California State Teachers Retirement System Has $836.45 Million Stock Position in Ormat Technologies, Inc. $ORA

Key Points

• CalSTRS dramatically increased its Ormat Technologies stake by 10,926.5% in the second quarter, purchasing 7.61 million additional shares. It ended the period with 7.68 million shares worth approximately $836.45 million, or 12.49% of the company.
• Ormat reported better-than-expected quarterly results, with EPS of $0.50 versus the $0.26 consensus estimate and revenue of $258.76 million, up 10.6% year over year. The company also declared a quarterly dividend of $0.12 per share.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and an average price target of $130.75, compared with the stock’s reported price of $95.12. However, one research firm downgraded the shares to “sell.”

California State Teachers Retirement System boosted its holdings in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 10,926.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,680,935 shares of the energy company's stock after buying an additional 7,611,276 shares during the quarter. California State Teachers Retirement System owned approximately 12.49% of Ormat Technologies worth $836,454,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Aster Capital Management DIFC Ltd bought a new position in Ormat Technologies in the fourth quarter valued at about $26,000. Main Street Group LTD bought a new stake in shares of Ormat Technologies during the first quarter worth about $29,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Ormat Technologies in the fourth quarter valued at approximately $31,000. Los Angeles Capital Management LLC bought a new position in Ormat Technologies in the 4th quarter valued at approximately $32,000. Finally, Quantbot Technologies LP bought a new position in Ormat Technologies in the 2nd quarter valued at approximately $33,000. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Trading Up 0.2%

NYSE:ORA opened at $95.12 on Monday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00. Ormat Technologies, Inc. has a one year low of $90.77 and a one year high of $146.39. The company has a market cap of $5.85 billion, a PE ratio of 46.86, a PEG ratio of 3.84 and a beta of 0.90. The firm has a 50-day moving average of $105.47 and a 200-day moving average of $114.70.

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

Ormat Technologies Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages recently commented on ORA. Sanford C. Bernstein upgraded Ormat Technologies from an "underperform" rating to a "market perform" rating and set a $112.00 target price on the stock in a report on Friday, September 4th. Royal Bank Of Canada restated an "outperform" rating and set a $130.00 price target on shares of Ormat Technologies in a report on Wednesday, September 9th. Wall Street Zen downgraded shares of Ormat Technologies from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Oppenheimer upped their price objective on shares of Ormat Technologies from $141.00 to $145.00 and gave the company an "outperform" rating in a research note on Wednesday. Finally, Piper Sandler increased their price objective on shares of Ormat Technologies from $125.00 to $142.00 and gave the stock an "overweight" rating in a research report on Monday, May 18th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $130.75.

Ormat Technologies Profile

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates geothermal, recovered energy, and energy storage facilities. The company also designs and manufactures equipment used to generate electricity from geothermal resources and waste heat, including its Ormat Energy Converter systems.

Ormat's geothermal activities include the exploration and development of geothermal resources, power plant construction, and long-term operation and maintenance. Its recovered energy business converts industrial waste heat and other low-temperature heat sources into electricity.

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