Voya Investment Management LLC Purchases 15,532 Shares of Ormat Technologies, Inc. $ORA

Voya Investment Management LLC increased its position in Ormat Technologies, Inc. (NYSE:ORA) by 19.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 96,604 shares of the energy company’s stock after acquiring an additional 15,532 shares during the period. Voya Investment Management LLC owned about 0.16% of Ormat Technologies worth $6,837,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Ameriprise Financial Inc. lifted its stake in Ormat Technologies by 2.8% during the 4th quarter. Ameriprise Financial Inc. now owns 53,105 shares of the energy company’s stock valued at $3,596,000 after acquiring an additional 1,434 shares during the period. ProShare Advisors LLC grew its stake in shares of Ormat Technologies by 43.7% in the fourth quarter. ProShare Advisors LLC now owns 20,343 shares of the energy company’s stock worth $1,378,000 after acquiring an additional 6,187 shares during the period. Twinbeech Capital LP purchased a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $453,000. Squarepoint Ops LLC bought a new position in Ormat Technologies during the fourth quarter valued at approximately $3,042,000. Finally, Polar Asset Management Partners Inc. bought a new position in Ormat Technologies during the fourth quarter valued at approximately $5,079,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Assi Ginzburg sold 7,066 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $94.71, for a total value of $669,220.86. Following the completion of the transaction, the chief financial officer owned 33,825 shares of the company’s stock, valued at approximately $3,203,565.75. This represents a 17.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Byron G. Wong sold 535 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $91.39, for a total value of $48,893.65. Following the completion of the sale, the director owned 8,659 shares of the company’s stock, valued at $791,346.01. The trade was a 5.82% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,976 shares of company stock valued at $1,105,067. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Ormat Technologies from $75.00 to $85.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. UBS Group raised their price target on Ormat Technologies from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Piper Sandler upgraded Ormat Technologies from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $90.00 to $102.00 in a research report on Wednesday. TD Cowen increased their target price on Ormat Technologies from $76.00 to $85.00 and gave the company a “hold” rating in a report on Friday, August 8th. Finally, Barclays cut their price target on Ormat Technologies from $90.00 to $89.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Ormat Technologies presently has an average rating of “Moderate Buy” and an average price target of $94.50.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock opened at $92.37 on Thursday. The stock has a market cap of $5.61 billion, a P/E ratio of 42.96, a P/E/G ratio of 4.23 and a beta of 0.69. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.64 and a current ratio of 0.70. The stock’s fifty day moving average is $89.97 and its 200 day moving average is $79.96. Ormat Technologies, Inc. has a one year low of $61.58 and a one year high of $95.36.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.11. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The business had revenue of $234.02 million during the quarter, compared to analysts’ expectations of $225.26 million. During the same quarter in the prior year, the business posted $0.37 earnings per share. The business’s quarterly revenue was up 9.9% on a year-over-year basis. Sell-side analysts anticipate that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies’s payout ratio is currently 22.33%.

About Ormat Technologies

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.