Franklin Resources Inc. Buys Shares of 7,762 Ormat Technologies, Inc. (NYSE:ORA)

Franklin Resources Inc. acquired a new position in Ormat Technologies, Inc. (NYSE:ORA) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 7,762 shares of the energy company’s stock, valued at approximately $526,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ORA. Pacer Advisors Inc. raised its holdings in shares of Ormat Technologies by 2.0% during the 4th quarter. Pacer Advisors Inc. now owns 8,026 shares of the energy company’s stock worth $544,000 after acquiring an additional 160 shares in the last quarter. Bailard Inc. boosted its stake in shares of Ormat Technologies by 0.9% during the 4th quarter. Bailard Inc. now owns 19,446 shares of the energy company’s stock worth $1,317,000 after purchasing an additional 169 shares during the period. Securian Asset Management Inc. grew its holdings in Ormat Technologies by 5.1% during the 4th quarter. Securian Asset Management Inc. now owns 4,354 shares of the energy company’s stock valued at $295,000 after purchasing an additional 212 shares during the last quarter. Versant Capital Management Inc raised its position in Ormat Technologies by 132.4% in the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after purchasing an additional 229 shares during the period. Finally, Caprock Group LLC increased its stake in Ormat Technologies by 4.0% in the fourth quarter. Caprock Group LLC now owns 6,080 shares of the energy company’s stock worth $412,000 after purchasing an additional 235 shares during the period. 95.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ORA has been the topic of several research reports. Baird R W upgraded Ormat Technologies to a “hold” rating in a report on Thursday, March 13th. Jefferies Financial Group raised their price objective on Ormat Technologies from $78.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, March 25th. StockNews.com raised Ormat Technologies from a “sell” rating to a “hold” rating in a report on Monday, April 7th. Piper Sandler began coverage on Ormat Technologies in a research report on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 28th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $83.56.

Insider Buying and Selling

In other news, insider Jessica Woelfel sold 409 shares of Ormat Technologies stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $72.15, for a total transaction of $29,509.35. Following the completion of the transaction, the insider now owns 6,094 shares of the company’s stock, valued at $439,682.10. The trade was a 6.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director David Granot sold 1,666 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $69.00, for a total transaction of $114,954.00. Following the transaction, the director now owns 1,910 shares of the company’s stock, valued at $131,790. This trade represents a 46.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,242 shares of company stock valued at $156,427. Corporate insiders own 0.56% of the company’s stock.

Ormat Technologies Price Performance

Shares of NYSE:ORA opened at $71.58 on Friday. The company has a market cap of $4.34 billion, a P/E ratio of 36.52, a PEG ratio of 3.18 and a beta of 0.52. The company has a 50-day moving average price of $69.27 and a 200 day moving average price of $72.21. Ormat Technologies, Inc. has a 52 week low of $61.58 and a 52 week high of $84.30. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.67%. The ex-dividend date was Wednesday, March 12th. Ormat Technologies’s dividend payout ratio (DPR) is 23.53%.

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.