GAMMA Investing LLC Acquires 38,975 Shares of Ormat Technologies, Inc. (NYSE:ORA)

GAMMA Investing LLC raised its position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 4,485.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,844 shares of the energy company's stock after acquiring an additional 38,975 shares during the period. GAMMA Investing LLC owned approximately 0.07% of Ormat Technologies worth $2,820,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in ORA. Norges Bank bought a new stake in shares of Ormat Technologies during the fourth quarter worth approximately $62,851,000. Vanguard Group Inc. raised its position in shares of Ormat Technologies by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company's stock valued at $409,305,000 after buying an additional 274,540 shares in the last quarter. Impax Asset Management Group plc raised its position in shares of Ormat Technologies by 7.3% in the fourth quarter. Impax Asset Management Group plc now owns 2,415,479 shares of the energy company's stock valued at $162,586,000 after buying an additional 163,505 shares in the last quarter. Soros Fund Management LLC acquired a new stake in shares of Ormat Technologies in the fourth quarter valued at approximately $10,158,000. Finally, Handelsbanken Fonder AB raised its position in shares of Ormat Technologies by 896.6% in the fourth quarter. Handelsbanken Fonder AB now owns 155,906 shares of the energy company's stock valued at $10,558,000 after buying an additional 140,262 shares in the last quarter. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Price Performance

ORA traded up $1.06 during trading on Monday, hitting $80.00. 364,989 shares of the stock traded hands, compared to its average volume of 482,408. Ormat Technologies, Inc. has a twelve month low of $61.58 and a twelve month high of $84.30. The company has a market cap of $4.85 billion, a price-to-earnings ratio of 40.82, a PEG ratio of 3.18 and a beta of 0.60. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87. The business has a 50 day moving average price of $73.41 and a 200 day moving average price of $70.60.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The energy company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.58 by $0.10. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The business had revenue of $229.76 million during the quarter, compared to the consensus estimate of $228.33 million. During the same period in the previous year, the business earned $0.64 earnings per share. The company's revenue was up 2.5% on a year-over-year basis. Equities research analysts forecast that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 21st were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, May 21st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. Ormat Technologies's payout ratio is presently 23.30%.

Insiders Place Their Bets

In other Ormat Technologies news, Director Michal Marom sold 895 shares of the business's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $73.47, for a total transaction of $65,755.65. Following the sale, the director now owns 3,080 shares of the company's stock, valued at approximately $226,287.60. The trade was a 22.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David Granot sold 950 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $73.10, for a total transaction of $69,445.00. Following the sale, the director now directly owns 2,713 shares in the company, valued at approximately $198,320.30. The trade was a 25.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,297 shares of company stock valued at $242,374. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ORA. Robert W. Baird began coverage on shares of Ormat Technologies in a research report on Thursday, March 13th. They issued a "neutral" rating and a $81.00 price target for the company. Barclays upgraded shares of Ormat Technologies from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $80.00 to $86.00 in a research report on Friday, June 6th. Jefferies Financial Group lifted their price target on shares of Ormat Technologies from $78.00 to $86.00 and gave the company a "buy" rating in a research report on Tuesday, March 25th. Wall Street Zen upgraded shares of Ormat Technologies from a "sell" rating to a "hold" rating in a research report on Monday, April 7th. Finally, Baird R W upgraded shares of Ormat Technologies to a "hold" rating in a research report on Thursday, March 13th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $84.14.

Ormat Technologies 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.