Migdal Insurance & Financial Holdings Ltd. Cuts Position in Ormat Technologies, Inc. (NYSE:ORA)

Migdal Insurance & Financial Holdings Ltd. cut its stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 10.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 496,526 shares of the energy company's stock after selling 55,000 shares during the quarter. Migdal Insurance & Financial Holdings Ltd. owned 0.82% of Ormat Technologies worth $38,203,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ORA. State of Alaska Department of Revenue increased its position in Ormat Technologies by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 6,221 shares of the energy company's stock worth $478,000 after purchasing an additional 420 shares during the period. Assenagon Asset Management S.A. acquired a new position in Ormat Technologies during the third quarter worth $1,113,000. DMC Group LLC acquired a new stake in Ormat Technologies in the third quarter valued at $204,000. Everett Harris & Co. CA boosted its position in shares of Ormat Technologies by 25.0% during the 3rd quarter. Everett Harris & Co. CA now owns 5,000 shares of the energy company's stock worth $385,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Ormat Technologies by 180.3% during the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company's stock worth $26,000 after purchasing an additional 229 shares during the period. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Ormat Technologies Price Performance

Shares of ORA traded up $0.08 during mid-day trading on Friday, reaching $83.13. 543,545 shares of the company's stock were exchanged, compared to its average volume of 417,912. The company has a quick ratio of 0.89, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. Ormat Technologies, Inc. has a 52-week low of $58.73 and a 52-week high of $83.85. The company has a market cap of $5.03 billion, a price-to-earnings ratio of 42.41, a PEG ratio of 4.34 and a beta of 0.53. The company has a 50-day simple moving average of $76.96 and a two-hundred day simple moving average of $74.21.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.05. The company had revenue of $211.80 million during the quarter, compared to analysts' expectations of $215.53 million. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. The business's revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.47 earnings per share. On average, sell-side analysts predict that Ormat Technologies, Inc. will post 1.9 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.58%. Ormat Technologies's dividend payout ratio (DPR) is 24.49%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Roth Mkm reiterated a "buy" rating and issued a $92.00 price objective (up previously from $87.00) on shares of Ormat Technologies in a research note on Friday. JPMorgan Chase & Co. lifted their price target on shares of Ormat Technologies from $69.00 to $75.00 and gave the company a "neutral" rating in a research report on Tuesday, July 16th. Finally, Oppenheimer upped their price target on Ormat Technologies from $86.00 to $91.00 and gave the stock an "outperform" rating in a report on Friday. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $84.50.

Insiders Place Their Bets

In other news, Director Dafna Sharir sold 433 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $74.91, for a total value of $32,436.03. Following the completion of the transaction, the director now owns 3,561 shares of the company's stock, valued at $266,754.51. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Ormat Technologies news, Director Byron G. Wong sold 1,266 shares of Ormat Technologies stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $74.98, for a total value of $94,924.68. Following the completion of the sale, the director now owns 6,906 shares in the company, valued at $517,811.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dafna Sharir sold 433 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $74.91, for a total transaction of $32,436.03. Following the transaction, the director now owns 3,561 shares in the company, valued at approximately $266,754.51. The trade was a 0.00 % decrease in their ownership of the stock. 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.