Ormat Technologies, Inc. (NYSE:ORA) Stock Holdings Raised by Mirae Asset Global Investments Co. Ltd.

Posted by Defense World Staff on May 24th, 2023

Mirae Asset Global Investments Co. Ltd. raised its stake in Ormat Technologies, Inc. (NYSE:ORA – Get Rating) by 4.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 53,792 shares of the energy company’s stock after purchasing an additional 2,218 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.10% of Ormat Technologies worth $4,652,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of ORA. IFP Advisors Inc increased its position in shares of Ormat Technologies by 30.0% in the 3rd quarter. IFP Advisors Inc now owns 533 shares of the energy company’s stock worth $27,000 after purchasing an additional 123 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of Ormat Technologies in the 4th quarter worth about $31,000. Belpointe Asset Management LLC bought a new stake in shares of Ormat Technologies in the 4th quarter worth about $36,000. Edmond DE Rothschild Holding S.A. grew its position in shares of Ormat Technologies by 269.0% during the 3rd quarter. Edmond DE Rothschild Holding S.A. now owns 738 shares of the energy company’s stock valued at $64,000 after buying an additional 538 shares during the last quarter. Finally, Toroso Investments LLC grew its position in shares of Ormat Technologies by 15.8% during the 3rd quarter. Toroso Investments LLC now owns 1,065 shares of the energy company’s stock valued at $91,000 after buying an additional 145 shares during the last quarter. Institutional investors own 81.74% of the company’s stock.

Ormat Technologies Trading Down 0.4 %

Shares of NYSE:ORA opened at $84.46 on Wednesday. The company has a 50 day moving average of $84.33 and a 200-day moving average of $87.98. The firm has a market cap of $5.04 billion, a P/E ratio of 62.56, a P/E/G ratio of 4.03 and a beta of 0.46. Ormat Technologies, Inc. has a twelve month low of $67.28 and a twelve month high of $101.81. The company has a current ratio of 2.07, a quick ratio of 1.96 and a debt-to-equity ratio of 0.71.

Ormat Technologies (NYSE:ORA – Get Rating) last issued its quarterly earnings results on Tuesday, May 9th. The energy company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. The company had revenue of $185.20 million during the quarter, compared to analyst estimates of $212.86 million. Ormat Technologies had a net margin of 10.39% and a return on equity of 4.86%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 EPS. As a group, analysts anticipate that Ormat Technologies, Inc. will post 2.1 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 6th. Investors of record on Tuesday, May 23rd will be issued a $0.12 dividend. The ex-dividend date is Monday, May 22nd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.57%. Ormat Technologies’s payout ratio is currently 35.56%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. UBS Group raised shares of Ormat Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $103.00 to $105.00 in a research report on Wednesday, March 1st. Citigroup lowered their price objective on shares of Ormat Technologies from $91.00 to $88.00 and set a “neutral” rating for the company in a research report on Monday, March 27th. Barclays assumed coverage on shares of Ormat Technologies in a research report on Monday. They set an “equal weight” rating and a $89.00 price objective for the company. StockNews.com initiated coverage on shares of Ormat Technologies in a research report on Thursday, May 18th. They set a “sell” rating for the company. Finally, Oppenheimer reduced their target price on shares of Ormat Technologies from $106.00 to $96.00 and set an “outperform” rating for the company in a research note on Friday, February 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Ormat Technologies presently has a consensus rating of “Hold” and an average target price of $91.86.

About Ormat Technologies

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Ormat Technologies, Inc operates as a holding company. The firm engages in the geothermal and recovered energy power businesses. It operates through the following segments: Electricity, Product and Energy Storage. The Electricity segment focuses on the sale of electricity from the company’s power plants pursuant to power purchase agreements.