Bailard Inc. Boosts Stock Position in Ormat Technologies, Inc. (NYSE:ORA)

Bailard Inc. lifted its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 0.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,446 shares of the energy company’s stock after purchasing an additional 169 shares during the quarter. Bailard Inc.’s holdings in Ormat Technologies were worth $1,317,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Versant Capital Management Inc boosted its stake in Ormat Technologies by 132.4% during the fourth quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after buying an additional 229 shares during the period. Mendota Financial Group LLC purchased a new position in Ormat Technologies during the fourth quarter worth $98,000. Perigon Wealth Management LLC boosted its stake in Ormat Technologies by 16.4% during the fourth quarter. Perigon Wealth Management LLC now owns 3,162 shares of the energy company’s stock worth $214,000 after buying an additional 446 shares during the period. Empowered Funds LLC purchased a new position in Ormat Technologies during the fourth quarter worth $265,000. Finally, Inspire Investing LLC boosted its stake in Ormat Technologies by 11.0% during the fourth quarter. Inspire Investing LLC now owns 5,914 shares of the energy company’s stock worth $400,000 after buying an additional 586 shares during the period. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Stock Performance

ORA stock opened at $68.64 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 business has a 50-day moving average price of $66.49 and a 200 day moving average price of $73.20. The company has a market capitalization of $4.15 billion, a P/E ratio of 35.02, a PEG ratio of 3.18 and a beta of 0.57. Ormat Technologies, Inc. has a 1-year low of $59.41 and a 1-year high of $84.30.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $0.48 annualized dividend and a dividend yield of 0.70%. Ormat Technologies’s payout ratio is currently 23.53%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ORA shares. JPMorgan Chase & Co. lifted their price objective on shares of Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday. Piper Sandler started coverage on Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 target price for the company. Jefferies Financial Group upgraded Ormat Technologies from a “hold” rating to a “buy” rating and lifted their target price for the stock from $73.00 to $78.00 in a research report on Thursday, February 20th. Oppenheimer lifted their target price on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Roth Mkm reiterated a “buy” rating and set a $92.00 target price (up from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $82.88.

Insider Activity at Ormat Technologies

In related news, major shareholder Corp Orix sold 3,700,000 shares of Ormat Technologies stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $75.38, for a total value of $278,906,000.00. Following the completion of the sale, the insider now directly owns 2,976,077 shares in the company, valued at $224,336,684.26. The trade was a 55.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

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.