Geode Capital Management LLC Acquires 102,864 Shares of Ormat Technologies, Inc. $ORA

Key Points

• Geode Capital Management increased its Ormat Technologies stake by 6.8% in the fourth quarter, buying 102,864 more shares and bringing its total holdings to 1.61 million shares worth about $178 million.
• Ormat reported strong quarterly results, with EPS of $1.30 beating estimates of $0.92 and revenue rising 75.8% year over year to $403.9 million.
• Analysts remain broadly positive on ORA, with a Moderate Buy consensus and average price target of $133.18, though several insiders recently sold shares, including the CFO and a director.

Geode Capital Management LLC grew its holdings in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 6.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,611,360 shares of the energy company's stock after acquiring an additional 102,864 shares during the period. Geode Capital Management LLC owned 2.65% of Ormat Technologies worth $178,033,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Signaturefd LLC grew its position in Ormat Technologies by 13.0% in the fourth quarter. Signaturefd LLC now owns 746 shares of the energy company's stock worth $82,000 after acquiring an additional 86 shares in the last quarter. Jones Financial Companies Lllp grew its position in Ormat Technologies by 43.8% in the third quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company's stock worth $35,000 after acquiring an additional 113 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Ormat Technologies by 7.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,167 shares of the energy company's stock worth $239,000 after acquiring an additional 144 shares in the last quarter. CWM LLC grew its position in Ormat Technologies by 14.2% in the fourth quarter. CWM LLC now owns 1,254 shares of the energy company's stock worth $139,000 after acquiring an additional 156 shares in the last quarter. Finally, Crossmark Global Holdings Inc. grew its position in Ormat Technologies by 4.3% in the third quarter. Crossmark Global Holdings Inc. now owns 3,803 shares of the energy company's stock worth $366,000 after acquiring an additional 158 shares in the last quarter. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Stock Up 0.5%

Shares of ORA stock opened at $145.18 on Thursday. Ormat Technologies, Inc. has a 12 month low of $73.83 and a 12 month high of $146.39. The firm has a market cap of $8.92 billion, a PE ratio of 70.48, a price-to-earnings-growth ratio of 6.16 and a beta of 0.85. The stock has a 50 day moving average of $120.80 and a 200-day moving average of $116.83. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping 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 company had revenue of $403.91 million during the quarter, compared to analyst estimates of $349.17 million. During the same period in the previous year, the company earned $0.68 earnings per share. The company's quarterly revenue was up 75.8% compared to the same quarter last year. On average, equities analysts predict that Ormat Technologies, Inc. will post 2.35 EPS for the current year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.3%. Ormat Technologies's payout ratio is 23.30%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ORA shares. Piper Sandler upped their target price on Ormat Technologies from $125.00 to $142.00 and gave the stock an "overweight" rating in a research report on Monday, May 18th. UBS Group upped their target price on Ormat Technologies from $143.00 to $152.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Citigroup upped their target price on Ormat Technologies from $110.00 to $128.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 18th. Robert W. Baird decreased their target price on Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating for the company in a research report on Friday, February 27th. Finally, Royal Bank Of Canada started coverage on Ormat Technologies in a research report on Tuesday, March 3rd. They set an "outperform" rating and a $130.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Ormat Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $133.18.

Insider Activity at Ormat Technologies

In other news, Director David Granot sold 1,766 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $134.43, for a total transaction of $237,403.38. Following the completion of the transaction, the director directly owned 1,766 shares in the company, valued at $237,403.38. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Assi Ginzburg sold 17,776 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $134.75, for a total value of $2,395,316.00. Following the transaction, the chief financial officer owned 1,970 shares of the company's stock, valued at approximately $265,457.50. This trade represents a 90.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 30,721 shares of company stock valued at $4,105,657. 0.56% of the stock is owned by corporate insiders.

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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