Fifth Third Bancorp Purchases 14,795 Shares of Ormat Technologies, Inc. $ORA

Fifth Third Bancorp raised its position in Ormat Technologies, Inc. (NYSE:ORA) by 2,680.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 15,347 shares of the energy company’s stock after buying an additional 14,795 shares during the period. Fifth Third Bancorp’s holdings in Ormat Technologies were worth $1,718,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ORA. Aster Capital Management DIFC Ltd bought a new stake in shares of Ormat Technologies during the fourth quarter worth about $26,000. Caitong International Asset Management Co. Ltd bought a new position in Ormat Technologies in the 4th quarter valued at approximately $31,000. Los Angeles Capital Management LLC bought a new position in Ormat Technologies in the 4th quarter valued at approximately $32,000. Wolff Wiese Magana LLC acquired a new stake in Ormat Technologies during the 4th quarter worth approximately $33,000. Finally, Smartleaf Asset Management LLC boosted its position in Ormat Technologies by 245.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock worth $33,000 after buying an additional 211 shares during the period. 95.49% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Sanford C. Bernstein initiated coverage on shares of Ormat Technologies in a research report on Tuesday, June 16th. They issued an “underperform” rating and a $115.00 price target for the company. Barclays lifted their price target on shares of Ormat Technologies from $126.00 to $127.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Roth Capital restated a “buy” rating and issued a $135.00 price objective on shares of Ormat Technologies in a report on Monday, May 11th. Finally, Wolfe Research initiated coverage on Ormat Technologies in a report on Monday, June 8th. They issued a “peer perform” rating for the company. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Ormat Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $131.75.

Insider Buying and Selling

In related news, Director Michal Marom sold 3,080 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $130.97, for a total transaction of $403,387.60. Following the completion of the sale, the director owned 1,766 shares of the company’s stock, valued at $231,293.02. This trade represents a 63.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Byron G. Wong sold 4,500 shares of Ormat Technologies stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total value of $604,440.00. Following the completion of the sale, the director owned 5,925 shares of the company’s stock, valued at approximately $795,846. The trade was a 43.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 30,585 shares of company stock worth $4,090,998 over the last three months. Insiders own 0.50% of the company’s stock.

Ormat Technologies Stock Down 1.4%

Ormat Technologies stock opened at $103.61 on Thursday. The firm has a market cap of $6.37 billion, a price-to-earnings ratio of 50.30, a PEG ratio of 4.48 and a beta of 0.88. Ormat Technologies, Inc. has a 52-week low of $84.13 and a 52-week high of $146.39. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. The firm has a 50 day moving average price of $124.62 and a two-hundred day moving average price of $118.89.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. The company had revenue of $403.91 million for the quarter, compared to analyst estimates of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The company’s quarterly revenue was up 75.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.68 EPS. Equities analysts predict that Ormat Technologies, Inc. will post 2.35 EPS for the current year.

Ormat Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is 23.30%.

Ormat Technologies Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.