Global Alpha Capital Management Ltd. Has $189.70 Million Stock Position in Ormat Technologies, Inc. $ORA

Key Points

• Global Alpha Capital Management trimmed its Ormat Technologies stake by 1.6% in Q4, but still holds 1,720,503 shares worth about $189.7 million, making ORA its largest portfolio position.
• Ormat reported strong quarterly results, with EPS of $1.30 beating estimates and revenue of $403.9 million rising 75.8% year over year, while analysts expect full-year EPS of 2.35.
• Institutional and insider activity has been active: several large investors increased or initiated positions, but insiders sold shares recently, including the CFO and a director, while Wall Street maintains a Moderate Buy rating with an average price target of $133.18.

Global Alpha Capital Management Ltd. decreased its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,720,503 shares of the energy company's stock after selling 27,297 shares during the period. Ormat Technologies accounts for 11.6% of Global Alpha Capital Management Ltd.'s portfolio, making the stock its largest position. Global Alpha Capital Management Ltd. owned approximately 2.83% of Ormat Technologies worth $189,701,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank bought a new stake in shares of Ormat Technologies during the fourth quarter valued at approximately $86,545,000. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Ormat Technologies by 155.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company's stock worth $97,935,000 after purchasing an additional 540,000 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in Ormat Technologies by 62.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company's stock worth $89,928,000 after purchasing an additional 413,384 shares during the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Ormat Technologies during the 2nd quarter worth $18,310,000. Finally, AEGON ASSET MANAGEMENT UK Plc boosted its stake in shares of Ormat Technologies by 102.6% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 294,748 shares of the energy company's stock worth $32,549,000 after acquiring an additional 149,271 shares during the last quarter. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Trading Down 1.6%

NYSE:ORA opened at $140.21 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. The firm has a market cap of $8.62 billion, a P/E ratio of 68.06, a P/E/G ratio of 5.97 and a beta of 0.85. The firm has a 50-day simple moving average of $122.04 and a 200-day simple moving average of $117.23. Ormat Technologies, Inc. has a one year low of $76.96 and a one year high of $146.39.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.92 by $0.38. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The business had revenue of $403.91 million for the quarter, compared to analyst estimates of $349.17 million. During the same quarter in the prior year, the business posted $0.68 EPS. Ormat Technologies's revenue for the quarter was up 75.8% compared to the same quarter last year. Equities analysts anticipate that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

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

Insider Activity

In other news, Director Michal Marom sold 3,080 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total value of $403,387.60. Following the completion of the sale, the director directly owned 1,766 shares in the company, valued at $231,293.02. This represents a 63.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Assi Ginzburg sold 17,776 shares of the company's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $134.75, for a total transaction of $2,395,316.00. Following the completion of the transaction, the chief financial officer owned 1,970 shares of the company's stock, valued at $265,457.50. This represents a 90.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,721 shares of company stock valued at $4,105,657 in the last three months. Corporate insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on ORA shares. Jefferies Financial Group downgraded shares of Ormat Technologies from a "buy" rating to a "hold" rating and raised their price objective for the company from $125.00 to $130.00 in a research report on Friday, February 13th. Citigroup lifted their price target on shares of Ormat Technologies from $110.00 to $128.00 and gave the company a "neutral" rating in a report on Wednesday, February 18th. Roth Mkm restated a "buy" rating and issued a $135.00 target price on shares of Ormat Technologies in a report on Monday, May 11th. Robert W. Baird reduced their target price on shares of Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating on the stock in a report on Friday, February 27th. Finally, Royal Bank Of Canada began coverage on shares of Ormat Technologies in a research note on Tuesday, March 3rd. They set an "outperform" rating and a $130.00 price target for the company. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $133.18.

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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