California Public Employees Retirement System trimmed its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA) by 25.1% during the first quarter, HoldingsChannel.com reports. The firm owned 54,958 shares of the energy company’s stock after selling 18,460 shares during the quarter. California Public Employees Retirement System’s holdings in Ormat Technologies were worth $3,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC increased its holdings in Ormat Technologies by 37.1% in the 1st quarter. SG Americas Securities LLC now owns 3,946 shares of the energy company’s stock worth $222,000 after acquiring an additional 1,068 shares during the last quarter. West Branch Capital LLC purchased a new stake in Ormat Technologies in the 1st quarter worth about $235,000. Xact Kapitalforvaltning AB purchased a new stake in Ormat Technologies in the 4th quarter worth about $265,000. Oppenheimer Asset Management Inc. purchased a new stake in Ormat Technologies in the 1st quarter worth about $267,000. Finally, Meitav Dash Investments Ltd. purchased a new stake in Ormat Technologies in the 4th quarter worth about $448,000. Institutional investors own 71.02% of the company’s stock.
In other Ormat Technologies news, VP Erez Klein sold 4,120 shares of Ormat Technologies stock in a transaction dated Friday, June 22nd. The stock was sold at an average price of $54.50, for a total transaction of $224,540.00. Following the completion of the transaction, the vice president now owns 4,120 shares of the company’s stock, valued at approximately $224,540. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is owned by insiders.
Ormat Technologies opened at $53.17 on Wednesday, Marketbeat Ratings reports. The company has a quick ratio of 1.47, a current ratio of 1.57 and a debt-to-equity ratio of 0.64. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 17.78, a P/E/G ratio of 2.40 and a beta of 1.34. Ormat Technologies, Inc. has a twelve month low of $50.43 and a twelve month high of $70.68.
Ormat Technologies (NYSE:ORA) last posted its earnings results on Monday, May 7th. The energy company reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.09). The company had revenue of $184.00 million for the quarter, compared to analysts’ expectations of $176.72 million. Ormat Technologies had a net margin of 24.00% and a return on equity of 11.03%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.70 EPS. sell-side analysts expect that Ormat Technologies, Inc. will post 2.01 EPS for the current fiscal year.
Several equities research analysts recently weighed in on ORA shares. JPMorgan Chase & Co. lowered Ormat Technologies from an “overweight” rating to a “neutral” rating and set a $62.00 price objective for the company. in a report on Monday, May 14th. UBS Group started coverage on Ormat Technologies in a report on Friday, March 16th. They issued a “neutral” rating for the company. Zacks Investment Research lowered Ormat Technologies from a “hold” rating to a “sell” rating in a report on Saturday, April 28th. Oppenheimer reissued a “market perform” rating on shares of Ormat Technologies in a report on Friday, April 6th. They noted that the move was a valuation call. Finally, Roth Capital set a $67.00 price objective on Ormat Technologies and gave the stock a “buy” rating in a report on Sunday, May 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $69.17.
About Ormat Technologies
Ormat Technologies, Inc engages in the geothermal and recovered energy power business worldwide. The company operates through Electricity and Product segments. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity. This segment also offers energy storage, demand response, and energy management related services.
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