Ormat Technologies, Inc. (NYSE:ORA) Shares Sold by Guinness Asset Management LTD

Guinness Asset Management LTD reduced its stake in Ormat Technologies, Inc. (NYSE:ORA) by 26.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 265,567 shares of the energy company’s stock after selling 95,002 shares during the period. Guinness Asset Management LTD owned 0.44% of Ormat Technologies worth $17,987,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Erste Asset Management GmbH acquired a new position in Ormat Technologies during the 3rd quarter valued at approximately $19,096,000. Global Alpha Capital Management Ltd. lifted its stake in Ormat Technologies by 6.1% in the third quarter. Global Alpha Capital Management Ltd. now owns 2,446,624 shares of the energy company’s stock valued at $188,125,000 after buying an additional 140,882 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Ormat Technologies by 6.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,450,797 shares of the energy company’s stock valued at $104,030,000 after acquiring an additional 86,291 shares during the period. Summit Partners Public Asset Management LLC grew its position in shares of Ormat Technologies by 16.7% during the third quarter. Summit Partners Public Asset Management LLC now owns 350,000 shares of the energy company’s stock worth $26,929,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. acquired a new stake in shares of Ormat Technologies in the 3rd quarter worth about $2,650,000. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Trading Down 0.8 %

Shares of NYSE ORA opened at $67.09 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Ormat Technologies, Inc. has a one year low of $59.41 and a one year high of $84.30. The business has a 50-day moving average price of $74.02 and a two-hundred day moving average price of $75.07. The firm has a market capitalization of $4.06 billion, a PE ratio of 34.23, a PEG ratio of 3.05 and a beta of 0.57.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, November 6th. The energy company reported $0.36 EPS for the quarter, beating 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 firm had revenue of $211.80 million for the quarter, compared to the consensus estimate of $215.53 million. During the same period in the previous year, the firm posted $0.47 earnings per share. The firm’s revenue was up 1.8% on a year-over-year basis. As a group, analysts predict that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Wednesday, November 20th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.72%. Ormat Technologies’s payout ratio is 24.49%.

Insider Activity at Ormat Technologies

In related news, major shareholder Corp Orix sold 3,700,000 shares of Ormat Technologies stock in a transaction on Friday, December 13th. The shares were sold at an average price of $75.38, for a total value of $278,906,000.00. Following the completion of the sale, the insider now owns 2,976,077 shares of the company’s stock, valued at approximately $224,336,684.26. The trade was a 55.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Granot sold 1,256 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $82.00, for a total value of $102,992.00. Following the completion of the sale, the director now directly owns 3,576 shares of the company’s stock, valued at $293,232. This represents a 25.99 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on ORA. Piper Sandler initiated coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They issued a “neutral” rating and a $78.00 target price for the company. Jefferies Financial Group began coverage on Ormat Technologies in a report on Friday, January 10th. They issued a “hold” rating and a $73.00 price objective for the company. Oppenheimer raised their target price on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Roth Mkm reiterated a “buy” rating and set a $92.00 price target (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $82.25.

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.