching $90.28. 710,433 shares of the company were exchanged, compared to its average volume of 881,697. The stock’s 50-day moving average price is $92.51 and its 200-day moving average price is $110.15. The stock has a market cap of $5.55 billion, a P/E ratio of 41.99, a PEG ratio of 3.14 and a beta of 0.89. Ormat Technologies, Inc. has a one year low of $85.77 and a one year high of $146.39. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 0.84.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Wednesday, November 4th. The energy company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.23. Ormat Technologies had a net margin of 11.07% and a return on equity of 6.90%. The company had revenue of $275.12 million during the quarter, compared to the consensus estimate of $248.36 million. During the same period in the prior year, the business earned $0.41 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Ormat Technologies, Inc. will post 2.88 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Wednesday, November 18th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, November 18th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies’s payout ratio is currently 22.33%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Ormat Technologies from $98.00 to $99.00 and gave the company a “neutral” rating in a research report on Friday, November 6th. Barclays reduced their price target on shares of Ormat Technologies from $122.00 to $113.00 and set an “overweight” rating on the stock in a research report on Friday, November 6th. Jefferies Financial Group reiterated a “hold” rating and set a $117.00 price target on shares of Ormat Technologies in a research report on Wednesday, September 9th. Wall Street Zen raised shares of Ormat Technologies from a “strong sell” rating to a “sell” rating in a research note on Sunday, October 11th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Ormat Technologies presently has an average rating of “Moderate Buy” and an average price target of $124.15.

About Ormat Technologies

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity. The company’s activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.