ORIX Corp Trims Stock Holdings in Ormat Technologies, Inc. (NYSE:ORA)

ORIX Corp lessened its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 55.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,976,077 shares of the energy company’s stock after selling 3,700,000 shares during the period. Ormat Technologies makes up 100.0% of ORIX Corp’s holdings, making the stock its biggest holding. ORIX Corp’s holdings in Ormat Technologies were worth $201,540,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Versant Capital Management Inc grew 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 worth $27,000 after acquiring an additional 229 shares during the period. AlphaQuest LLC boosted its position in shares of Ormat Technologies by 4,691.7% during the 4th quarter. AlphaQuest LLC now owns 575 shares of the energy company’s stock valued at $39,000 after purchasing an additional 563 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Ormat Technologies during the 4th quarter valued at about $66,000. Mendota Financial Group LLC bought a new stake in Ormat Technologies in the fourth quarter worth approximately $98,000. Finally, Generali Investments CEE investicni spolecnost a.s. acquired a new position in Ormat Technologies in the fourth quarter valued at approximately $182,000. Institutional investors own 95.49% of the company’s stock.

Insider Buying and Selling

In other Ormat Technologies news, Director David Granot sold 1,666 shares of Ormat Technologies stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total transaction of $114,954.00. Following the transaction, the director now directly owns 1,910 shares of the company’s stock, valued at $131,790. The trade was a 46.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jessica Woelfel sold 409 shares of the stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $72.15, for a total transaction of $29,509.35. Following the completion of the sale, the insider now owns 6,094 shares of the company’s stock, valued at approximately $439,682.10. This represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,242 shares of company stock worth $156,427. 1.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ORA shares. JPMorgan Chase & Co. lifted their price objective on shares of Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 28th. Piper Sandler began coverage on shares of Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price target for the company. Baird R W raised shares of Ormat Technologies to a “hold” rating in a research report on Thursday, March 13th. Jefferies Financial Group boosted their target price on Ormat Technologies from $78.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, March 25th. Finally, Robert W. Baird started coverage on Ormat Technologies in a research note on Thursday, March 13th. They set a “neutral” rating and a $81.00 price target on the stock. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $83.56.

Ormat Technologies Price Performance

ORA stock opened at $68.25 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. The business has a 50-day simple moving average of $68.05 and a two-hundred day simple moving average of $72.69. The company has a market capitalization of $4.14 billion, a P/E ratio of 34.82, a price-to-earnings-growth ratio of 3.18 and a beta of 0.52. Ormat Technologies, Inc. has a 52-week low of $59.41 and a 52-week high of $84.30.

Ormat Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, March 12th. This represents a $0.48 annualized dividend and a dividend yield of 0.70%. Ormat Technologies’s payout ratio is 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.