GAMMA Investing LLC Boosts Stock Holdings in Ormat Technologies, Inc. (NYSE:ORA)

GAMMA Investing LLC boosted its stake in shares of Ormat Technologies, Inc. (NYSE:ORAFree Report) by 4,485.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 39,844 shares of the energy company’s stock after acquiring an additional 38,975 shares during the period. GAMMA Investing LLC’s holdings in Ormat Technologies were worth $2,820,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Jefferies Financial Group Inc. purchased a new position in Ormat Technologies during the fourth quarter valued at $372,000. Polar Asset Management Partners Inc. purchased a new position in shares of Ormat Technologies in the 4th quarter worth $5,079,000. Squarepoint Ops LLC purchased a new position in shares of Ormat Technologies in the 4th quarter worth $3,042,000. Twinbeech Capital LP purchased a new position in shares of Ormat Technologies in the 4th quarter worth $453,000. Finally, Stuart Chaussee & Associates Inc. purchased a new position in shares of Ormat Technologies in the 4th quarter worth $34,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Trading Down 0.8%

Shares of ORA opened at $79.10 on Friday. Ormat Technologies, Inc. has a 1-year low of $61.58 and a 1-year high of $84.30. The company has a 50-day moving average of $72.89 and a 200 day moving average of $70.78. The firm has a market capitalization of $4.79 billion, a price-to-earnings ratio of 40.36, a PEG ratio of 3.18 and a beta of 0.60. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87.

Ormat Technologies (NYSE:ORAGet Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The energy company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.10. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The company had revenue of $229.76 million during the quarter, compared to analyst estimates of $228.33 million. During the same quarter last year, the business posted $0.64 EPS. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, research analysts expect that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 4th. Investors of record on Wednesday, May 21st were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, May 21st. This represents a $0.48 dividend on an annualized basis and a yield of 0.61%. Ormat Technologies’s payout ratio is 23.30%.

Analysts Set New Price Targets

A number of brokerages have commented on ORA. Jefferies Financial Group lifted their price objective on shares of Ormat Technologies from $78.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, March 25th. Barclays upgraded shares of Ormat Technologies from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $80.00 to $86.00 in a report on Friday, June 6th. Baird R W upgraded shares of Ormat Technologies to a “hold” rating in a report on Thursday, March 13th. JPMorgan Chase & Co. raised their target price on shares of Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 28th. Finally, Robert W. Baird started coverage on shares of Ormat Technologies in a report on Thursday, March 13th. They issued a “neutral” rating and a $81.00 target price for the company. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $84.14.

View Our Latest Report on Ormat Technologies

Insider Activity at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 409 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $72.15, for a total transaction of $29,509.35. Following the transaction, the insider now owns 6,094 shares of the company’s stock, valued at approximately $439,682.10. This trade represents a 6.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Dafna Sharir sold 876 shares of the firm’s stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $75.00, for a total transaction of $65,700.00. Following the transaction, the director now directly owns 4,438 shares in the company, valued at $332,850. This trade represents a 16.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,297 shares of company stock worth $242,374 in the last 90 days. 0.56% of the stock is owned by corporate insiders.

About Ormat Technologies

(Free Report)

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.

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Institutional Ownership by Quarter for Ormat Technologies (NYSE:ORA)

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