Van ECK Associates Corp Increases Stock Position in Ormat Technologies, Inc. (NYSE:ORA)

Van ECK Associates Corp increased its stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 8.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 418,653 shares of the energy company's stock after acquiring an additional 33,279 shares during the quarter. Van ECK Associates Corp owned approximately 0.69% of Ormat Technologies worth $28,352,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its holdings in shares of 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 buying an additional 229 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of 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 buying an additional 229 shares in the last quarter. Mendota Financial Group LLC purchased a new stake in shares of Ormat Technologies during the fourth quarter worth $98,000. DMC Group LLC purchased a new stake in shares of Ormat Technologies during the third quarter worth $204,000. Finally, Perigon Wealth Management LLC grew its holdings in shares of Ormat Technologies by 16.4% during the fourth quarter. Perigon Wealth Management LLC now owns 3,162 shares of the energy company's stock worth $214,000 after buying an additional 446 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ORA. Oppenheimer upped their target price on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Piper Sandler began coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They set a "neutral" rating and a $78.00 target price for the company. Roth Mkm reaffirmed a "buy" rating and set a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Finally, Jefferies Financial Group initiated coverage on shares of Ormat Technologies in a research report on Friday, January 10th. They set a "hold" rating and a $73.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $82.25.

Insider Buying and Selling at Ormat Technologies

In other news, major shareholder Corp Orix sold 3,700,000 shares of the stock in a transaction dated 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 sale, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Granot sold 1,256 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $82.00, for a total transaction of $102,992.00. Following the sale, the director now directly owns 3,576 shares in the company, valued at $293,232. This 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 corporate insiders.

Ormat Technologies Trading Up 2.9 %

NYSE ORA traded up $1.82 during trading hours on Tuesday, reaching $64.97. The company had a trading volume of 206,512 shares, compared to its average volume of 516,354. The stock has a 50-day moving average of $67.26 and a 200 day moving average of $73.51. Ormat Technologies, Inc. has a 1-year low of $59.41 and a 1-year high of $84.30. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $3.93 billion, a P/E ratio of 33.14, a price-to-earnings-growth ratio of 3.01 and a beta of 0.57.

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.