Ormat Technologies, Inc. (NYSE:ORA) Stock Position Cut by Van ECK Associates Corp

Van ECK Associates Corp reduced its stake in Ormat Technologies, Inc. (NYSE:ORA) by 5.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 398,766 shares of the energy company’s stock after selling 24,119 shares during the period. Van ECK Associates Corp owned 0.66% of Ormat Technologies worth $28,592,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Banque Cantonale Vaudoise increased its holdings in shares of Ormat Technologies by 1,010.8% in the second quarter. Banque Cantonale Vaudoise now owns 17,451 shares of the energy company’s stock valued at $1,252,000 after buying an additional 15,880 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in Ormat Technologies by 9.9% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 45,616 shares of the energy company’s stock valued at $3,271,000 after purchasing an additional 4,118 shares in the last quarter. Bailard Inc. raised its stake 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 purchasing an additional 1,000 shares in the last quarter. Bank of New York Mellon Corp lifted 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 valued at $40,154,000 after buying an additional 15,004 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Ormat Technologies by 19.8% in the second 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 during the last quarter. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Price Performance

Shares of NYSE:ORA traded up $0.57 on Friday, hitting $74.53. The stock had a trading volume of 248,964 shares, compared to its average volume of 315,765. The firm’s 50 day moving average price is $73.69 and its 200-day moving average price is $69.98. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.89 and a current ratio of 0.97. Ormat Technologies, Inc. has a twelve month low of $58.73 and a twelve month high of $78.51. The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of 33.57, a price-to-earnings-growth ratio of 3.65 and a beta of 0.51.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.03. Ormat Technologies had a net margin of 14.89% and a return on equity of 5.40%. The firm had revenue of $212.96 million for the quarter, compared to analysts’ expectations of $214.07 million. During the same period in the prior year, the firm earned $0.40 earnings per share. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. On average, equities research analysts predict that Ormat Technologies, Inc. will post 2.04 earnings per share for the current year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.64%. Ormat Technologies’s payout ratio is 21.62%.

Insider Activity

In other Ormat Technologies news, Director Dafna Sharir sold 433 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $74.91, for a total value of $32,436.03. Following the completion of the sale, the director now owns 3,561 shares in the company, valued at $266,754.51. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

ORA has been the subject of several recent research reports. Oppenheimer boosted their target price on shares of Ormat Technologies from $85.00 to $86.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. TD Cowen lifted their price target on shares of Ormat Technologies from $70.00 to $76.00 and gave the company a “hold” rating in a research report on Friday, May 10th. UBS Group raised their target price on shares of Ormat Technologies from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, May 14th. JPMorgan Chase & Co. raised their price target on Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. Finally, Barclays dropped their target price on shares of Ormat Technologies from $75.00 to $73.00 and set an “equal weight” rating on the stock in a research report on Monday, May 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Ormat Technologies currently has a consensus rating of “Hold” and an average price target of $81.67.

Ormat Technologies 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.