Dorsey Wright & Associates Takes $4.08 Million Position in Ormat Technologies, Inc. $ORA

Dorsey Wright & Associates purchased a new stake in Ormat Technologies, Inc. (NYSE:ORA) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 36,476 shares of the energy company’s stock, valued at approximately $4,082,000.

Several other large investors have also recently modified their holdings of ORA. Aster Capital Management DIFC Ltd acquired a new stake in Ormat Technologies in the fourth quarter valued at $26,000. Main Street Group LTD acquired a new position in Ormat Technologies during the 1st quarter worth about $29,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Ormat Technologies in the 4th quarter valued at about $31,000. Smartleaf Asset Management LLC grew its position in shares of Ormat Technologies by 245.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after buying an additional 211 shares during the last quarter. Finally, Wolff Wiese Magana LLC acquired a new stake in shares of Ormat Technologies in the fourth quarter valued at about $33,000. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Trading Down 0.1%

NYSE ORA opened at $104.75 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87. Ormat Technologies, Inc. has a 52 week low of $84.13 and a 52 week high of $146.39. The business has a 50 day moving average price of $126.03 and a 200-day moving average price of $118.99. The company has a market cap of $6.44 billion, a price-to-earnings ratio of 50.85, a P/E/G ratio of 4.47 and a beta of 0.88.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. The firm had revenue of $403.91 million during the quarter, compared to analysts’ expectations of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The business’s revenue was up 75.8% on a year-over-year basis. During the same period last year, the company earned $0.68 earnings per share. As a group, equities analysts expect that Ormat Technologies, Inc. will post 2.35 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.30%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ORA. Sanford C. Bernstein began coverage on shares of Ormat Technologies in a report on Tuesday, June 16th. They set an “underperform” rating and a $115.00 price target for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a research note on Tuesday, April 21st. UBS Group increased their price objective on shares of Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Wolfe Research started coverage on shares of Ormat Technologies in a research note on Monday, June 8th. They set a “peer perform” rating for the company. Finally, Barclays boosted their target price on shares of Ormat Technologies from $126.00 to $127.00 and gave the company an “overweight” rating in a report on Thursday. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Ormat Technologies presently has an average rating of “Moderate Buy” and an average target price of $131.75.

Insider Activity at Ormat Technologies

In other news, CFO Assi Ginzburg sold 17,776 shares of Ormat Technologies stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $134.75, for a total transaction of $2,395,316.00. Following the completion of the sale, the chief financial officer owned 1,970 shares in the company, valued at approximately $265,457.50. This trade represents a 90.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stanley Stern sold 250 shares of Ormat Technologies stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total transaction of $34,605.00. Following the sale, the director owned 5,800 shares of the company’s stock, valued at approximately $802,836. The trade was a 4.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 30,585 shares of company stock valued at $4,090,998 in the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.