Principal Financial Group Inc. Increases Position in Ormat Technologies, Inc. (NYSE:ORA)

Principal Financial Group Inc. boosted its position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 5.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 131,906 shares of the energy company's stock after acquiring an additional 7,025 shares during the period. Principal Financial Group Inc. owned about 0.22% of Ormat Technologies worth $8,933,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ORA. Chesapeake Capital Corp IL purchased a new stake in shares of Ormat Technologies during the 3rd quarter worth $522,000. Empowered Funds LLC acquired a new stake in Ormat Technologies in the fourth quarter valued at $265,000. Holocene Advisors LP lifted its holdings in Ormat Technologies by 28.7% during the 3rd quarter. Holocene Advisors LP now owns 48,121 shares of the energy company's stock worth $3,702,000 after buying an additional 10,718 shares during the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management boosted its position in shares of Ormat Technologies by 57.3% during the 4th quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management now owns 223,937 shares of the energy company's stock worth $15,165,000 after acquiring an additional 81,547 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Ormat Technologies by 8.6% in the 4th quarter. Van ECK Associates Corp now owns 418,653 shares of the energy company's stock valued at $28,352,000 after acquiring an additional 33,279 shares during the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Stock Performance

Shares of ORA stock traded down $1.20 during midday trading on Monday, hitting $68.64. The company had a trading volume of 459,365 shares, compared to its average volume of 465,006. The stock has a market cap of $4.15 billion, a price-to-earnings ratio of 35.02, a PEG ratio of 3.18 and a beta of 0.57. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87. The company's 50 day simple moving average is $66.49 and its 200 day simple moving average is $73.20. Ormat Technologies, Inc. has a 52-week low of $59.41 and a 52-week high of $84.30.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 annualized dividend and a yield of 0.70%. Ormat Technologies's dividend payout ratio is currently 23.53%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Roth Mkm reissued a "buy" rating and set a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Piper Sandler started coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They set a "neutral" rating and a $78.00 price objective on the stock. Oppenheimer lifted their target price on Ormat Technologies from $86.00 to $91.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Jefferies Financial Group raised Ormat Technologies from a "hold" rating to a "buy" rating and upped their target price for the company from $73.00 to $78.00 in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Ormat Technologies from $71.00 to $75.00 and gave the company a "neutral" rating in a report on Friday. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $82.88.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, major shareholder Corp Orix sold 3,700,000 shares of Ormat Technologies stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $75.38, for a total value of $278,906,000.00. Following the sale, the insider now owns 2,976,077 shares of the company's stock, valued at approximately $224,336,684.26. The trade was a 55.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

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.