Legal & General Group Plc Increases Stock Holdings in Ormat Technologies, Inc. $ORA

Legal & General Group Plc increased its position in Ormat Technologies, Inc. (NYSE:ORA) by 1.5% in the second quarter, HoldingsChannel reports. The firm owned 589,645 shares of the energy company’s stock after purchasing an additional 8,593 shares during the quarter. Legal & General Group Plc’s holdings in Ormat Technologies were worth $49,389,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in ORA. Dimensional Fund Advisors LP boosted its stake in Ormat Technologies by 19.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company’s stock valued at $133,770,000 after purchasing an additional 303,756 shares during the last quarter. Geode Capital Management LLC lifted its stake in Ormat Technologies by 3.4% in the 2nd quarter. Geode Capital Management LLC now owns 1,467,156 shares of the energy company’s stock worth $122,902,000 after purchasing an additional 48,038 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Ormat Technologies by 7,951.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 660,255 shares of the energy company’s stock valued at $46,726,000 after acquiring an additional 652,055 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Ormat Technologies by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 620,772 shares of the energy company’s stock worth $43,932,000 after acquiring an additional 1,835 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in Ormat Technologies by 35.5% during the second quarter. Handelsbanken Fonder AB now owns 351,244 shares of the energy company’s stock worth $29,420,000 after buying an additional 91,986 shares during the period. 95.49% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Doron Blachar sold 14,994 shares of the firm’s stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $94.71, for a total value of $1,420,081.74. Following the completion of the sale, the chief executive officer owned 35,419 shares in the company, valued at $3,354,533.49. This trade represents a 29.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ravit Barniv sold 1,753 shares of the business’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $112.54, for a total value of $197,282.62. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 72,418 shares of company stock worth $7,580,300. 0.56% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. UBS Group raised their target price on shares of Ormat Technologies from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. JPMorgan Chase & Co. lifted their target price on shares of Ormat Technologies from $99.00 to $111.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 5th. Jefferies Financial Group reissued a “buy” rating and set a $125.00 target price on shares of Ormat Technologies in a report on Monday. Barclays increased their price target on shares of Ormat Technologies from $89.00 to $118.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Finally, Baird R W upgraded Ormat Technologies from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $116.00.

Ormat Technologies Trading Up 1.5%

ORA opened at $113.19 on Wednesday. Ormat Technologies, Inc. has a 12 month low of $61.58 and a 12 month high of $115.72. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of 52.65, a PEG ratio of 4.84 and a beta of 0.77. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64. The business has a fifty day moving average price of $105.01 and a 200 day moving average price of $91.96.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Monday, November 3rd. The energy company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.37 by $0.04. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The firm had revenue of $249.73 million for the quarter, compared to analyst estimates of $235.03 million. During the same quarter in the prior year, the company posted $0.36 earnings per share. Ormat Technologies’s revenue for the quarter was up 17.9% compared to the same quarter last year. Ormat Technologies has set its FY 2025 guidance at EPS. Sell-side analysts expect that Ormat Technologies, Inc. will post 1.94 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 Monday, December 1st. Stockholders of record on Monday, November 17th will be paid a dividend of $0.12 per share. The ex-dividend date is Monday, November 17th. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. Ormat Technologies’s dividend payout ratio is 22.02%.

Ormat Technologies 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.