Meeder Asset Management Inc. maintained its position in shares of Ormat Technologies Inc. (NYSE:ORA) during the second quarter, Holdings Channel reports. The institutional investor owned 6,427 shares of the company’s stock at the end of the second quarter. Meeder Asset Management Inc.’s holdings in Ormat Technologies were worth $281,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of ORA. BlackRock Inc. boosted its position in shares of Ormat Technologies by 110.0% in the first quarter. BlackRock Inc. now owns 2,669 shares of the company’s stock worth $110,000 after buying an additional 1,398 shares during the last quarter. Old Mutual Global Investors UK Ltd. bought a new position in shares of Ormat Technologies during the second quarter worth approximately $216,000. Legal & General Group Plc boosted its position in shares of Ormat Technologies by 37.0% in the first quarter. Legal & General Group Plc now owns 7,556 shares of the company’s stock worth $311,000 after buying an additional 2,039 shares during the last quarter. Edmond DE Rothschild Holding S.A. boosted its position in shares of Ormat Technologies by 18.1% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 11,171 shares of the company’s stock worth $460,000 after buying an additional 1,710 shares during the last quarter. Finally, Zebra Capital Management LLC boosted its position in shares of Ormat Technologies by 53.9% in the first quarter. Zebra Capital Management LLC now owns 17,271 shares of the company’s stock worth $712,000 after buying an additional 6,049 shares during the last quarter. Institutional investors own 41.27% of the company’s stock.
Ormat Technologies Inc. (NYSE:ORA) traded up 0.28% during mid-day trading on Friday, reaching $50.17. The company had a trading volume of 80,351 shares. The stock has a market capitalization of $2.49 billion, a P/E ratio of 16.68 and a beta of 1.16. The stock has a 50 day moving average price of $48.58 and a 200-day moving average price of $44.31. Ormat Technologies Inc. has a 12-month low of $32.25 and a 12-month high of $51.19.
Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.07. Ormat Technologies had a return on equity of 9.18% and a net margin of 23.05%. The business had revenue of $159.90 million for the quarter, compared to analysts’ expectations of $152.88 million. During the same quarter in the previous year, the firm earned $0.28 earnings per share. The business’s revenue was up 13.8% on a year-over-year basis. Equities analysts anticipate that Ormat Technologies Inc. will post $1.94 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 30th. Stockholders of record on Tuesday, August 16th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, August 12th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.56%. Ormat Technologies’s dividend payout ratio is presently 9.49%.
A number of brokerages recently commented on ORA. Zacks Investment Research cut Ormat Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, July 7th. Roth Capital initiated coverage on Ormat Technologies in a research note on Thursday, July 28th. They issued a “buy” rating and a $50.00 price objective on the stock. Oppenheimer Holdings Inc. initiated coverage on Ormat Technologies in a research note on Thursday, September 8th. They issued an “outperform” rating and a $54.00 price objective on the stock. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Ormat Technologies in a research note on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $46.80.
In other news, Director Dan Falk sold 7,500 shares of the company’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $48.90, for a total transaction of $366,750.00. Following the transaction, the director now owns 7,500 shares of the company’s stock, valued at approximately $366,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Shimon Hatzir sold 2,857 shares of the company’s stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $43.50, for a total value of $124,279.50. Following the transaction, the vice president now directly owns 2,857 shares in the company, valued at approximately $124,279.50. The disclosure for this sale can be found here. Insiders own 22.97% of the company’s stock.
Ormat Technologies Company Profile
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. The Company’s equipment manufacturing operations are located in Israel. The Company conducts its business activities in two business segments: Electricity segment and Product segment.
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