Summit Partners Public Asset Management LLC Increases Position in Ormat Technologies, Inc. (NYSE:ORA)

Summit Partners Public Asset Management LLC increased its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 16.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 350,000 shares of the energy company’s stock after acquiring an additional 50,000 shares during the period. Summit Partners Public Asset Management LLC’s holdings in Ormat Technologies were worth $26,929,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Northwest & Ethical Investments L.P. purchased a new stake in shares of Ormat Technologies during the 3rd quarter worth approximately $2,650,000. PEAK6 Investments LLC purchased a new stake in Ormat Technologies in the third quarter worth $435,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Ormat Technologies by 2.6% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 182,939 shares of the energy company’s stock valued at $14,075,000 after buying an additional 4,722 shares during the period. Cerity Partners LLC lifted its position in shares of Ormat Technologies by 62.5% during the 3rd quarter. Cerity Partners LLC now owns 5,496 shares of the energy company’s stock valued at $423,000 after buying an additional 2,114 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new position in shares of Ormat Technologies during the 3rd quarter valued at $895,000. 95.49% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Ormat Technologies news, Director Byron G. Wong sold 1,266 shares of Ormat Technologies 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 completion of the sale, the director now directly owns 6,906 shares in the company, valued at $517,811.88. The trade was a 15.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Ormat Technologies Trading Up 0.6 %

Shares of ORA opened at $81.59 on Friday. Ormat Technologies, Inc. has a twelve month low of $59.41 and a twelve month high of $84.30. The stock has a market cap of $4.93 billion, a PE ratio of 41.63, a P/E/G ratio of 4.22 and a beta of 0.53. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. The business’s 50-day moving average price is $78.63 and its 200-day moving average price is $75.41.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the firm posted $0.47 EPS. Ormat Technologies’s revenue was up 1.8% on a year-over-year basis. On average, equities analysts forecast that Ormat Technologies, Inc. will post 1.93 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 20th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.59%. The ex-dividend date is Wednesday, November 20th. Ormat Technologies’s payout ratio is 24.49%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Oppenheimer boosted their price objective on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Roth Mkm reissued a “buy” rating and issued a $92.00 price target (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.50.

Ormat Technologies Company 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.