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

Bank of New York Mellon Corp lowered its stake in shares of Ormat Technologies, Inc. (NYSE:ORA) by 2.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 461,151 shares of the energy company’s stock after selling 10,593 shares during the period. Bank of New York Mellon Corp owned 0.76% of Ormat Technologies worth $31,229,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc raised its stake in Ormat Technologies by 132.4% in the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock valued at $27,000 after acquiring an additional 229 shares during the period. Mendota Financial Group LLC bought a new stake in Ormat Technologies in the 4th quarter valued at $98,000. Perigon Wealth Management LLC raised its stake in Ormat Technologies by 16.4% in 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 stake in Ormat Technologies in the 4th quarter valued at $265,000. Finally, Inspire Investing LLC raised its stake in Ormat Technologies by 11.0% in the 4th quarter. Inspire Investing LLC now owns 5,914 shares of the energy company’s stock valued at $400,000 after acquiring an additional 586 shares during the period. Institutional investors own 95.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ORA. Jefferies Financial Group raised Ormat Technologies from a “hold” rating to a “buy” rating and upped their price objective for the company from $73.00 to $78.00 in a report on Thursday, February 20th. Piper Sandler began coverage on Ormat Technologies in a report on Thursday, December 19th. They set a “neutral” rating and a $78.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their target price on Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 28th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Ormat Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $82.88.

Ormat Technologies Price Performance

Ormat Technologies stock opened at $70.64 on Friday. 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 company has a market capitalization of $4.27 billion, a PE ratio of 36.04, a P/E/G ratio of 3.18 and a beta of 0.51. Ormat Technologies, Inc. has a 12 month low of $59.41 and a 12 month high of $84.30. The stock has a 50-day moving average price of $66.51 and a two-hundred day moving average price of $73.06.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.68%. Ormat Technologies’s dividend payout ratio (DPR) is 23.53%.

Insider Buying and Selling

In related news, major shareholder Corp Orix sold 3,700,000 shares of Ormat Technologies stock in a transaction on Friday, December 13th. The stock was sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the sale, the insider now directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David Granot sold 1,666 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total value of $114,954.00. Following the sale, the director now owns 1,910 shares in the company, valued at approximately $131,790. The trade was a 46.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

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.