Retirement Systems of Alabama Grows Stake in Ormat Technologies, Inc. $ORA

Retirement Systems of Alabama lifted its stake in shares of Ormat Technologies, Inc. (NYSE:ORA) by 169.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 189,988 shares of the energy company’s stock after buying an additional 119,552 shares during the quarter. Retirement Systems of Alabama’s holdings in Ormat Technologies were worth $18,286,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Curio Wealth LLC grew its holdings in Ormat Technologies by 29,200.0% during the second quarter. Curio Wealth LLC now owns 293 shares of the energy company’s stock valued at $25,000 after purchasing an additional 292 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Ormat Technologies by 251.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company’s stock valued at $44,000 after buying an additional 374 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Ormat Technologies by 57.4% during the 2nd quarter. GAMMA Investing LLC now owns 886 shares of the energy company’s stock worth $74,000 after acquiring an additional 323 shares during the period. CWM LLC increased its holdings in Ormat Technologies by 17.1% in the 3rd quarter. CWM LLC now owns 1,098 shares of the energy company’s stock worth $106,000 after acquiring an additional 160 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in Ormat Technologies by 9.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,609 shares of the energy company’s stock worth $135,000 after acquiring an additional 144 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on ORA shares. Oppenheimer reaffirmed an “outperform” rating and set a $125.00 price objective on shares of Ormat Technologies in a report on Wednesday, November 5th. JPMorgan Chase & Co. upped their price target on shares of Ormat Technologies from $99.00 to $111.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. UBS Group lifted their price objective on shares of Ormat Technologies from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Robert W. Baird set a $143.00 target price on Ormat Technologies in a research report on Wednesday, January 14th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a report on Thursday. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $125.22.

Ormat Technologies Trading Up 0.2%

Ormat Technologies stock opened at $123.64 on Tuesday. The stock has a market cap of $7.51 billion, a P/E ratio of 56.72, a PEG ratio of 4.90 and a beta of 0.71. Ormat Technologies, Inc. has a fifty-two week low of $61.58 and a fifty-two week high of $125.35. The firm’s fifty day moving average price is $113.90 and its 200-day moving average price is $102.86. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Monday, November 3rd. The energy company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.37 by $0.04. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.12%.The business had revenue of $249.73 million during the quarter, compared to analysts’ expectations of $235.03 million. During the same period in the previous year, the business earned $0.36 earnings per share. The firm’s revenue was up 17.9% on a year-over-year basis. Equities research analysts forecast that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, November 17th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, November 17th. Ormat Technologies’s dividend payout ratio is 22.02%.

Insider Activity at Ormat Technologies

In related news, CFO Assi Ginzburg sold 20,000 shares of the company’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $112.72, for a total value of $2,254,400.00. Following the completion of the transaction, the chief financial officer directly owned 4,482 shares in the company, valued at approximately $505,211.04. The trade was a 81.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Isaac Angel sold 18,018 shares of the firm’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $112.42, for a total value of $2,025,583.56. Following the sale, the director owned 29,650 shares in the company, valued at $3,333,253. The trade was a 37.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 40,860 shares of company stock worth $4,601,530 in the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.