Erste Asset Management GmbH Buys 41,915 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Erste Asset Management GmbH raised its stake in Ormat Technologies, Inc. (NYSE:ORA) by 17.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 288,487 shares of the energy company’s stock after acquiring an additional 41,915 shares during the quarter. Erste Asset Management GmbH owned about 0.48% of Ormat Technologies worth $19,597,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Swiss National Bank increased its stake in shares of Ormat Technologies by 0.8% during the fourth quarter. Swiss National Bank now owns 107,034 shares of the energy company’s stock worth $7,248,000 after purchasing an additional 800 shares during the period. Securian Asset Management Inc. increased its position in Ormat Technologies by 5.1% during the 4th quarter. Securian Asset Management Inc. now owns 4,354 shares of the energy company’s stock worth $295,000 after buying an additional 212 shares during the period. Natural Investments LLC bought a new position in Ormat Technologies during the 4th quarter worth $1,346,000. Inspire Advisors LLC acquired a new stake in shares of Ormat Technologies during the fourth quarter worth $252,000. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Ormat Technologies in the fourth quarter valued at about $752,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ORA. JPMorgan Chase & Co. lifted their price objective on shares of Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, February 28th. Jefferies Financial Group upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and lifted their price target for the company from $73.00 to $78.00 in a research report on Thursday, February 20th. Finally, Piper Sandler began coverage on Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price target on the stock. Four 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.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $82.88.

Insider Activity

In related news, Director David Granot sold 1,666 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total value of $114,954.00. Following the completion of the transaction, the director now owns 1,910 shares of the company’s stock, valued at $131,790. This represents a 46.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Corp Orix sold 3,700,000 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the transaction, the insider now owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. This trade represents a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Ormat Technologies Stock Performance

Shares of Ormat Technologies stock opened at $71.23 on Thursday. The company has a 50 day moving average of $66.67 and a 200-day moving average of $73.04. The company has a market cap of $4.31 billion, a PE ratio of 36.34, a price-to-earnings-growth ratio of 3.18 and a beta of 0.51. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Ormat Technologies, Inc. has a 1-year low of $59.41 and a 1-year high of $84.30.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date of this dividend is Wednesday, March 12th. Ormat Technologies’s dividend payout ratio is presently 23.53%.

About Ormat Technologies

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.