Ormat Technologies, Inc. (NYSE:ORA) Holdings Decreased by ORIX Corp

ORIX Corp cut its holdings in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 55.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,976,077 shares of the energy company's stock after selling 3,700,000 shares during the period. Ormat Technologies accounts for 100.0% of ORIX Corp's investment portfolio, making the stock its biggest position. ORIX Corp owned approximately 4.92% of Ormat Technologies worth $201,540,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. increased its position in shares of Ormat Technologies by 5.6% during the fourth quarter. Principal Financial Group Inc. now owns 131,906 shares of the energy company's stock valued at $8,933,000 after buying an additional 7,025 shares during the period. Vanguard Group Inc. increased its holdings in Ormat Technologies by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company's stock worth $409,305,000 after acquiring an additional 274,540 shares during the period. Element Capital Management LLC purchased a new stake in Ormat Technologies in the 4th quarter worth approximately $2,113,000. Daiwa Securities Group Inc. bought a new position in Ormat Technologies in the 4th quarter valued at $752,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Ormat Technologies by 6.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 618,937 shares of the energy company's stock valued at $41,914,000 after purchasing an additional 39,689 shares in the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Analysts Set New Price Targets

ORA has been the subject of several research analyst reports. Baird R W raised Ormat Technologies to a "hold" rating in a research note on Thursday, March 13th. StockNews.com raised Ormat Technologies from a "sell" rating to a "hold" rating in a report on Monday. Jefferies Financial Group upped their price objective on shares of Ormat Technologies from $78.00 to $86.00 and gave the stock a "buy" rating in a research report on Tuesday, March 25th. Robert W. Baird started coverage on shares of Ormat Technologies in a research note on Thursday, March 13th. They issued a "neutral" rating and a $81.00 target price on the stock. Finally, Piper Sandler initiated coverage on shares of Ormat Technologies in a research note on Thursday, December 19th. They issued a "neutral" rating and a $78.00 price target for the company. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $83.56.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, Director David Granot sold 1,666 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total transaction of $114,954.00. Following the completion of the sale, the director now owns 1,910 shares of the company's stock, valued at $131,790. This represents a 46.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jessica Woelfel sold 409 shares of the business's stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $72.15, for a total transaction of $29,509.35. Following the completion of the transaction, the insider now owns 6,094 shares in the company, valued at $439,682.10. The trade was a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,242 shares of company stock worth $156,427 in the last ninety days. 1.00% of the stock is owned by company insiders.

Ormat Technologies Trading Up 0.9 %

Shares of Ormat Technologies stock traded up $0.63 during trading on Friday, reaching $69.16. The company's stock had a trading volume of 122,548 shares, compared to its average volume of 495,070. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. Ormat Technologies, Inc. has a 52-week low of $59.41 and a 52-week high of $84.30. The firm's 50-day moving average is $68.59 and its two-hundred day moving average is $72.40. The company has a market cap of $4.19 billion, a price-to-earnings ratio of 35.29, a PEG ratio of 3.18 and a beta of 0.52.

Ormat Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date was Wednesday, March 12th. Ormat Technologies's dividend payout ratio (DPR) is presently 23.53%.

About Ormat Technologies

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.