Bank of New York Mellon Corp Acquires 15,004 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Bank of New York Mellon Corp raised its stake in Ormat Technologies, Inc. (NYSE:ORA) by 2.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 560,029 shares of the energy company’s stock after buying an additional 15,004 shares during the period. Bank of New York Mellon Corp’s holdings in Ormat Technologies were worth $40,154,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Evexia Wealth LLC raised its holdings in Ormat Technologies by 2.7% during the 4th quarter. Evexia Wealth LLC now owns 6,096 shares of the energy company’s stock worth $462,000 after purchasing an additional 160 shares during the last quarter. Retirement Systems of Alabama raised its stake in shares of Ormat Technologies by 0.3% in the first quarter. Retirement Systems of Alabama now owns 67,453 shares of the energy company’s stock valued at $4,465,000 after buying an additional 177 shares during the period. New York State Teachers Retirement System lifted its holdings in Ormat Technologies by 0.6% during the first quarter. New York State Teachers Retirement System now owns 31,880 shares of the energy company’s stock valued at $2,110,000 after purchasing an additional 200 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Ormat Technologies by 5.1% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 5,014 shares of the energy company’s stock valued at $380,000 after buying an additional 242 shares in the last quarter. Finally, TFO Wealth Partners LLC lifted its position in shares of Ormat Technologies by 9,066.7% during the fourth quarter. TFO Wealth Partners LLC now owns 275 shares of the energy company’s stock worth $227,000 after acquiring an additional 272 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Stock Up 0.8 %

ORA stock opened at $74.53 on Monday. The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of 33.57, a price-to-earnings-growth ratio of 3.65 and a beta of 0.51. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.89 and a current ratio of 0.97. The business’s 50 day moving average price is $73.69 and its two-hundred day moving average price is $70.01. Ormat Technologies, Inc. has a fifty-two week low of $58.73 and a fifty-two week high of $78.51.

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

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date is Tuesday, August 20th. Ormat Technologies’s payout ratio is 21.62%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Oppenheimer raised their price objective on shares of Ormat Technologies from $85.00 to $86.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Barclays reduced their price objective on Ormat Technologies from $75.00 to $73.00 and set an “equal weight” rating on the stock in a research report on Monday, May 13th. UBS Group lifted their target price on shares of Ormat Technologies from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, May 14th. Roth Mkm reaffirmed a “buy” rating and issued a $80.00 price target on shares of Ormat Technologies in a research note on Monday, August 12th. Finally, TD Cowen upped their price objective on shares of Ormat Technologies from $70.00 to $76.00 and gave the company a “hold” rating in a research note on Friday, May 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $81.67.

Insider Transactions at Ormat Technologies

In related news, Director Dafna Sharir sold 433 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $74.91, for a total transaction of $32,436.03. Following the sale, the director now directly owns 3,561 shares of the company’s stock, valued at $266,754.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.00% of the company’s stock.

Ormat Technologies 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.