New Age Alpha Advisors LLC Decreases Position in Ormat Technologies, Inc. $ORA

New Age Alpha Advisors LLC lessened its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA) by 88.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,962 shares of the energy company’s stock after selling 23,235 shares during the quarter. New Age Alpha Advisors LLC’s holdings in Ormat Technologies were worth $327,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. AQR Capital Management LLC raised its stake in Ormat Technologies by 324.1% in the 1st quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company’s stock worth $1,740,000 after acquiring an additional 19,043 shares during the last quarter. United Services Automobile Association purchased a new position in Ormat Technologies in the 1st quarter worth $243,000. Empowered Funds LLC raised its stake in Ormat Technologies by 7.3% in the 1st quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock worth $297,000 after acquiring an additional 286 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Ormat Technologies by 22.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company’s stock worth $16,593,000 after acquiring an additional 43,483 shares during the last quarter. Finally, Intech Investment Management LLC raised its stake in Ormat Technologies by 10.5% in the 1st quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company’s stock worth $1,740,000 after acquiring an additional 2,329 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Insider Activity

In other news, Director David Granot sold 1,766 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $134.43, for a total transaction of $237,403.38. Following the sale, the director directly owned 1,766 shares in the company, valued at $237,403.38. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michal Marom sold 3,080 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total value of $403,387.60. Following the sale, the director owned 1,766 shares in the company, valued at $231,293.02. This trade represents a 63.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 33,699 shares of company stock worth $4,410,013. 0.56% of the stock is currently owned by corporate insiders.

Ormat Technologies Stock Performance

NYSE ORA opened at $137.74 on Friday. The stock has a 50-day simple moving average of $118.21 and a two-hundred day simple moving average of $116.00. The firm has a market capitalization of $8.46 billion, a P/E ratio of 66.87, a PEG ratio of 5.95 and a beta of 0.80. Ormat Technologies, Inc. has a fifty-two week low of $73.05 and a fifty-two week high of $141.62. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. The business had revenue of $403.91 million during the quarter, compared to analyst estimates of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The company’s revenue was up 75.8% on a year-over-year basis. During the same quarter last year, the business posted $0.68 EPS. On average, equities analysts forecast that Ormat Technologies, Inc. will post 2.35 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.3%. Ormat Technologies’s dividend payout ratio (DPR) is 23.30%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Roth Mkm restated a “buy” rating and issued a $135.00 target price on shares of Ormat Technologies in a research note on Monday, May 11th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research note on Tuesday, April 21st. Oppenheimer restated an “outperform” rating and issued a $144.00 target price on shares of Ormat Technologies in a research note on Friday, May 8th. Piper Sandler raised their target price on Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Finally, Citigroup raised their target price on Ormat Technologies from $110.00 to $128.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 18th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Ormat Technologies presently has an average rating of “Moderate Buy” and an average target price of $133.18.

About Ormat Technologies

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.