Oregon Public Employees Retirement Fund Acquires New Stake in Ormat Technologies, Inc. (NYSE:ORA)

Oregon Public Employees Retirement Fund acquired a new stake in Ormat Technologies, Inc. (NYSE:ORA – Get Rating) in the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 13,071 shares of the energy company’s stock, valued at approximately $1,127,000.

Several other hedge funds have also recently added to or reduced their stakes in ORA. US Bancorp DE raised its stake in Ormat Technologies by 10.5% in the 1st quarter. US Bancorp DE now owns 3,963 shares of the energy company’s stock valued at $324,000 after purchasing an additional 375 shares during the last quarter. AlphaCrest Capital Management LLC acquired a new stake in shares of Ormat Technologies in the 1st quarter worth $360,000. Bank of Montreal Can increased its stake in shares of Ormat Technologies by 2.5% in the 1st quarter. Bank of Montreal Can now owns 14,424 shares of the energy company’s stock worth $1,150,000 after acquiring an additional 355 shares during the last quarter. MetLife Investment Management LLC increased its stake in shares of Ormat Technologies by 57.7% in the 1st quarter. MetLife Investment Management LLC now owns 24,095 shares of the energy company’s stock worth $1,972,000 after acquiring an additional 8,812 shares during the last quarter. Finally, BlackRock Inc. increased its stake in shares of Ormat Technologies by 0.5% in the 1st quarter. BlackRock Inc. now owns 4,650,385 shares of the energy company’s stock worth $380,541,000 after acquiring an additional 20,844 shares during the last quarter. 81.74% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Stock Up 0.8 %

Shares of NYSE:ORA opened at $89.01 on Monday. The business has a 50-day moving average price of $89.13 and a 200 day moving average price of $89.46. The company has a current ratio of 1.28, a quick ratio of 1.20 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of 74.80, a PEG ratio of 4.67 and a beta of 0.49. Ormat Technologies, Inc. has a 12-month low of $60.32 and a 12-month high of $101.81.

Ormat Technologies (NYSE:ORA – Get Rating) last announced its earnings results on Wednesday, November 2nd. The energy company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.08. Ormat Technologies had a return on equity of 3.69% and a net margin of 9.27%. The company had revenue of $175.89 million during the quarter, compared to analysts’ expectations of $173.11 million. Sell-side analysts expect that Ormat Technologies, Inc. will post 1.35 EPS for the current year.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 30th. Investors of record on Wednesday, November 16th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date was Tuesday, November 15th. Ormat Technologies’s dividend payout ratio (DPR) is 40.34%.

Analyst Ratings Changes

ORA has been the subject of a number of recent research reports. StockNews.com raised Ormat Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, November 16th. Citigroup initiated coverage on Ormat Technologies in a research note on Thursday, October 20th. They issued a “neutral” rating and a $91.00 target price for the company. JPMorgan Chase & Co. cut their target price on Ormat Technologies from $97.00 to $88.00 and set a “neutral” rating for the company in a research note on Thursday, October 20th. Roth Capital reaffirmed a “neutral” rating on shares of Ormat Technologies in a research note on Sunday, November 6th. Finally, Bank of America assumed coverage on Ormat Technologies in a research report on Tuesday, November 22nd. They set a “neutral” rating for the company. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $87.00.

Insider Activity at Ormat Technologies

In related news, major shareholder Corp Orix sold 3,750,000 shares of the firm’s stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $87.75, for a total transaction of $329,062,500.00. Following the completion of the transaction, the insider now directly owns 7,238,577 shares in the company, valued at approximately $635,185,131.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director David Granot sold 743 shares of Ormat Technologies stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $101.00, for a total value of $75,043.00. Following the completion of the transaction, the director now owns 3,760 shares in the company, valued at approximately $379,760. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Corp Orix sold 3,750,000 shares of Ormat Technologies stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $87.75, for a total value of $329,062,500.00. Following the completion of the transaction, the insider now owns 7,238,577 shares of the company’s stock, valued at approximately $635,185,131.75. The disclosure for this sale can be found here. Insiders sold 4,331,557 shares of company stock worth $380,304,372 in the last three months. 1.30% of the stock is owned by company insiders.

Ormat Technologies Company Profile

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Ormat Technologies, Inc operates as a holding company. The firm engages in the geothermal and recovered energy power businesses. It operates through the following segments: Electricity, Product and Energy Storage. The Electricity segment focuses on the sale of electricity from the company’s power plants pursuant to power purchase agreements.