59,014 Shares in Ormat Technologies, Inc. $ORA Bought by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company bought 59,014 shares of Ormat Technologies worth approximately $6.4 million, while institutional investors collectively own 95.49% of the company.
• Analysts maintain a “Moderate Buy” consensus on ORA, with an average price target of $130.83; recent targets range from $123 to $142.
• Ormat exceeded quarterly expectations, reporting $0.50 in EPS and $258.76 million in revenue, up 10.6% year over year. The company also declared a quarterly dividend of $0.12 per share, representing a 0.5% yield.

The Manufacturers Life Insurance Company purchased a new stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 59,014 shares of the energy company's stock, valued at approximately $6,427,000. The Manufacturers Life Insurance Company owned approximately 0.10% of Ormat Technologies at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Jennison Associates LLC grew its position in Ormat Technologies by 51.7% in the fourth quarter. Jennison Associates LLC now owns 90,753 shares of the energy company's stock valued at $10,025,000 after acquiring an additional 30,910 shares in the last quarter. Legato Capital Management LLC acquired a new position in shares of Ormat Technologies during the fourth quarter worth $1,319,000. Deutsche Bank AG acquired a new position in shares of Ormat Technologies during the second quarter worth $42,015,000. Trillium Asset Management LLC purchased a new position in shares of Ormat Technologies in the second quarter valued at $16,106,000. Finally, Nicholas Investment Partners LP acquired a new stake in Ormat Technologies during the 4th quarter valued at $4,835,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ORA. Oppenheimer decreased their price objective on shares of Ormat Technologies from $144.00 to $141.00 and set an "outperform" rating for the company in a research report on Friday, August 7th. JPMorgan Chase & Co. boosted their price target on Ormat Technologies from $106.00 to $123.00 and gave the stock a "neutral" rating in a research note on Friday, May 8th. Weiss Ratings restated a "hold (c)" rating on shares of Ormat Technologies in a research note on Friday, July 17th. Roth Capital restated a "buy" rating and set a $135.00 price objective on shares of Ormat Technologies in a report on Monday, May 11th. Finally, Piper Sandler upped their target price on Ormat Technologies from $125.00 to $142.00 and gave the company an "overweight" rating in a research report on Monday, May 18th. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $130.83.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $103.11 on Monday. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $6.34 billion, a price-to-earnings ratio of 50.79, a price-to-earnings-growth ratio of 4.17 and a beta of 0.90. Ormat Technologies, Inc. has a twelve month low of $89.08 and a twelve month high of $146.39. The business has a 50 day simple moving average of $108.28 and a 200-day simple moving average of $115.91.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm had revenue of $258.76 million during the quarter, compared to the consensus estimate of $240.03 million. During the same quarter in the previous year, the company posted $0.48 earnings per share. The firm's revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts expect that Ormat Technologies, Inc. will post 2.47 earnings per share for the current year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. Ormat Technologies's dividend payout ratio (DPR) is 23.65%.

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.

Want to see what other hedge funds are holding ORA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ormat Technologies, Inc. (NYSE:ORA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source