Geode Capital Management LLC Purchases 22,714 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Geode Capital Management LLC increased its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 1.8% during the third quarter, Holdings Channel.com reports. The firm owned 1,301,291 shares of the energy company’s stock after acquiring an additional 22,714 shares during the quarter. Geode Capital Management LLC’s holdings in Ormat Technologies were worth $100,140,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Susquehanna International Group Ltd. purchased a new stake in Ormat Technologies during the 2nd quarter valued at about $1,006,000. Y.D. More Investments Ltd boosted its stake in shares of Ormat Technologies by 1,011.5% during the second quarter. Y.D. More Investments Ltd now owns 493,619 shares of the energy company’s stock valued at $34,943,000 after purchasing an additional 449,209 shares during the period. Chesapeake Capital Corp IL bought a new position in shares of Ormat Technologies in the third quarter worth approximately $522,000. Bank of New York Mellon Corp increased its stake in shares of Ormat Technologies by 2.8% in the second quarter. Bank of New York Mellon Corp now owns 560,029 shares of the energy company’s stock worth $40,154,000 after buying an additional 15,004 shares during the period. Finally, Rhumbline Advisers raised its holdings in Ormat Technologies by 9.3% during the 2nd quarter. Rhumbline Advisers now owns 211,353 shares of the energy company’s stock valued at $15,154,000 after buying an additional 17,900 shares during the last quarter. 95.49% of the stock is owned by institutional investors.

Insider Activity at Ormat Technologies

In related news, Director Byron G. Wong sold 1,266 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $74.98, for a total value of $94,924.68. Following the completion of the transaction, the director now directly owns 6,906 shares in the company, valued at $517,811.88. This trade represents a 15.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Granot sold 1,256 shares of Ormat Technologies stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $82.00, for a total transaction of $102,992.00. Following the transaction, the director now directly owns 3,576 shares of the company’s stock, valued at approximately $293,232. This trade represents a 25.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,702,522 shares of company stock worth $279,103,917 over the last ninety days. 1.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Ormat Technologies Stock Down 6.0 %

Shares of Ormat Technologies stock opened at $67.19 on Thursday. The company’s fifty day simple moving average is $79.12 and its two-hundred day simple moving average is $75.90. Ormat Technologies, Inc. has a 12-month low of $59.41 and a 12-month high of $84.30. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The company has a market cap of $4.06 billion, a P/E ratio of 34.28, a PEG ratio of 3.75 and a beta of 0.53.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. The company had revenue of $211.80 million during the quarter, compared to the consensus estimate of $215.53 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. Ormat Technologies’s revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 earnings per share. Research analysts anticipate that Ormat Technologies, Inc. will post 1.93 EPS for the current year.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend was Wednesday, November 20th. Ormat Technologies’s payout ratio is presently 24.49%.

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.