GAMMA Investing LLC Grows Stock Holdings in Ormat Technologies, Inc. (NYSE:ORA)

GAMMA Investing LLC lifted its stake in shares of Ormat Technologies, Inc. (NYSE:ORA) by 4,485.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,844 shares of the energy company’s stock after buying an additional 38,975 shares during the quarter. GAMMA Investing LLC owned about 0.07% of Ormat Technologies worth $2,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of ORA. Norges Bank purchased a new position in shares of Ormat Technologies during the fourth quarter valued at about $62,851,000. Vanguard Group Inc. boosted its stake in Ormat Technologies by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company’s stock worth $409,305,000 after acquiring an additional 274,540 shares in the last quarter. Impax Asset Management Group plc boosted its stake in Ormat Technologies by 7.3% during the fourth quarter. Impax Asset Management Group plc now owns 2,415,479 shares of the energy company’s stock worth $162,586,000 after acquiring an additional 163,505 shares in the last quarter. Soros Fund Management LLC bought a new stake in Ormat Technologies during the fourth quarter worth about $10,158,000. Finally, Handelsbanken Fonder AB lifted its stake in shares of Ormat Technologies by 896.6% in the fourth quarter. Handelsbanken Fonder AB now owns 155,906 shares of the energy company’s stock worth $10,558,000 after buying an additional 140,262 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Down 0.8%

ORA opened at $79.10 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Ormat Technologies, Inc. has a 1-year low of $61.58 and a 1-year high of $84.30. The company has a market capitalization of $4.79 billion, a PE ratio of 40.36, a PEG ratio of 3.18 and a beta of 0.60. The firm’s 50 day simple moving average is $72.89 and its two-hundred day simple moving average is $70.78.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, May 7th. The energy company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.10. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The business had revenue of $229.76 million for the quarter, compared to the consensus estimate of $228.33 million. During the same period last year, the firm earned $0.64 earnings per share. The company’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, equities analysts forecast that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 21st were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $0.48 annualized dividend and a yield of 0.61%. Ormat Technologies’s payout ratio is presently 23.30%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ORA. Jefferies Financial Group increased their price target on shares of Ormat Technologies from $78.00 to $86.00 and gave the company a “buy” rating in a report on Tuesday, March 25th. Barclays upgraded shares of Ormat Technologies from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $80.00 to $86.00 in a research report on Friday, June 6th. Robert W. Baird initiated coverage on shares of Ormat Technologies in a research report on Thursday, March 13th. They set a “neutral” rating and a $81.00 price objective on the stock. Baird R W upgraded shares of Ormat Technologies to a “hold” rating in a research report on Thursday, March 13th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, February 28th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $84.14.

Insider Transactions at Ormat Technologies

In other news, Director Michal Marom sold 895 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $73.47, for a total value of $65,755.65. Following the completion of the sale, the director now directly owns 3,080 shares of the company’s stock, valued at $226,287.60. This represents a 22.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jessica Woelfel sold 409 shares of the 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 sale, the insider now directly owns 6,094 shares of the company’s stock, valued at approximately $439,682.10. This trade represents a 6.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,297 shares of company stock valued at $242,374 over the last three months. Corporate insiders own 0.56% of the company’s stock.

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.