Bank of New York Mellon Corp Sells 10,593 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Bank of New York Mellon Corp decreased its position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 2.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 461,151 shares of the energy company's stock after selling 10,593 shares during the quarter. Bank of New York Mellon Corp owned about 0.76% of Ormat Technologies worth $31,229,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Versant Capital Management Inc lifted its stake in Ormat Technologies by 132.4% in the fourth quarter. Versant Capital Management Inc now owns 402 shares of the energy company's stock valued at $27,000 after buying an additional 229 shares during the period. Mendota Financial Group LLC bought a new stake in shares of Ormat Technologies in the 4th quarter valued at $98,000. Perigon Wealth Management LLC lifted its position in shares of Ormat Technologies by 16.4% during the 4th quarter. Perigon Wealth Management LLC now owns 3,162 shares of the energy company's stock valued at $214,000 after acquiring an additional 446 shares during the period. Empowered Funds LLC bought a new position in Ormat Technologies during the fourth quarter worth $265,000. Finally, Cerity Partners LLC grew its holdings in Ormat Technologies by 62.5% in the third quarter. Cerity Partners LLC now owns 5,496 shares of the energy company's stock worth $423,000 after purchasing an additional 2,114 shares during the period. Institutional investors and hedge funds own 95.49% of the company's stock.

Ormat Technologies Stock Up 0.4 %

Shares of NYSE:ORA traded up $0.30 during mid-day trading on Wednesday, hitting $71.28. 264,655 shares of the company traded hands, compared to its average volume of 545,248. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The stock has a 50-day moving average price of $66.67 and a two-hundred day moving average price of $73.04. Ormat Technologies, Inc. has a 12-month low of $59.41 and a 12-month high of $84.30. The stock has a market cap of $4.31 billion, a P/E ratio of 36.37, a P/E/G ratio of 3.18 and a beta of 0.51.

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Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.67%. The ex-dividend date is Wednesday, March 12th. Ormat Technologies's dividend payout ratio (DPR) is presently 23.53%.

Analyst Ratings Changes

Several brokerages have recently weighed in on ORA. Piper Sandler assumed coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They set a "neutral" rating and a $78.00 price objective on the stock. Jefferies Financial Group raised Ormat Technologies from a "hold" rating to a "buy" rating and boosted their target price for the company from $73.00 to $78.00 in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. raised their price objective on Ormat Technologies from $71.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, February 28th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Ormat Technologies has an average rating of "Moderate Buy" and an average target price of $82.88.

Insider Buying and Selling

In related news, major shareholder Corp Orix sold 3,700,000 shares of the firm's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the completion of the sale, the insider now owns 2,976,077 shares in the company, valued at approximately $224,336,684.26. This trade represents a 55.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David Granot sold 1,666 shares of Ormat Technologies stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $69.00, for a total transaction of $114,954.00. Following the completion of the sale, the director now directly owns 1,910 shares in the company, valued at approximately $131,790. This represents a 46.59 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

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.