Mirae Asset Global Investments Co. Ltd. Sells 2,488 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Mirae Asset Global Investments Co. Ltd. cut its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 5.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,691 shares of the energy company’s stock after selling 2,488 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.08% of Ormat Technologies worth $3,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. IFP Advisors Inc lifted its holdings in Ormat Technologies by 248.0% in the second quarter. IFP Advisors Inc now owns 428 shares of the energy company’s stock worth $34,000 after buying an additional 305 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Ormat Technologies by 43.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,008 shares of the energy company’s stock valued at $87,000 after purchasing an additional 303 shares during the last quarter. Toroso Investments LLC lifted its holdings in shares of Ormat Technologies by 15.8% during the third quarter. Toroso Investments LLC now owns 1,065 shares of the energy company’s stock valued at $91,000 after purchasing an additional 145 shares during the last quarter. Lazard Asset Management LLC purchased a new position in shares of Ormat Technologies during the second quarter valued at approximately $110,000. Finally, FMR LLC increased its position in shares of Ormat Technologies by 13.0% during the second quarter. FMR LLC now owns 1,465 shares of the energy company’s stock valued at $115,000 after acquiring an additional 169 shares in the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ORA has been the subject of several analyst reports. Oppenheimer reduced their price target on shares of Ormat Technologies from $84.00 to $83.00 and set an “outperform” rating for the company in a research report on Friday, January 19th. TD Cowen lowered their target price on shares of Ormat Technologies from $74.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday, February 23rd. Finally, Barclays dropped their price objective on shares of Ormat Technologies from $82.00 to $75.00 and set an “equal weight” rating for the company in a report on Monday, February 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Ormat Technologies has a consensus rating of “Hold” and an average price target of $81.00.

Insider Transactions at Ormat Technologies

In other news, Director Stanley Stern sold 1,825 shares of Ormat Technologies stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $66.95, for a total transaction of $122,183.75. Following the completion of the sale, the director now directly owns 4,835 shares in the company, valued at $323,703.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.46% of the company’s stock.

Ormat Technologies Stock Performance

Shares of NYSE:ORA opened at $59.96 on Wednesday. The firm has a market cap of $3.62 billion, a PE ratio of 28.69, a price-to-earnings-growth ratio of 2.92 and a beta of 0.48. The firm’s 50 day simple moving average is $65.20 and its 200-day simple moving average is $67.17. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.12 and a current ratio of 1.20. Ormat Technologies, Inc. has a one year low of $58.73 and a one year high of $88.64.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, February 21st. The energy company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. The company had revenue of $241.30 million during the quarter, compared to the consensus estimate of $239.71 million. Ormat Technologies had a net margin of 15.00% and a return on equity of 5.09%. Ormat Technologies’s revenue was up 17.4% compared to the same quarter last year. During the same period last year, the firm earned $0.73 earnings per share. As a group, equities analysts predict that Ormat Technologies, Inc. will post 2.2 EPS for the current year.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were paid a $0.12 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $0.48 annualized dividend and a yield of 0.80%. Ormat Technologies’s dividend payout ratio (DPR) is 22.97%.

Ormat Technologies Company 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.