Guinness Atkinson Asset Management Inc Sells 1,171 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Guinness Atkinson Asset Management Inc trimmed its stake in Ormat Technologies, Inc. (NYSE:ORA) by 9.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,827 shares of the energy company’s stock after selling 1,171 shares during the period. Guinness Atkinson Asset Management Inc’s holdings in Ormat Technologies were worth $801,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ORA. Susquehanna International Group Ltd. bought a new stake in Ormat Technologies in the second quarter worth $1,006,000. Chesapeake Capital Corp IL bought a new stake in shares of Ormat Technologies in the 3rd quarter worth about $522,000. Holocene Advisors LP boosted its stake in shares of Ormat Technologies by 28.7% during the 3rd quarter. Holocene Advisors LP now owns 48,121 shares of the energy company’s stock worth $3,702,000 after purchasing an additional 10,718 shares during the period. Wesbanco Bank Inc. bought a new position in Ormat Technologies during the 3rd quarter valued at about $1,731,000. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in Ormat Technologies by 23.1% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 178,217 shares of the energy company’s stock worth $12,778,000 after purchasing an additional 33,439 shares during the period. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Down 0.8 %

Shares of Ormat Technologies stock opened at $67.09 on Monday. Ormat Technologies, Inc. has a 1 year low of $59.41 and a 1 year high of $84.30. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87. The stock has a market cap of $4.06 billion, a price-to-earnings ratio of 34.23, a PEG ratio of 3.05 and a beta of 0.57. The firm’s 50-day moving average is $74.02 and its two-hundred day moving average is $75.07.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, November 6th. The energy company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.05. The company 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%. Ormat Technologies’s revenue was up 1.8% compared to the same quarter last year. During the same period last year, the company posted $0.47 earnings per share. As a group, research analysts expect that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.72%. The ex-dividend date of this dividend was Wednesday, November 20th. Ormat Technologies’s payout ratio is 24.49%.

Insider Buying and Selling

In related news, Director David Granot sold 1,256 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $82.00, for a total transaction of $102,992.00. Following the completion of the transaction, the director now owns 3,576 shares in the company, valued at $293,232. The trade was a 25.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Corp Orix sold 3,700,000 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $224,336,684.26. This trade represents a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ORA shares. Oppenheimer boosted their target price on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Jefferies Financial Group started coverage on shares of Ormat Technologies in a report on Friday, January 10th. They set a “hold” rating and a $73.00 price objective for the company. Roth Mkm reissued a “buy” rating and issued a $92.00 price objective (up from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Finally, Piper Sandler began coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 target price on the stock. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Ormat Technologies currently has a consensus rating of “Hold” and an average price target of $82.25.

About Ormat Technologies

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.