Arizona State Retirement System Increases Stock Position in Ormat Technologies, Inc. (NYSE:ORA)

Arizona State Retirement System raised its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA) by 1.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,214 shares of the energy company’s stock after purchasing an additional 286 shares during the period. Arizona State Retirement System’s holdings in Ormat Technologies were worth $1,091,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Victory Capital Management Inc. boosted its position in shares of Ormat Technologies by 14.2% during the fourth quarter. Victory Capital Management Inc. now owns 12,046 shares of the energy company’s stock valued at $913,000 after buying an additional 1,496 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Ormat Technologies by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 554,473 shares of the energy company’s stock worth $42,024,000 after acquiring an additional 23,816 shares during the period. Jump Financial LLC raised its holdings in shares of Ormat Technologies by 24.4% during the fourth quarter. Jump Financial LLC now owns 17,424 shares of the energy company’s stock valued at $1,321,000 after purchasing an additional 3,421 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Ormat Technologies by 2.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,256,304 shares of the energy company’s stock valued at $95,220,000 after purchasing an additional 31,450 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in Ormat Technologies by 5.1% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 5,014 shares of the energy company’s stock worth $380,000 after purchasing an additional 242 shares during the last quarter. Institutional investors own 95.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ORA shares. JPMorgan Chase & Co. boosted their target price on shares of Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th. Roth Mkm reissued a “buy” rating and issued a $80.00 target price on shares of Ormat Technologies in a research report on Monday, August 12th. Finally, Oppenheimer upped their price target on shares of Ormat Technologies from $85.00 to $86.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $81.67.

Insider Activity

In related news, Director Dafna Sharir sold 433 shares of Ormat Technologies stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $74.91, for a total transaction of $32,436.03. Following the sale, the director now owns 3,561 shares of the company’s stock, valued at approximately $266,754.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.00% of the company’s stock.

Ormat Technologies Stock Up 2.3 %

NYSE ORA opened at $75.93 on Friday. Ormat Technologies, Inc. has a 52 week low of $58.73 and a 52 week high of $78.51. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $4.59 billion, a P/E ratio of 34.20, a price-to-earnings-growth ratio of 3.61 and a beta of 0.53. The stock’s 50-day moving average price is $74.09 and its 200-day moving average price is $70.48.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.03. The business had revenue of $212.96 million for the quarter, compared to the consensus estimate of $214.07 million. Ormat Technologies had a net margin of 14.89% and a return on equity of 5.40%. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 earnings per share. On average, equities research analysts predict that Ormat Technologies, Inc. will post 2.04 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.63%. Ormat Technologies’s dividend payout ratio is presently 21.62%.

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.