The State of Michigan Retirement System increased its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA – Get Rating) by 9.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,400 shares of the energy company’s stock after purchasing an additional 1,100 shares during the quarter. State of Michigan Retirement System’s holdings in Ormat Technologies were worth $1,072,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Fund Management SA acquired a new stake in Ormat Technologies during the 3rd quarter worth approximately $895,000. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in Ormat Technologies in the third quarter valued at approximately $209,000. Great Lakes Advisors LLC acquired a new stake in Ormat Technologies in the third quarter valued at approximately $468,000. The Manufacturers Life Insurance Company grew its position in Ormat Technologies by 187.5% in the third quarter. The Manufacturers Life Insurance Company now owns 53,076 shares of the energy company’s stock valued at $4,575,000 after acquiring an additional 34,613 shares in the last quarter. Finally, Prescott Group Capital Management LLC acquired a new stake in Ormat Technologies in the third quarter valued at approximately $1,724,000. Institutional investors and hedge funds own 81.74% of the company’s stock.
Ormat Technologies Price Performance
Shares of NYSE ORA opened at $86.09 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.26 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $4.83 billion, a price-to-earnings ratio of 73.58, a price-to-earnings-growth ratio of 4.50 and a beta of 0.46. Ormat Technologies, Inc. has a twelve month low of $67.28 and a twelve month high of $101.81. The business has a 50-day simple moving average of $86.54 and a 200-day simple moving average of $88.50.
Ormat Technologies (NYSE:ORA – Get Rating) last posted its quarterly earnings results on Wednesday, February 22nd. The energy company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.25. The business had revenue of $205.50 million for the quarter, compared to analyst estimates of $199.33 million. Ormat Technologies had a return on equity of 4.60% and a net margin of 8.97%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 EPS. As a group, equity research analysts expect that Ormat Technologies, Inc. will post 1.9 earnings per share for the current year.
Ormat Technologies Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, March 22nd. Investors of record on Wednesday, March 8th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.56%. The ex-dividend date was Tuesday, March 7th. Ormat Technologies’ dividend payout ratio is currently 41.03%.
Analysts Set New Price Targets
Several analysts have issued reports on the stock. UBS Group raised shares of Ormat Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $103.00 to $105.00 in a research report on Wednesday, March 1st. StockNews.com downgraded shares of Ormat Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, March 15th. Roth Mkm lowered their price objective on shares of Ormat Technologies from $104.00 to $93.00 and set a “neutral” rating for the company in a research report on Monday, February 27th. Citigroup reduced their target price on Ormat Technologies from $91.00 to $88.00 and set a “neutral” rating for the company in a research note on Monday, March 27th. Finally, Oppenheimer dropped their price target on shares of Ormat Technologies from $106.00 to $96.00 and set an “outperform” rating for the company in a research note on Friday, February 24th. One analyst has rated the stock with a sell rating, five have been given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $92.33.
Ormat Technologies Profile
Ormat Technologies, Inc operates as a holding company. The firm engages in the geothermal and recovered energy power businesses. It operates through the following segments: Electricity, Product and Energy Storage. The Electricity segment focuses on the sale of electricity from the company’s power plants pursuant to power purchase agreements.
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