Envestnet Asset Management Inc. Has $2.24 Million Stock Position in Ormat Technologies, Inc. (NYSE:ORA)

Envestnet Asset Management Inc. increased its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 8.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,238 shares of the energy company’s stock after acquiring an additional 2,482 shares during the quarter. Envestnet Asset Management Inc. owned about 0.05% of Ormat Technologies worth $2,240,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Allianz Asset Management GmbH lifted its stake in Ormat Technologies by 164.2% in the 4th quarter. Allianz Asset Management GmbH now owns 30,136 shares of the energy company’s stock valued at $2,284,000 after acquiring an additional 18,728 shares in the last quarter. Wellington Management Group LLP boosted its stake in Ormat Technologies by 3.5% in the 4th quarter. Wellington Management Group LLP now owns 1,041,169 shares of the energy company’s stock valued at $78,910,000 after purchasing an additional 35,665 shares during the period. Vanguard Group Inc. boosted its stake in Ormat Technologies by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 5,324,628 shares of the energy company’s stock valued at $403,554,000 after purchasing an additional 39,172 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Ormat Technologies by 1.0% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 124,981 shares of the energy company’s stock valued at $9,472,000 after buying an additional 1,192 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in Ormat Technologies by 50.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,540 shares of the energy company’s stock worth $117,000 after buying an additional 514 shares during the period. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Stock Up 0.7 %

Shares of NYSE ORA opened at $76.06 on Friday. The company has a 50 day simple moving average of $74.52 and a 200 day simple moving average of $71.64. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.97 and a quick ratio of 0.89. Ormat Technologies, Inc. has a 1 year low of $58.73 and a 1 year high of $78.51. The firm has a market cap of $4.60 billion, a PE ratio of 34.26, a price-to-earnings-growth ratio of 3.80 and a beta of 0.53.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.03. Ormat Technologies had a net margin of 14.89% and a return on equity of 5.40%. The firm had revenue of $212.96 million during the quarter, compared to the consensus estimate of $214.07 million. During the same quarter last year, the firm earned $0.40 earnings per share. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. On average, research analysts forecast that Ormat Technologies, Inc. will post 2.04 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.63%. The ex-dividend date of this dividend was Tuesday, August 20th. Ormat Technologies’s payout ratio is presently 21.62%.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, Director Dafna Sharir sold 433 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $74.91, for a total transaction of $32,436.03. Following the completion of the transaction, the director now owns 3,561 shares in the company, valued at approximately $266,754.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Dafna Sharir sold 433 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $74.91, for a total value of $32,436.03. Following the transaction, the director now directly owns 3,561 shares of the company’s stock, valued at $266,754.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Byron G. Wong sold 1,266 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $74.98, for a total transaction of $94,924.68. Following the transaction, the director now directly owns 6,906 shares in the company, valued at approximately $517,811.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

ORA has been the topic of several analyst reports. JPMorgan Chase & Co. increased their target price on Ormat Technologies from $69.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, July 16th. Roth Mkm reiterated a “buy” rating and issued a $80.00 target price on shares of Ormat Technologies in a research report on Monday, August 12th. Finally, Oppenheimer lifted their price target on shares of Ormat Technologies from $85.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

About Ormat Technologies

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.