American International Group Inc. trimmed its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA) by 0.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,213 shares of the energy company’s stock after selling 203 shares during the period. American International Group Inc. owned approximately 0.05% of Ormat Technologies worth $1,371,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. Clean Yield Group acquired a new position in Ormat Technologies during the fourth quarter valued at $51,000. Strs Ohio purchased a new position in Ormat Technologies in the fourth quarter valued at about $52,000. Atlantic Trust LLC purchased a new position in Ormat Technologies in the third quarter valued at about $108,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Ormat Technologies by 15.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,775 shares of the energy company’s stock valued at $197,000 after purchasing an additional 506 shares in the last quarter. Finally, Highland Capital Management LP purchased a new position in Ormat Technologies in the third quarter valued at about $216,000. 75.32% of the stock is currently owned by hedge funds and other institutional investors.
Ormat Technologies stock traded up $0.46 during trading hours on Friday, hitting $57.68. The stock had a trading volume of 100,503 shares, compared to its average volume of 133,699. The company has a quick ratio of 1.18, a current ratio of 1.31 and a debt-to-equity ratio of 0.72. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 27.73, a price-to-earnings-growth ratio of 2.52 and a beta of 1.27. Ormat Technologies, Inc. has a fifty-two week low of $45.79 and a fifty-two week high of $60.26.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This is a boost from Ormat Technologies’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.76%. Ormat Technologies’s dividend payout ratio is presently 21.15%.
Several research firms have recently issued reports on ORA. JPMorgan Chase & Co. downgraded Ormat Technologies from an “overweight” rating to a “neutral” rating and set a $60.00 price target for the company. in a research note on Wednesday, March 6th. ValuEngine upgraded Ormat Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, March 5th. Finally, Zacks Investment Research downgraded Ormat Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, January 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $64.25.
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About Ormat Technologies
Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, New Zealand, and internationally. The company operates through three segments: Electricity, Product, and Other. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity.
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