Swiss National Bank Raises Position in Ormat Technologies, Inc. (NYSE:ORA)

Swiss National Bank lifted its stake in shares of Ormat Technologies, Inc. (NYSE:ORA) by 4.0% in the 1st quarter, HoldingsChannel reports. The firm owned 111,334 shares of the energy company’s stock after buying an additional 4,300 shares during the quarter. Swiss National Bank’s holdings in Ormat Technologies were worth $7,879,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Teacher Retirement System of Texas bought a new position in Ormat Technologies in the 1st quarter worth approximately $593,000. Empower Advisory Group LLC boosted its holdings in Ormat Technologies by 6.5% in the 1st quarter. Empower Advisory Group LLC now owns 215,327 shares of the energy company’s stock worth $15,239,000 after buying an additional 13,061 shares during the period. Bayforest Capital Ltd boosted its holdings in Ormat Technologies by 2,293.3% in the 1st quarter. Bayforest Capital Ltd now owns 6,773 shares of the energy company’s stock worth $479,000 after buying an additional 6,490 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in Ormat Technologies by 273,109.4% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company’s stock worth $67,673,000 after buying an additional 955,883 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Ormat Technologies by 4,485.0% in the 1st quarter. GAMMA Investing LLC now owns 39,844 shares of the energy company’s stock worth $2,820,000 after buying an additional 38,975 shares during the period. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ORA. Cowen reaffirmed a “hold” rating on shares of Ormat Technologies in a report on Friday, August 8th. Barclays cut their price objective on shares of Ormat Technologies from $90.00 to $89.00 and set an “overweight” rating for the company in a report on Friday, August 8th. JPMorgan Chase & Co. raised their price target on shares of Ormat Technologies from $75.00 to $85.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Roth Capital reissued a “buy” rating and issued a $98.00 price target (up from $88.00) on shares of Ormat Technologies in a report on Tuesday, August 5th. Finally, Baird R W raised shares of Ormat Technologies from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 30th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $92.10.

Insider Activity at Ormat Technologies

In other news, Director Stanley Stern sold 547 shares of Ormat Technologies stock in a transaction on Friday, June 20th. The shares were sold at an average price of $85.54, for a total transaction of $46,790.38. Following the completion of the sale, the director directly owned 6,137 shares of the company’s stock, valued at approximately $524,958.98. The trade was a 8.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Byron G. Wong sold 460 shares of Ormat Technologies stock in a transaction on Friday, June 27th. The stock was sold at an average price of $84.04, for a total transaction of $38,658.40. Following the sale, the director directly owned 8,659 shares of the company’s stock, valued at $727,702.36. This represents a 5.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,379 shares of company stock valued at $353,998. 0.56% of the stock is currently owned by insiders.

Ormat Technologies Stock Up 1.6%

Shares of NYSE:ORA opened at $89.74 on Friday. Ormat Technologies, Inc. has a one year low of $61.58 and a one year high of $91.81. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64. The company has a market cap of $5.45 billion, a price-to-earnings ratio of 41.74, a PEG ratio of 4.23 and a beta of 0.68. The firm has a fifty day moving average price of $86.25 and a two-hundred day moving average price of $75.84.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Wednesday, August 6th. The energy company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.11. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. The company had revenue of $234.02 million during the quarter, compared to the consensus estimate of $225.26 million. During the same period in the previous year, the firm posted $0.37 EPS. The firm’s revenue was up 9.9% compared to the same quarter last year. Analysts anticipate that Ormat Technologies, Inc. will post 1.94 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, August 20th. Ormat Technologies’s payout ratio is currently 22.33%.

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.