Polymer Capital Management US LLC Takes Position in Ormat Technologies, Inc. (NYSE:ORA)

Polymer Capital Management US LLC purchased a new position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 75,778 shares of the energy company's stock, valued at approximately $5,132,000. Ormat Technologies comprises approximately 1.4% of Polymer Capital Management US LLC's portfolio, making the stock its 14th largest position. Polymer Capital Management US LLC owned 0.13% of Ormat Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Ormat Technologies by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company's stock worth $409,305,000 after buying an additional 274,540 shares in the last quarter. Impax Asset Management Group plc lifted its stake in Ormat Technologies by 7.3% in the 4th quarter. Impax Asset Management Group plc now owns 2,415,479 shares of the energy company's stock worth $162,586,000 after purchasing an additional 163,505 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Ormat Technologies by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 1,373,426 shares of the energy company's stock worth $93,029,000 after purchasing an additional 72,135 shares during the last quarter. Norges Bank purchased a new stake in shares of Ormat Technologies in the fourth quarter valued at approximately $62,851,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Ormat Technologies by 6.9% in the fourth 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 during the last quarter. Institutional investors and hedge funds own 95.49% of the company's stock.

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Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ORA shares. Baird R W raised Ormat Technologies to a "hold" rating in a research note on Thursday, March 13th. JPMorgan Chase & Co. boosted their price target on shares of Ormat Technologies from $71.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, February 28th. Jefferies Financial Group raised 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. Piper Sandler began coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They issued a "neutral" rating and a $78.00 target price on the stock. Finally, Robert W. Baird assumed coverage on shares of Ormat Technologies in a report on Thursday, March 13th. They set a "neutral" rating and a $81.00 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, Ormat Technologies has an average rating of "Hold" and a consensus target price of $83.56.

Ormat Technologies Trading Up 2.1 %

NYSE ORA traded up $1.43 during trading on Friday, hitting $69.96. The stock had a trading volume of 542,275 shares, compared to its average volume of 496,240. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $4.24 billion, a PE ratio of 35.69, a PEG ratio of 3.18 and a beta of 0.52. The firm has a 50 day moving average price of $68.74 and a 200 day moving average price of $72.35. Ormat Technologies, Inc. has a twelve month low of $59.41 and a twelve month high of $84.30.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Wednesday, March 12th. Ormat Technologies's payout ratio is currently 23.53%.

Insiders Place Their Bets

In other Ormat Technologies news, Director David Granot sold 1,666 shares of the business's stock in a transaction that occurred 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 transaction, the director now owns 1,910 shares in the company, valued at $131,790. The trade was a 46.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jessica Woelfel sold 409 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 6,094 shares in the company, valued at approximately $439,682.10. This represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,242 shares of company stock worth $156,427 in the last ninety days. 1.00% of the stock is owned by corporate insiders.

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.