California Public Employees Retirement System Sells 6,464 Shares of Ormat Technologies, Inc. $ORA

California Public Employees Retirement System lowered its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 5.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 107,139 shares of the energy company’s stock after selling 6,464 shares during the period. California Public Employees Retirement System owned approximately 0.17% of Ormat Technologies worth $11,991,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Ormat Technologies by 155.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock valued at $97,935,000 after buying an additional 540,000 shares in the last quarter. Legato Capital Management LLC acquired a new stake in shares of Ormat Technologies during the 4th quarter worth approximately $1,319,000. Jennison Associates LLC increased its stake in shares of Ormat Technologies by 51.7% in the 4th quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock valued at $10,025,000 after purchasing an additional 30,910 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Ormat Technologies by 259.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,830 shares of the energy company’s stock valued at $7,935,000 after acquiring an additional 51,830 shares during the last quarter. Finally, Nicholas Investment Partners LP bought a new position in Ormat Technologies in the fourth quarter valued at about $4,835,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Insider Buying and Selling

In other Ormat Technologies news, Director Stanley Stern sold 250 shares of Ormat Technologies stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total transaction of $34,605.00. Following the completion of the transaction, the director owned 5,800 shares in the company, valued at approximately $802,836. The trade was a 4.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Granot sold 1,766 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $134.43, for a total value of $237,403.38. Following the sale, the director directly owned 1,766 shares of the company’s stock, valued at $237,403.38. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,585 shares of company stock worth $4,090,998 over the last ninety days. Insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ORA. Oppenheimer reissued an “outperform” rating and set a $144.00 price objective on shares of Ormat Technologies in a report on Friday, May 8th. Sanford C. Bernstein assumed coverage on Ormat Technologies in a report on Tuesday, June 16th. They issued an “underperform” rating and a $115.00 price objective for the company. Piper Sandler lifted their target price on Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. JPMorgan Chase & Co. increased their price target on Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Finally, UBS Group lifted their price objective on Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $131.75.

Ormat Technologies Price Performance

Shares of NYSE:ORA opened at $99.18 on Friday. Ormat Technologies, Inc. has a twelve month low of $84.13 and a twelve month high of $146.39. The stock’s 50 day moving average is $123.34 and its 200-day moving average is $118.68. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $6.09 billion, a price-to-earnings ratio of 48.15, a PEG ratio of 4.43 and a beta of 0.88.

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

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were given 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 dividend yield of 0.5%. Ormat Technologies’s payout ratio is presently 23.30%.

Ormat Technologies Company Profile

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.