11,936 Shares in Ormat Technologies, Inc. $ORA Purchased by Legato Capital Management LLC

Key Points

• Legato Capital Management initiated a new position in Ormat Technologies, buying 11,936 shares worth about $1.32 million in the fourth quarter.
• Ormat’s latest earnings beat expectations, with Q1 EPS of $1.30 versus $0.92 expected and revenue of $403.91 million, up 75.8% year over year.
• Analysts remain broadly positive: the stock has a Moderate Buy consensus with a $133.18 target, even as several directors recently sold shares and the company declared a $0.12 quarterly dividend.

Legato Capital Management LLC acquired a new position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 11,936 shares of the energy company's stock, valued at approximately $1,319,000.

Other large investors have also modified their holdings of the company. AGF Management Ltd. acquired a new stake in shares of Ormat Technologies in the 3rd quarter worth about $9,527,000. Retirement Systems of Alabama increased its holdings in shares of Ormat Technologies by 169.7% in the 3rd quarter. Retirement Systems of Alabama now owns 189,988 shares of the energy company's stock worth $18,286,000 after acquiring an additional 119,552 shares during the period. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Ormat Technologies by 155.8% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company's stock worth $97,935,000 after acquiring an additional 540,000 shares during the period. Jennison Associates LLC increased its holdings in shares of Ormat Technologies by 51.7% in the 4th quarter. Jennison Associates LLC now owns 90,753 shares of the energy company's stock worth $10,025,000 after acquiring an additional 30,910 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Ormat Technologies by 259.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,830 shares of the energy company's stock worth $7,935,000 after acquiring an additional 51,830 shares during the period. Institutional investors and hedge funds own 95.49% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ORA shares. Jefferies Financial Group cut shares of Ormat Technologies from a "buy" rating to a "hold" rating and increased their price objective for the stock from $125.00 to $130.00 in a report on Friday, February 13th. Robert W. Baird lowered their target price on shares of Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating on the stock in a research note on Friday, February 27th. Barclays raised their target price on shares of Ormat Technologies from $123.00 to $126.00 and gave the company an "overweight" rating in a research note on Friday, May 8th. Citigroup raised their target price on shares of Ormat Technologies from $110.00 to $128.00 and gave the company a "neutral" rating in a research note on Wednesday, February 18th. Finally, UBS Group raised their target price on shares of Ormat Technologies from $143.00 to $152.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $133.18.

Ormat Technologies Stock Down 0.1%

Ormat Technologies stock opened at $133.28 on Monday. The stock has a market cap of $8.19 billion, a price-to-earnings ratio of 64.70, a PEG ratio of 5.69 and a beta of 0.80. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. The company's 50-day moving average price is $115.98 and its two-hundred day moving average price is $115.31. Ormat Technologies, Inc. has a 52 week low of $70.60 and a 52 week high of $138.51.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, beating the consensus estimate of $0.92 by $0.38. The firm had revenue of $403.91 million for the quarter, compared to analysts' expectations of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. Ormat Technologies's quarterly revenue was up 75.8% on a year-over-year basis. During the same quarter last year, the company earned $0.68 EPS. On average, analysts expect that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, May 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. Ormat Technologies's payout ratio is currently 23.30%.

Insider Buying and Selling

In other news, Director Michal Marom sold 3,080 shares of Ormat Technologies stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total value of $403,387.60. Following the transaction, the director owned 1,766 shares of the company's stock, valued at $231,293.02. The trade was a 63.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Byron G. Wong sold 4,500 shares of Ormat Technologies stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total transaction of $604,440.00. Following the completion of the transaction, the director directly owned 5,925 shares in the company, valued at $795,846. This represents a 43.17% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 33,699 shares of company stock worth $4,410,013. 0.56% of the stock is owned by insiders.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company's core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat's offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.

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