Paloma Partners Management Co acquired a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,800 shares of the energy company’s stock, valued at approximately $502,000.
A number of other large investors also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. bought a new stake in Ormat Technologies during the fourth quarter worth approximately $128,000. State Street Corp increased its stake in Ormat Technologies by 5.6% in the fourth quarter. State Street Corp now owns 690,127 shares of the energy company’s stock worth $37,006,000 after buying an additional 36,499 shares in the last quarter. A.R.T. Advisors LLC bought a new stake in Ormat Technologies during the fourth quarter worth approximately $235,000. AQR Capital Management LLC increased its stake in Ormat Technologies by 4.1% in the fourth quarter. AQR Capital Management LLC now owns 40,311 shares of the energy company’s stock worth $2,161,000 after buying an additional 1,575 shares in the last quarter. Finally, Norges Bank bought a new stake in Ormat Technologies during the fourth quarter worth approximately $20,143,000. Institutional investors and hedge funds own 45.81% of the company’s stock.
Ormat Technologies, Inc. (ORA) opened at 58.02 on Tuesday. The firm has a market capitalization of $2.88 billion, a PE ratio of 29.27 and a beta of 1.19. The stock’s 50 day moving average price is $59.10 and its 200 day moving average price is $56.57. Ormat Technologies, Inc. has a 52-week low of $44.41 and a 52-week high of $61.49.
Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Monday, May 8th. The energy company reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.05. Ormat Technologies had a return on equity of 10.05% and a net margin of 14.26%. The firm had revenue of $189.90 million during the quarter, compared to analyst estimates of $177.42 million. During the same period last year, the company posted $0.59 EPS. The business’s quarterly revenue was up 25.3% on a year-over-year basis. On average, analysts predict that Ormat Technologies, Inc. will post $2.30 EPS for the current fiscal year.
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ORA has been the subject of a number of recent analyst reports. Cowen and Company reiterated an “outperform” rating and issued a $67.00 price objective on shares of Ormat Technologies in a report on Wednesday, April 12th. Zacks Investment Research cut Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, May 4th. Oppenheimer Holdings, Inc. set a $65.00 target price on Ormat Technologies and gave the company a “buy” rating in a research note on Thursday, May 4th. Barclays PLC raised Ormat Technologies from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $54.00 to $59.00 in a research note on Friday, May 26th. Finally, J P Morgan Chase & Co raised Ormat Technologies from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $65.00 to $71.00 in a research note on Wednesday, June 7th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Ormat Technologies currently has an average rating of “Buy” and a consensus target price of $65.25.
In other Ormat Technologies news, Director Robert F. Clarke sold 15,000 shares of Ormat Technologies stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $56.97, for a total transaction of $854,550.00. Following the completion of the transaction, the director now owns 7,500 shares in the company, valued at approximately $427,275. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Shimon Hatzir sold 3,074 shares of Ormat Technologies stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $61.20, for a total value of $188,128.80. Following the transaction, the vice president now owns 3,074 shares of the company’s stock, valued at approximately $188,128.80. The disclosure for this sale can be found here. Insiders sold a total of 56,854 shares of company stock valued at $3,300,521 over the last ninety days. 22.97% of the stock is currently owned by corporate insiders.
About Ormat Technologies
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. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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