Meeder Asset Management Inc. Trims Stock Position in Ormat Technologies, Inc. (NYSE:ORA)

Meeder Asset Management Inc. lowered its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 72.7% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,661 shares of the energy company's stock after selling 20,416 shares during the period. Meeder Asset Management Inc.'s holdings in Ormat Technologies were worth $589,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of ORA. Blue Trust Inc. grew its holdings 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 valued at $26,000 after purchasing an additional 229 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Ormat Technologies by 107.7% during the 3rd quarter. UMB Bank n.a. now owns 617 shares of the energy company's stock valued at $47,000 after acquiring an additional 320 shares in the last quarter. EntryPoint Capital LLC acquired a new position in Ormat Technologies in the 1st quarter worth about $50,000. GAMMA Investing LLC grew its holdings in shares of Ormat Technologies by 115.3% during the second quarter. GAMMA Investing LLC now owns 730 shares of the energy company's stock worth $52,000 after purchasing an additional 391 shares during the last quarter. Finally, DMC Group LLC bought a new position in Ormat Technologies in the 3rd quarter valued at approximately $204,000. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Price Performance

ORA traded up $0.14 during midday trading on Wednesday, hitting $79.38. The stock had a trading volume of 240,462 shares, compared to its average volume of 438,094. The business has a fifty day moving average of $78.04 and a 200 day moving average of $74.98. Ormat Technologies, Inc. has a 1 year low of $59.41 and a 1 year high of $84.30. The company has a market cap of $4.80 billion, a P/E ratio of 40.50, a price-to-earnings-growth ratio of 4.09 and a beta of 0.53. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.31 by $0.05. The business had revenue of $211.80 million for the quarter, compared to analyst estimates of $215.53 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The company's revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.47 EPS. As a group, equities analysts forecast that Ormat Technologies, Inc. will post 1.93 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date is Wednesday, November 20th. Ormat Technologies's payout ratio is 24.49%.

Analysts Set New Price Targets

Several research analysts have commented on ORA shares. Oppenheimer lifted their target price on Ormat Technologies from $86.00 to $91.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Roth Mkm restated a "buy" rating and issued a $92.00 target price (up from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $84.50.

Insider Activity at Ormat Technologies

In other news, Director Dafna Sharir sold 433 shares of the company's stock in a transaction dated Friday, August 23rd. The stock was 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. This represents a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Byron G. Wong sold 1,266 shares of Ormat Technologies stock in a transaction on Friday, September 20th. The shares were sold at an average price of $74.98, for a total transaction of $94,924.68. Following the completion of the sale, the director now owns 6,906 shares in the company, valued at approximately $517,811.88. This represents a 15.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.46% of the stock is owned by insiders.

Ormat Technologies 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.