Mitsubishi UFJ Asset Management Co. Ltd. Takes $783,000 Position in Ormat Technologies, Inc. $ORA

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 7,188 shares of the energy company’s stock, valued at approximately $783,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ORA. Dimensional Fund Advisors LP lifted its holdings in Ormat Technologies by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,910,292 shares of the energy company’s stock valued at $211,036,000 after purchasing an additional 43,749 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Ormat Technologies by 6.8% in the fourth quarter. Geode Capital Management LLC now owns 1,611,360 shares of the energy company’s stock worth $178,033,000 after purchasing an additional 102,864 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Ormat Technologies by 32.7% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock worth $128,469,000 after purchasing an additional 282,583 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of Ormat Technologies by 62.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after purchasing an additional 413,384 shares during the period. Finally, Norges Bank bought a new stake in shares of Ormat Technologies during the 4th quarter valued at $86,545,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ORA shares. UBS Group upped their target price on shares of Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Roth Capital reissued a “buy” rating and set a $135.00 price target on shares of Ormat Technologies in a report on Monday, May 11th. Wall Street Zen downgraded Ormat Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. upped their price objective on Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Finally, Piper Sandler increased their target price on Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Ormat Technologies has an average rating of “Moderate Buy” and a consensus target price of $130.83.

Insider Activity

In related news, Director Stanley Stern sold 250 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total value of $34,605.00. Following the sale, the director directly owned 5,800 shares in the company, valued at approximately $802,836. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.50% of the company’s stock.

Ormat Technologies Price Performance

ORA stock opened at $108.62 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05. The company’s fifty day moving average price is $110.90 and its 200-day moving average price is $116.68. Ormat Technologies, Inc. has a one year low of $89.08 and a one year high of $146.39. The company has a market capitalization of $6.68 billion, a PE ratio of 53.51, a price-to-earnings-growth ratio of 4.38 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.24. The company had revenue of $258.76 million during the quarter, compared to analysts’ expectations of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. Ormat Technologies’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the company posted $0.48 earnings per share. On average, equities analysts anticipate that Ormat Technologies, Inc. will post 2.47 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Wednesday, August 19th. Ormat Technologies’s payout ratio is 23.65%.

Ormat Technologies Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.