Great Lakes Advisors LLC Purchases New Stake in Ormat Technologies, Inc. $ORA

Key Points

• Great Lakes Advisors acquired 34,678 shares of Ormat Technologies in the second quarter, worth approximately $3.8 million, while institutional investors collectively own 95.49% of the company.
• Ormat reported quarterly EPS of $0.50, beating the $0.26 consensus estimate, while revenue rose 10.6% year over year to $258.76 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $130.83.
• The company declared a quarterly dividend of $0.12 per share, equivalent to an annualized $0.48 payout and a 0.4% yield. Shares opened at $108.32, below both their 50-day and 200-day moving averages.

Great Lakes Advisors LLC acquired a new position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 34,678 shares of the energy company's stock, valued at approximately $3,776,000. Great Lakes Advisors LLC owned approximately 0.06% of Ormat Technologies as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in ORA. Jennison Associates LLC grew its holdings in shares of Ormat Technologies by 51.7% in the fourth quarter. Jennison Associates LLC now owns 90,753 shares of the energy company's stock valued at $10,025,000 after purchasing an additional 30,910 shares during the period. Legato Capital Management LLC acquired a new position in Ormat Technologies in the 4th quarter valued at about $1,319,000. Nicholas Investment Partners LP purchased a new stake in shares of Ormat Technologies in the 4th quarter valued at approximately $4,835,000. Hsbc Holdings PLC grew its stake in shares of Ormat Technologies by 459.1% in the 4th quarter. Hsbc Holdings PLC now owns 46,763 shares of the energy company's stock valued at $5,171,000 after buying an additional 38,399 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc increased its holdings 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 buying an additional 149,271 shares during the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Wall Street Zen lowered shares of Ormat Technologies from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. raised their price target on shares of Ormat Technologies from $106.00 to $123.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Weiss Ratings restated a "hold (c)" rating on shares of Ormat Technologies in a research note on Friday, July 17th. Sanford C. Bernstein reaffirmed an "underperform" rating and set a $112.00 price objective on shares of Ormat Technologies in a research report on Monday, August 10th. Finally, Piper Sandler upped their price objective on Ormat Technologies from $125.00 to $142.00 and gave the stock an "overweight" rating in a research report on Monday, May 18th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Ormat Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $130.83.

Insider Activity at Ormat Technologies

In related news, Director Stanley Stern sold 250 shares of the business's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total transaction of $34,605.00. Following the completion of the transaction, the director owned 5,800 shares in the company, valued at approximately $802,836. The trade was a 4.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.50% of the company's stock.

Ormat Technologies Stock Down 1.8%

Shares of NYSE:ORA opened at $108.32 on Friday. The firm's 50 day moving average price is $111.50 and its 200 day moving average price is $116.74. The stock has a market cap of $6.66 billion, a price-to-earnings ratio of 53.36, a price-to-earnings-growth ratio of 4.46 and a beta of 0.90. Ormat Technologies, Inc. has a fifty-two week low of $89.08 and a fifty-two week high of $146.39. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87.

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

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Wednesday, August 19th. Ormat Technologies's payout ratio is 23.65%.

About Ormat Technologies

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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