Retirement Systems of Alabama lifted its position in shares of Ormat Technologies, Inc. (NYSE:ORA – Free Report) by 0.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,947 shares of the energy company’s stock after purchasing an additional 142 shares during the quarter. Retirement Systems of Alabama’s holdings in Ormat Technologies were worth $4,950,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Ormat Technologies in the 4th quarter valued at $62,851,000. Vanguard Group Inc. grew its stake in Ormat Technologies by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company’s stock valued at $409,305,000 after acquiring an additional 274,540 shares during the period. Soros Fund Management LLC acquired a new stake in Ormat Technologies in the 4th quarter valued at $10,158,000. Handelsbanken Fonder AB grew its stake in Ormat Technologies by 66.3% in the 1st quarter. Handelsbanken Fonder AB now owns 259,258 shares of the energy company’s stock valued at $18,348,000 after acquiring an additional 103,352 shares during the period. Finally, Candriam S.C.A. acquired a new stake in Ormat Technologies in the 4th quarter valued at $6,890,000. Institutional investors and hedge funds own 95.49% of the company’s stock.
Wall Street Analysts Forecast Growth
ORA has been the topic of a number of research analyst reports. Barclays raised shares of Ormat Technologies from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $80.00 to $86.00 in a research note on Friday, June 6th. Jefferies Financial Group lifted their price target on shares of Ormat Technologies from $78.00 to $86.00 and gave the company a “buy” rating in a research note on Tuesday, March 25th. Wall Street Zen raised shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research note on Monday, April 7th. Baird R W upgraded Ormat Technologies to a “hold” rating in a report on Thursday, March 13th. Finally, JPMorgan Chase & Co. raised their price objective on Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, February 28th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Ormat Technologies has a consensus rating of “Hold” and an average target price of $84.14.
Insider Transactions at Ormat Technologies
In related news, Director David Granot sold 950 shares of the business’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $73.10, for a total value of $69,445.00. Following the sale, the director now directly owns 2,713 shares in the company, valued at approximately $198,320.30. The trade was a 25.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dafna Sharir sold 1,601 shares of the business’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $85.63, for a total transaction of $137,093.63. Following the completion of the sale, the director now owns 3,238 shares in the company, valued at approximately $277,269.94. This trade represents a 33.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,869 shares of company stock worth $384,785 in the last quarter. Company insiders own 0.56% of the company’s stock.
Ormat Technologies Trading Down 0.3%
Shares of ORA stock opened at $86.32 on Wednesday. The stock’s fifty day moving average is $75.18 and its two-hundred day moving average is $70.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.90 and a current ratio of 0.97. The firm has a market capitalization of $5.23 billion, a P/E ratio of 41.90, a PEG ratio of 4.14 and a beta of 0.60. Ormat Technologies, Inc. has a fifty-two week low of $61.58 and a fifty-two week high of $87.20.
Ormat Technologies (NYSE:ORA – Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The energy company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.58 by $0.10. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.18%. The business had revenue of $229.76 million for the quarter, compared to analyst estimates of $228.33 million. During the same quarter in the previous year, the firm earned $0.64 EPS. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. Research analysts expect that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.
Ormat Technologies Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 4th. Stockholders of record on Wednesday, May 21st were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $0.48 annualized dividend and a dividend yield of 0.56%. Ormat Technologies’s dividend payout ratio is presently 23.30%.
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.
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