Principal Financial Group Inc. Cuts Stake in Ormat Technologies, Inc. (ORA)

Principal Financial Group Inc. reduced its position in Ormat Technologies, Inc. (NYSE:ORA) by 12.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,250 shares of the energy company’s stock after selling 3,578 shares during the quarter. Principal Financial Group Inc. owned 0.05% of Ormat Technologies worth $1,602,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Renaissance Technologies LLC lifted its stake in shares of Ormat Technologies by 17.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,085,257 shares of the energy company’s stock valued at $63,683,000 after acquiring an additional 164,100 shares during the last quarter. Vanguard Group Inc. raised its position in Ormat Technologies by 4.4% during the 2nd quarter. Vanguard Group Inc. now owns 3,366,355 shares of the energy company’s stock valued at $197,538,000 after purchasing an additional 142,724 shares during the last quarter. AHL Partners LLP bought a new position in Ormat Technologies during the 2nd quarter valued at approximately $8,370,000. New Amsterdam Partners LLC NY bought a new position in Ormat Technologies during the 3rd quarter valued at approximately $6,677,000. Finally, Dimensional Fund Advisors LP raised its position in Ormat Technologies by 6.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,526,801 shares of the energy company’s stock valued at $89,594,000 after purchasing an additional 96,288 shares during the last quarter. Hedge funds and other institutional investors own 46.46% of the company’s stock.

Shares of Ormat Technologies, Inc. (ORA) traded down $0.26 during trading hours on Wednesday, hitting $62.47. The stock had a trading volume of 159,300 shares, compared to its average volume of 179,036. Ormat Technologies, Inc. has a 12-month low of $49.64 and a 12-month high of $66.46. The company has a market cap of $3,173.96, a price-to-earnings ratio of 27.76, a P/E/G ratio of 2.11 and a beta of 1.23. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.72 and a quick ratio of 1.62.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Tuesday, November 7th. The energy company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.06). Ormat Technologies had a return on equity of 9.41% and a net margin of 16.99%. The firm had revenue of $157.20 million during the quarter, compared to the consensus estimate of $159.02 million. During the same period in the prior year, the company posted $0.56 EPS. The firm’s revenue was down 14.8% on a year-over-year basis. analysts forecast that Ormat Technologies, Inc. will post 2.21 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 21st were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.51%. The ex-dividend date was Monday, November 20th. Ormat Technologies’s dividend payout ratio is currently 13.73%.

ORA has been the subject of a number of recent analyst reports. TheStreet raised Ormat Technologies from a “c+” rating to a “b-” rating in a research report on Monday, November 13th. Roth Capital set a $70.00 price target on Ormat Technologies and gave the company a “buy” rating in a research report on Monday, November 13th. Zacks Investment Research raised Ormat Technologies from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a research report on Thursday, October 5th. Oppenheimer reaffirmed a “buy” rating and set a $70.00 price target (up previously from $65.00) on shares of Ormat Technologies in a research report on Wednesday, September 27th. Finally, Cowen set a $67.00 price target on Ormat Technologies and gave the company a “buy” rating in a research report on Friday, August 18th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $66.88.

In related news, Director David Granot sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $57.66, for a total value of $144,150.00. Following the sale, the director now owns 2,500 shares in the company, valued at approximately $144,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Bob Sullivan sold 9,890 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $62.89, for a total value of $621,982.10. Following the completion of the sale, the executive vice president now owns 9,890 shares in the company, valued at approximately $621,982.10. The disclosure for this sale can be found here. Insiders sold a total of 84,359 shares of company stock valued at $5,013,332 in the last three months. Corporate insiders own 14.74% of the company’s stock.

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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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Institutional Ownership by Quarter for Ormat Technologies (NYSE:ORA)

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