California State Teachers Retirement System Purchases 12,199 Shares of Ormat Technologies, Inc. $ORA

Key Points

• California State Teachers Retirement System increased its Ormat Technologies stake by 21.2%, purchasing 12,199 shares to reach 69,659 shares valued at approximately $7.8 million. Institutional investors collectively own 95.49% of the company.
• Ormat reported a strong quarter, with earnings of $1.30 per share versus the $0.92 consensus estimate and revenue of $403.9 million, up 75.8% year over year.
• Analysts maintain a “Moderate Buy” consensus on ORA, with an average price target of $131.75, although insider selling has totaled 30,585 shares worth about $4.1 million over the past 90 days.

California State Teachers Retirement System raised its position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 21.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,659 shares of the energy company's stock after buying an additional 12,199 shares during the quarter. California State Teachers Retirement System owned about 0.11% of Ormat Technologies worth $7,796,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ranger Investment Management L.P. bought a new position in shares of Ormat Technologies during the 1st quarter worth $12,082,000. Quantinno Capital Management LP raised its stake in Ormat Technologies by 18.6% in the 1st quarter. Quantinno Capital Management LP now owns 7,048 shares of the energy company's stock valued at $789,000 after acquiring an additional 1,103 shares during the period. Saba Capital Management L.P. purchased a new stake in Ormat Technologies during the first quarter valued at about $315,000. Gabelli Funds LLC lifted its holdings in Ormat Technologies by 0.6% during the first quarter. Gabelli Funds LLC now owns 96,050 shares of the energy company's stock valued at $10,750,000 after purchasing an additional 600 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in Ormat Technologies by 979.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 150,620 shares of the energy company's stock worth $16,839,000 after purchasing an additional 136,667 shares during the period. Hedge funds and other institutional investors own 95.49% of the company's stock.

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, Director Michal Marom sold 3,080 shares of Ormat Technologies stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $130.97, for a total value of $403,387.60. Following the transaction, the director directly 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 Securities & Exchange Commission, which is available at the SEC website. Also, Director Byron G. Wong sold 4,500 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total value of $604,440.00. Following the completion of the sale, the director owned 5,925 shares of the company's stock, valued at approximately $795,846. This trade represents a 43.17% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 30,585 shares of company stock valued at $4,090,998. 0.50% of the stock is currently owned by corporate insiders.

Ormat Technologies Trading Up 2.1%

Shares of ORA opened at $100.06 on Wednesday. The firm's 50 day simple moving average is $118.47 and its 200 day simple moving average is $117.77. The company has a market capitalization of $6.15 billion, a P/E ratio of 48.57, a P/E/G ratio of 4.18 and a beta of 0.90. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. Ormat Technologies, Inc. has a 1-year low of $84.13 and a 1-year high of $146.39.

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 analysts' consensus estimates of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business had revenue of $403.91 million for the quarter, compared to analysts' expectations of $349.17 million. During the same quarter in the prior year, the firm earned $0.68 earnings per share. The firm's revenue was up 75.8% on a year-over-year basis. Sell-side analysts forecast that Ormat Technologies, Inc. will post 2.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on ORA shares. Sanford C. Bernstein initiated coverage on shares of Ormat Technologies in a research note on Tuesday, June 16th. They issued an "underperform" rating and a $115.00 price objective for the company. Wolfe Research started coverage on Ormat Technologies in a report on Monday, June 8th. They issued a "peer perform" rating for the company. Oppenheimer reiterated an "outperform" rating and issued a $144.00 price target on shares of Ormat Technologies in a research report on Friday, May 8th. JPMorgan Chase & Co. boosted their price objective on Ormat Technologies from $106.00 to $123.00 and gave the company a "neutral" rating in a research note on Friday, May 8th. Finally, Barclays increased their price objective on Ormat Technologies from $126.00 to $127.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Eight research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $131.75.

Ormat Technologies Profile

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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