Citigroup Inc. Sells 1,123,528 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Citigroup Inc. lessened its stake in shares of Ormat Technologies, Inc. (NYSE:ORA) by 92.4% during the third quarter, Holdings Channel reports. The fund owned 92,094 shares of the energy company’s stock after selling 1,123,528 shares during the quarter. Citigroup Inc.’s holdings in Ormat Technologies were worth $7,086,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Susquehanna International Group Ltd. purchased a new position in Ormat Technologies in the second quarter worth $1,006,000. Tidal Investments LLC boosted its holdings in shares of Ormat Technologies by 433.4% in the first quarter. Tidal Investments LLC now owns 15,075 shares of the energy company’s stock worth $998,000 after acquiring an additional 12,249 shares during the period. Y.D. More Investments Ltd boosted its position in shares of Ormat Technologies by 1,011.5% in the second quarter. Y.D. More Investments Ltd now owns 493,619 shares of the energy company’s stock valued at $34,943,000 after acquiring an additional 449,209 shares during the period. Chesapeake Capital Corp IL purchased a new stake in shares of Ormat Technologies in the third quarter worth $522,000. Finally, Bank of New York Mellon Corp increased its position in shares of Ormat Technologies by 2.8% in the second quarter. Bank of New York Mellon Corp now owns 560,029 shares of the energy company’s stock worth $40,154,000 after purchasing an additional 15,004 shares during the last quarter. 95.49% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ORA has been the topic of several recent research reports. Roth Mkm reiterated a “buy” rating and set a $92.00 price objective (up from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Oppenheimer boosted their price target on shares of Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Three equities 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.50.

Insider Activity

In other Ormat Technologies news, Director Byron G. Wong sold 1,266 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now directly owns 6,906 shares in the company, valued at $517,811.88. This represents a 15.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.00% of the company’s stock.

Ormat Technologies Stock Performance

Shares of Ormat Technologies stock opened at $81.62 on Friday. Ormat Technologies, Inc. has a 1 year low of $59.41 and a 1 year high of $84.30. The stock has a market cap of $4.94 billion, a price-to-earnings ratio of 41.64, a PEG ratio of 4.22 and a beta of 0.53. The firm’s 50-day moving average is $78.89 and its 200 day moving average is $75.53. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Wednesday, November 6th. The energy company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.05. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The firm had revenue of $211.80 million during the quarter, compared to analysts’ expectations of $215.53 million. During the same period in the previous year, the company earned $0.47 earnings per share. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. Sell-side analysts anticipate that Ormat Technologies, Inc. will post 1.93 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date is Wednesday, November 20th. Ormat Technologies’s payout ratio is 24.49%.

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.