New Mexico Educational Retirement Board Acquires 1,900 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Posted by Defense World Staff on Oct 3rd, 2023

New Mexico Educational Retirement Board raised its holdings in Ormat Technologies, Inc. (NYSE:ORA – Free Report) by 21.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,700 shares of the energy company’s stock after buying an additional 1,900 shares during the period. New Mexico Educational Retirement Board’s holdings in Ormat Technologies were worth $861,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. BlackRock Inc. lifted its stake in shares of Ormat Technologies by 8.2% in the first quarter. BlackRock Inc. now owns 8,528,140 shares of the energy company’s stock valued at $722,930,000 after buying an additional 643,171 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd raised its holdings in shares of Ormat Technologies by 7.7% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 2,318,362 shares of the energy company’s stock valued at $196,528,000 after purchasing an additional 166,625 shares during the last quarter. Impax Asset Management Group plc raised its holdings in shares of Ormat Technologies by 17.5% in the first quarter. Impax Asset Management Group plc now owns 2,119,477 shares of the energy company’s stock valued at $178,845,000 after purchasing an additional 315,055 shares during the last quarter. Global Alpha Capital Management Ltd. raised its holdings in shares of Ormat Technologies by 4.0% in the first quarter. Global Alpha Capital Management Ltd. now owns 2,001,707 shares of the energy company’s stock valued at $169,533,000 after purchasing an additional 77,456 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of Ormat Technologies by 7.6% in the first quarter. State Street Corp now owns 1,947,280 shares of the energy company’s stock valued at $165,071,000 after purchasing an additional 137,486 shares during the last quarter. 88.24% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Isaac Angel sold 25,144 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $75.60, for a total value of $1,900,886.40. Following the completion of the transaction, the director now directly owns 41,933 shares in the company, valued at $3,170,134.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Isaac Angel sold 25,144 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $75.60, for a total value of $1,900,886.40. Following the completion of the transaction, the director now directly owns 41,933 shares in the company, valued at $3,170,134.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Doron Blachar sold 11,315 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $75.58, for a total transaction of $855,187.70. Following the completion of the transaction, the chief executive officer now owns 17,934 shares of the company’s stock, valued at $1,355,451.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 63,032 shares of company stock worth $4,762,366. 1.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Roth Mkm upgraded shares of Ormat Technologies from a “neutral” rating to a “buy” rating and set a $92.00 target price for the company in a report on Monday, August 7th. TheStreet downgraded shares of Ormat Technologies from a “b-” rating to a “c+” rating in a report on Wednesday, August 9th. Bank of America raised their price objective on shares of Ormat Technologies from $85.00 to $87.00 in a report on Wednesday, June 14th. Roth Capital upgraded shares of Ormat Technologies from a “neutral” rating to a “buy” rating in a report on Monday, August 7th. Finally, StockNews.com started coverage on shares of Ormat Technologies in a report on Thursday, August 17th. They set a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Ormat Technologies has an average rating of “Hold” and an average price target of $92.29.

Check Out Our Latest Analysis on ORA

Ormat Technologies Price Performance

ORA opened at $68.20 on Tuesday. The company has a market capitalization of $4.11 billion, a price-to-earnings ratio of 44.00, a PEG ratio of 1.41 and a beta of 0.47. The company has a quick ratio of 1.69, a current ratio of 1.79 and a debt-to-equity ratio of 0.67. The firm has a 50-day moving average price of $75.81 and a 200-day moving average price of $81.13. Ormat Technologies, Inc. has a twelve month low of $67.48 and a twelve month high of $101.81.

Ormat Technologies (NYSE:ORA – Get Free Report) last posted its earnings results on Wednesday, August 2nd. The energy company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.02. The firm had revenue of $194.80 million during the quarter, compared to the consensus estimate of $196.74 million. Ormat Technologies had a net margin of 11.74% and a return on equity of 5.17%. The company’s revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the company earned $0.22 earnings per share. Equities analysts expect that Ormat Technologies, Inc. will post 2.14 EPS for the current year.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 30th. Stockholders of record on Wednesday, August 16th were given a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.70%. Ormat Technologies’s dividend payout ratio (DPR) is currently 30.97%.

Ormat Technologies Profile

(Free Report)

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through 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.