Allianz Asset Management GmbH Takes Position in Ormat Technologies, Inc. $ORA

Allianz Asset Management GmbH bought a new stake in Ormat Technologies, Inc. (NYSE:ORA) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,859 shares of the energy company’s stock, valued at approximately $239,000.

A number of other institutional investors have also made changes to their positions in the stock. CWM LLC lifted its holdings in Ormat Technologies by 294.2% during the first quarter. CWM LLC now owns 887 shares of the energy company’s stock worth $63,000 after acquiring an additional 662 shares in the last quarter. Signaturefd LLC lifted its holdings in Ormat Technologies by 60.6% during the first quarter. Signaturefd LLC now owns 890 shares of the energy company’s stock worth $63,000 after acquiring an additional 336 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Ormat Technologies by 57.4% during the second quarter. GAMMA Investing LLC now owns 886 shares of the energy company’s stock worth $74,000 after acquiring an additional 323 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Ormat Technologies by 30.7% during the first quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company’s stock worth $76,000 after acquiring an additional 252 shares in the last quarter. Finally, UMB Bank n.a. lifted its holdings in Ormat Technologies by 20.3% during the second quarter. UMB Bank n.a. now owns 1,059 shares of the energy company’s stock worth $89,000 after acquiring an additional 179 shares in the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Ormat Technologies

In related news, Director Stanley Stern sold 400 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $95.98, for a total value of $38,392.00. Following the transaction, the director owned 4,861 shares in the company, valued at approximately $466,558.78. This represents a 7.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jessica Woelfel sold 5,611 shares of the company’s stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $94.80, for a total value of $531,922.80. Following the completion of the transaction, the insider owned 3,433 shares in the company, valued at approximately $325,448.40. The trade was a 62.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 40,926 shares of company stock valued at $3,861,296 in the last ninety days. Insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ORA. TD Cowen lifted their target price on Ormat Technologies from $76.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, August 8th. Robert W. Baird upgraded Ormat Technologies from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $87.00 to $103.00 in a report on Wednesday, July 30th. Oppenheimer reiterated an “outperform” rating and set a $100.00 target price on shares of Ormat Technologies in a report on Friday, August 8th. Piper Sandler upgraded Ormat Technologies from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $90.00 to $102.00 in a report on Wednesday, September 17th. Finally, Roth Capital restated a “buy” rating and issued a $98.00 price target (up from $88.00) on shares of Ormat Technologies in a report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Ormat Technologies presently has an average rating of “Moderate Buy” and an average price target of $99.30.

Ormat Technologies Price Performance

Ormat Technologies stock opened at $106.29 on Wednesday. The stock’s 50 day moving average is $97.78 and its 200 day moving average is $86.54. Ormat Technologies, Inc. has a one year low of $61.58 and a one year high of $111.08. The firm has a market cap of $6.45 billion, a P/E ratio of 49.44, a P/E/G ratio of 4.81 and a beta of 0.69. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share (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 firm had revenue of $234.02 million for the quarter, compared to analysts’ expectations of $225.26 million. During the same period in the prior year, the business earned $0.37 EPS. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, research analysts expect that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, August 20th. Ormat Technologies’s dividend payout ratio (DPR) is presently 22.33%.

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.