Retirement Systems of Alabama Raises Stock Position in Ormat Technologies, Inc. (NYSE:ORA)

Retirement Systems of Alabama increased its stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 6.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,805 shares of the energy company's stock after buying an additional 4,447 shares during the period. Retirement Systems of Alabama owned about 0.12% of Ormat Technologies worth $4,727,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its position in Ormat Technologies by 2.0% during the fourth quarter. Pacer Advisors Inc. now owns 8,026 shares of the energy company's stock worth $544,000 after acquiring an additional 160 shares during the last quarter. Blue Trust Inc. raised its position in Ormat Technologies by 180.3% during the third quarter. Blue Trust Inc. now owns 356 shares of the energy company's stock worth $26,000 after acquiring an additional 229 shares during the last quarter. Versant Capital Management Inc raised its position in Ormat Technologies by 132.4% during the fourth quarter. Versant Capital Management Inc now owns 402 shares of the energy company's stock worth $27,000 after acquiring an additional 229 shares during the last quarter. Caprock Group LLC raised its position in Ormat Technologies by 4.0% during the fourth quarter. Caprock Group LLC now owns 6,080 shares of the energy company's stock worth $412,000 after acquiring an additional 235 shares during the last quarter. Finally, UMB Bank n.a. raised its position in Ormat Technologies by 107.7% during the third quarter. UMB Bank n.a. now owns 617 shares of the energy company's stock worth $47,000 after acquiring an additional 320 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company's stock.

Insider Buying and Selling

In related news, major shareholder Corp Orix sold 3,700,000 shares of the company's stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the completion of the transaction, the insider now owns 2,976,077 shares of the company's stock, valued at approximately $224,336,684.26. This represents a 55.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David Granot sold 1,256 shares of the company's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $82.00, for a total transaction of $102,992.00. Following the transaction, the director now directly owns 3,576 shares of the company's stock, valued at $293,232. This trade represents a 25.99 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Ormat Technologies Trading Up 0.6 %

ORA stock traded up $0.38 on Friday, hitting $63.27. 302,853 shares of the company were exchanged, compared to its average volume of 527,028. Ormat Technologies, Inc. has a twelve month low of $59.41 and a twelve month high of $84.30. 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 business's fifty day moving average is $67.56 and its two-hundred day moving average is $73.65. The stock has a market capitalization of $3.83 billion, a price-to-earnings ratio of 32.28, a price-to-earnings-growth ratio of 3.01 and a beta of 0.57.

Analyst Ratings Changes

ORA has been the subject of a number of research reports. Roth Mkm restated 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 initiated coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They set a "neutral" rating and a $78.00 target price for the company. Oppenheimer lifted their target price on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Finally, Jefferies Financial Group began coverage on shares of Ormat Technologies in a research report on Friday, January 10th. They issued a "hold" rating and a $73.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Ormat Technologies presently has an average rating of "Hold" and a consensus price target of $82.25.

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.