Retirement Systems of Alabama Raises Stock Position in Ormat Technologies, Inc. (NYSE:ORA)

Retirement Systems of Alabama increased its stake in Ormat Technologies, Inc. (NYSE:ORA) by 6.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 69,805 shares of the energy company’s stock after purchasing an additional 4,447 shares during the quarter. Retirement Systems of Alabama owned 0.12% of Ormat Technologies worth $4,727,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Blue Trust Inc. raised its position in shares of Ormat Technologies by 180.3% during the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after purchasing an additional 229 shares during the period. Versant Capital Management Inc lifted its holdings in Ormat Technologies by 132.4% during the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock valued at $27,000 after buying an additional 229 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of Ormat Technologies by 107.7% in the 3rd quarter. UMB Bank n.a. now owns 617 shares of the energy company’s stock valued at $47,000 after purchasing an additional 320 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Ormat Technologies by 44.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,051 shares of the energy company’s stock valued at $81,000 after purchasing an additional 321 shares in the last quarter. Finally, Mendota Financial Group LLC bought a new position in shares of Ormat Technologies during the 4th quarter worth approximately $98,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Trading Down 0.2 %

Shares of ORA stock opened at $63.91 on Tuesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87. The firm has a market cap of $3.87 billion, a PE ratio of 32.61, a price-to-earnings-growth ratio of 3.01 and a beta of 0.57. The company has a 50-day moving average of $68.81 and a two-hundred day moving average of $73.99. Ormat Technologies, Inc. has a 1-year low of $59.41 and a 1-year high of $84.30.

Insider Activity

In other Ormat Technologies news, Director David Granot sold 1,256 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $82.00, for a total transaction of $102,992.00. Following the sale, the director now owns 3,576 shares of the company’s stock, valued at approximately $293,232. This trade represents a 25.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Corp Orix sold 3,700,000 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 2,976,077 shares in the company, valued at approximately $224,336,684.26. The trade was a 55.42 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

ORA has been the subject of several recent analyst reports. Oppenheimer boosted their price objective on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Roth Mkm reissued a “buy” rating and set a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Piper Sandler started coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 target price on the stock. Finally, Jefferies Financial Group started coverage on shares of Ormat Technologies in a research report on Friday, January 10th. They set a “hold” rating and a $73.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $82.25.

Ormat Technologies Company 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.