Mendota Financial Group LLC Purchases New Stake in Ormat Technologies, Inc. (NYSE:ORA)

Mendota Financial Group LLC bought a new position in Ormat Technologies, Inc. (NYSE:ORA) in the 4th quarter, HoldingsChannel.com reports. The firm bought 1,447 shares of the energy company’s stock, valued at approximately $98,000.

Several other hedge funds and other institutional investors have also bought and sold shares of ORA. Global Alpha Capital Management Ltd. boosted its holdings in shares of Ormat Technologies by 6.1% in the third quarter. Global Alpha Capital Management Ltd. now owns 2,446,624 shares of the energy company’s stock worth $188,125,000 after acquiring an additional 140,882 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Ormat Technologies by 6.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,450,797 shares of the energy company’s stock valued at $104,030,000 after buying an additional 86,291 shares in the last quarter. Geode Capital Management LLC lifted its stake in Ormat Technologies by 1.8% during the third quarter. Geode Capital Management LLC now owns 1,301,291 shares of the energy company’s stock worth $100,140,000 after purchasing an additional 22,714 shares during the last quarter. Summit Partners Public Asset Management LLC lifted its position in Ormat Technologies by 16.7% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 350,000 shares of the energy company’s stock worth $26,929,000 after buying an additional 50,000 shares during the last quarter. Finally, Erste Asset Management GmbH purchased a new stake in shares of Ormat Technologies in the 3rd quarter valued at $19,096,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ORA shares. Oppenheimer lifted their price target on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Jefferies Financial Group began coverage on Ormat Technologies in a research report on Friday. They set a “hold” rating and a $73.00 price objective on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $92.00 target price (up from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Finally, Piper Sandler assumed coverage on Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price objective for the company. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $82.25.

Insider Activity at Ormat Technologies

In other news, Director David Granot sold 1,256 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $82.00, for a total transaction of $102,992.00. Following the transaction, the director now owns 3,576 shares in the company, valued at $293,232. This trade represents a 25.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Corp Orix sold 3,700,000 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 2,976,077 shares of the company’s stock, valued at approximately $224,336,684.26. This trade represents a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Ormat Technologies Trading Up 1.2 %

Shares of ORA stock opened at $66.52 on Tuesday. The company has a market cap of $4.02 billion, a PE ratio of 33.94, a price-to-earnings-growth ratio of 3.75 and a beta of 0.57. 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 stock’s 50 day simple moving average is $75.55 and its two-hundred day simple moving average is $75.21. Ormat Technologies, Inc. has a 1 year low of $59.41 and a 1 year high of $84.30.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, November 6th. The energy company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. The firm had revenue of $211.80 million for the quarter, compared to analysts’ expectations of $215.53 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.47 earnings per share. Research analysts predict that Ormat Technologies, Inc. will post 1.93 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.72%. The ex-dividend date was Wednesday, November 20th. Ormat Technologies’s payout ratio is 24.49%.

Ormat Technologies Company 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.