Ion Asset Management Ltd. Lowers stake in Ormat Technologies (ORA)

Ormat Technologies (ORA) : Ion Asset Management Ltd. reduced its stake in Ormat Technologies by 12.52% during the most recent quarter end. The investment management company now holds a total of 114,452 shares of Ormat Technologies which is valued at $4.9 Million after selling 16,385 shares in Ormat Technologies , the firm said in a disclosure report filed with the SEC on May 13, 2016.Ormat Technologies makes up approximately 2.48% of Ion Asset Management Ltd.’s portfolio.

Other Hedge Funds, Including , Vanguard Group Inc boosted its stake in ORA in the latest quarter, The investment management firm added 218,551 additional shares and now holds a total of 2,765,330 shares of Ormat Technologies which is valued at $117.9 Million. Ormat Technologies makes up approx 0.01% of Vanguard Group Inc’s portfolio.Gsa Capital Partners Llp reduced its stake in ORA by selling 4,484 shares or 13.06% in the most recent quarter. The Hedge Fund company now holds 29,856 shares of ORA which is valued at $1.3 Million. Ormat Technologies makes up approx 0.08% of Gsa Capital Partners Llp’s portfolio.Blackrock Advisors boosted its stake in ORA in the latest quarter, The investment management firm added 1,656 additional shares and now holds a total of 17,261 shares of Ormat Technologies which is valued at $735,836.Psagot Investment House Ltd. reduced its stake in ORA by selling 1,940 shares or 18.39% in the most recent quarter. The Hedge Fund company now holds 8,607 shares of ORA which is valued at $366,916. Ormat Technologies makes up approx 0.02% of Psagot Investment House Ltd.’s portfolio.

Ormat Technologies closed down -0.35 points or -0.80% at $43.39 with 1,16,593 shares getting traded on Wednesday. Post opening the session at $43.95, the shares hit an intraday low of $43.26 and an intraday high of $43.95 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

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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