Handelsbanken Fonder AB Has $57.06 Million Holdings in Ormat Technologies, Inc. $ORA

Key Points

• Handelsbanken Fonder AB increased its stake in Ormat Technologies by 34.3% in the fourth quarter, ending with 516,500 shares valued at about $57.1 million.
• Analysts remain generally bullish on ORA, with multiple firms raising or reaffirming positive ratings and a consensus target price of $133.18; the stock currently carries a Moderate Buy rating.
• Ormat reported strong quarterly results, with EPS of $1.30 and revenue of $403.91 million, both above estimates, while also announcing a quarterly dividend of $0.12 per share.

Handelsbanken Fonder AB raised its position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 34.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 516,500 shares of the energy company's stock after acquiring an additional 131,883 shares during the period. Handelsbanken Fonder AB owned approximately 0.85% of Ormat Technologies worth $57,058,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its holdings in Ormat Technologies by 1.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,866,543 shares of the energy company's stock valued at $179,651,000 after acquiring an additional 22,748 shares during the period. Canada Pension Plan Investment Board lifted its holdings in shares of Ormat Technologies by 62.6% during 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 buying an additional 413,384 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of Ormat Technologies by 155.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company's stock worth $97,935,000 after buying an additional 540,000 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Ormat Technologies by 1.9% during the third quarter. Northern Trust Corp now owns 751,132 shares of the energy company's stock worth $72,296,000 after buying an additional 14,069 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Ormat Technologies by 2.7% during the third quarter. Legal & General Group Plc now owns 605,478 shares of the energy company's stock worth $58,277,000 after buying an additional 15,833 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. UBS Group upped their price target on Ormat Technologies from $143.00 to $152.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Robert W. Baird cut their price target on Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating for the company in a report on Friday, February 27th. Oppenheimer reiterated an "outperform" rating and set a $144.00 price target on shares of Ormat Technologies in a report on Friday, May 8th. Roth Mkm reaffirmed a "buy" rating and set a $135.00 price objective on shares of Ormat Technologies in a research report on Monday, May 11th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ormat Technologies in a research report on Tuesday, April 21st. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $133.18.

Insiders Place Their Bets

In related news, Director Dafna Sharir sold 883 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $122.44, for a total value of $108,114.52. Following the sale, the director owned 3,140 shares of the company's stock, valued at $384,461.60. The trade was a 21.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jessica Woelfel sold 2,359 shares of the company's stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $105.16, for a total transaction of $248,072.44. Following the completion of the sale, the insider directly owned 3,433 shares in the company, valued at approximately $361,014.28. The trade was a 40.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 27,100 shares of company stock valued at $3,536,599 over the last 90 days. Company insiders own 0.56% of the company's stock.

Ormat Technologies Stock Down 1.8%

Shares of ORA opened at $129.20 on Tuesday. The company has a 50-day simple moving average of $114.15 and a 200-day simple moving average of $114.59. The firm has a market capitalization of $7.94 billion, a P/E ratio of 62.72, a P/E/G ratio of 5.63 and a beta of 0.80. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. Ormat Technologies, Inc. has a 52 week low of $70.42 and a 52 week high of $138.51.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.38. The business had revenue of $403.91 million during the quarter, compared to analyst estimates of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The firm's revenue for the quarter was up 75.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.68 earnings per share. On average, equities research analysts expect that Ormat Technologies, Inc. will post 2.33 earnings per share for the current year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. Ormat Technologies's payout ratio is presently 23.30%.

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.

Want to see what other hedge funds are holding ORA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ormat Technologies, Inc. (NYSE:ORA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.