Ormat Technologies, Inc. (NYSE:ORA) Major Shareholder Corp Orix Sells 3,700,000 Shares

Ormat Technologies, Inc. (NYSE:ORA) major shareholder Corp Orix sold 3,700,000 shares of Ormat Technologies stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the completion of the sale, the insider now directly owns 2,976,077 shares in the company, valued at approximately $224,336,684.26. This represents a 55.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $72.50 on Friday. The stock has a market capitalization of $4.38 billion, a P/E ratio of 36.99, a PEG ratio of 4.15 and a beta of 0.53. 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 firm’s 50 day moving average is $79.25 and its 200 day moving average is $75.91. Ormat Technologies, Inc. has a 12 month low of $59.41 and a 12 month high of $84.30.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Wednesday, November 6th. The energy company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The company had revenue of $211.80 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the prior year, the company posted $0.47 EPS. On average, sell-side analysts anticipate that Ormat Technologies, Inc. will post 1.93 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Wednesday, November 20th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date was Wednesday, November 20th. Ormat Technologies’s dividend payout ratio (DPR) is presently 24.49%.

Wall Street Analyst Weigh In

Several brokerages have commented on ORA. Oppenheimer lifted their price objective on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research report 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 equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $84.50.

Institutional Trading of Ormat Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of ORA. Y.D. More Investments Ltd increased its holdings in Ormat Technologies by 1,011.5% during the 2nd quarter. Y.D. More Investments Ltd now owns 493,619 shares of the energy company’s stock worth $34,943,000 after acquiring an additional 449,209 shares during the period. Erste Asset Management GmbH bought a new position in shares of Ormat Technologies in the 3rd quarter worth $19,096,000. Global Alpha Capital Management Ltd. increased its holdings in shares of Ormat Technologies by 6.1% in the 3rd quarter. Global Alpha Capital Management Ltd. now owns 2,446,624 shares of the energy company’s stock worth $188,125,000 after buying an additional 140,882 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Ormat Technologies by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,450,797 shares of the energy company’s stock worth $104,030,000 after buying an additional 86,291 shares during the last quarter. Finally, Summit Partners Public Asset Management LLC increased its holdings in shares of Ormat Technologies by 16.7% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 350,000 shares of the energy company’s stock worth $26,929,000 after buying an additional 50,000 shares during the last quarter. Institutional investors own 95.49% of the company’s stock.

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.