Candriam S.C.A. Takes Position in Ormat Technologies, Inc. (NYSE:ORA)

Candriam S.C.A. bought a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 101,747 shares of the energy company’s stock, valued at approximately $6,890,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Versant Capital Management Inc lifted its stake in Ormat Technologies by 132.4% in the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after acquiring an additional 229 shares in the last quarter. Mendota Financial Group LLC bought a new position in shares of Ormat Technologies in the 4th quarter valued at approximately $98,000. Raymond James Financial Inc. bought a new position in shares of Ormat Technologies in the 4th quarter valued at approximately $204,000. Perigon Wealth Management LLC raised its stake in shares of Ormat Technologies by 16.4% in the 4th quarter. Perigon Wealth Management LLC now owns 3,162 shares of the energy company’s stock valued at $214,000 after acquiring an additional 446 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in shares of Ormat Technologies in the 4th quarter valued at approximately $265,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Price Performance

NYSE:ORA opened at $70.64 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. The company has a 50-day moving average of $66.46 and a 200-day moving average of $73.09. Ormat Technologies, Inc. has a 52 week low of $59.41 and a 52 week high of $84.30. The company has a market capitalization of $4.27 billion, a price-to-earnings ratio of 36.04, a PEG ratio of 3.18 and a beta of 0.57.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date is Wednesday, March 12th. Ormat Technologies’s dividend payout ratio is currently 23.53%.

Analysts Set New Price Targets

ORA has been the topic of a number of recent analyst reports. Piper Sandler initiated coverage on Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price objective on the stock. Roth Mkm reissued a “buy” rating and issued a $92.00 price objective (up from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Jefferies Financial Group raised Ormat Technologies from a “hold” rating to a “buy” rating and raised their price objective for the company from $73.00 to $78.00 in a research note on Thursday, February 20th. Oppenheimer raised their target price on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. raised their target price on Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, February 28th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $82.88.

Insiders Place Their Bets

In other Ormat Technologies 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 value of $278,906,000.00. Following the transaction, the insider now directly owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. This represents a 55.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Granot sold 1,666 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $69.00, for a total transaction of $114,954.00. Following the transaction, the director now owns 1,910 shares in the company, valued at approximately $131,790. The trade was a 46.59 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

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.