Clal Insurance Enterprises Holdings Ltd Lowers stake in Ormat Technologies (ORA)

Ormat Technologies (ORA) : Clal Insurance Enterprises Holdings Ltd reduced its stake in Ormat Technologies by 2.72% during the most recent quarter end. The investment management company now holds a total of 2,336,754 shares of Ormat Technologies which is valued at $99,615,823 after selling 65,329 shares in Ormat Technologies , the firm said in a disclosure report filed with the SEC on May 10, 2016.Ormat Technologies makes up approximately 3.01% of Clal Insurance Enterprises Holdings Ltd’s portfolio.

Other Hedge Funds, Including , Norges Bank boosted its stake in ORA in the latest quarter, The investment management firm added 152,932 additional shares and now holds a total of 514,555 shares of Ormat Technologies which is valued at $21,935,480. Ormat Technologies makes up approx 0.01% of Norges Bank’s portfolio.New York State Common Retirement Fund boosted its stake in ORA in the latest quarter, The investment management firm added 1,700 additional shares and now holds a total of 36,800 shares of Ormat Technologies which is valued at $1,583,504.Campbell Co Investment Adviser boosted its stake in ORA in the latest quarter, The investment management firm added 1,812 additional shares and now holds a total of 7,884 shares of Ormat Technologies which is valued at $339,249. Ormat Technologies makes up approx 1.24% of Campbell Co Investment Adviser’s portfolio.

Ormat Technologies opened for trading at $42.7 and hit $42.969 on the upside on Monday, eventually ending the session at $42.7, with a gain of 0.33% or 0.14 points. The heightened volatility saw the trading volume jump to 1,27,834 shares. Company has a market cap of $2,109 M.

On the company’s financial health, Ormat Technologies reported $0.59 EPS for the quarter, beating the analyst consensus estimate by $ 0.24 according to the earnings call on May 4, 2016. Analyst had a consensus of $0.35. The company had revenue of $151.60 million for the quarter, compared to analysts expectations of $138.37 million. The company’s revenue was up 26.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 EPS.

Many Wall Street Analysts have commented on Ormat Technologies. Ormat Technologies was Downgraded by JP Morgan to ” Neutral” on May 6, 2016.

Ormat Technologies Inc. is engaged in the geothermal and recovered energy power business. The Company designs develops builds owns and operates geothermal and recovered energy-based power plants various countries including the United States of America Kenya and Guatemala. The company’s equipment manufacturing operations are located in Israel. The Company conducts its business activities in two business segments: Electricity Segment and Product Segment. The Product Segment designs manufactures and sells equipment for geothermal and recovered energy-based electricity generation remote power units and other power generating units and provide services relating to the engineering procurement construction operation and maintenance of geothermal and recovered energy-based power plants. The Company’s customers include Southern California Edison Sierra Pacific Power Company Nevada Power Company HELCO and SCPPA.

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