MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Grows Position in Ormat Technologies, Inc. $ORA

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Ormat Technologies by 7.3% in Q1, holding 59,095 shares valued at approximately $4.18 million.
• Ormat Technologies recently reported a quarterly earnings per share of $0.48, surpassing estimates and indicating a 9.9% revenue increase year-over-year.
• Insiders have been selling shares, with total insider sales over the past 90 days reaching 11,976 shares valued at over $1.1 million, resulting in a decrease of insider ownership to 0.56%.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 7.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 59,095 shares of the energy company's stock after purchasing an additional 4,037 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.10% of Ormat Technologies worth $4,182,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Louisiana State Employees Retirement System boosted its stake in shares of Ormat Technologies by 1.3% during the first quarter. Louisiana State Employees Retirement System now owns 16,100 shares of the energy company's stock valued at $1,139,000 after purchasing an additional 200 shares during the period. Mackenzie Financial Corp raised its holdings in Ormat Technologies by 6.3% in the first quarter. Mackenzie Financial Corp now owns 3,687 shares of the energy company's stock worth $261,000 after purchasing an additional 220 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Ormat Technologies by 30.7% in the first quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company's stock worth $76,000 after purchasing an additional 252 shares in the last quarter. State of Wyoming raised its holdings in Ormat Technologies by 8.0% in the first quarter. State of Wyoming now owns 3,498 shares of the energy company's stock worth $248,000 after purchasing an additional 259 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in Ormat Technologies by 42.6% in the first quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock worth $62,000 after purchasing an additional 263 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company's stock.

Insiders Place Their Bets

In other Ormat Technologies news, Director Dafna Sharir sold 1,601 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $85.63, for a total value of $137,093.63. Following the sale, the director owned 3,238 shares in the company, valued at $277,269.94. This trade represents a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jessica Woelfel sold 692 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $94.57, for a total value of $65,442.44. Following the completion of the sale, the insider owned 5,234 shares in the company, valued at approximately $494,979.38. The trade was a 11.68% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,976 shares of company stock valued at $1,105,067. Insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

ORA has been the subject of several analyst reports. TD Cowen raised their price target on Ormat Technologies from $76.00 to $85.00 and gave the company a "hold" rating in a report on Friday, August 8th. Robert W. Baird upgraded Ormat Technologies from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $87.00 to $103.00 in a report on Wednesday, July 30th. Cowen reiterated a "hold" rating on shares of Ormat Technologies in a report on Friday, August 8th. Baird R W upgraded Ormat Technologies from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 30th. Finally, Oppenheimer restated an "outperform" rating and set a $100.00 price target on shares of Ormat Technologies in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $93.30.

Ormat Technologies Stock Up 1.0%

Shares of ORA opened at $91.96 on Friday. The stock has a market capitalization of $5.58 billion, a price-to-earnings ratio of 42.77, a price-to-earnings-growth ratio of 4.23 and a beta of 0.69. Ormat Technologies, Inc. has a 1 year low of $61.58 and a 1 year high of $95.36. The business's 50 day simple moving average is $89.63 and its 200-day simple moving average is $79.33. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.11. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The company had revenue of $234.02 million for the quarter, compared to analyst estimates of $225.26 million. During the same quarter in the prior year, the firm posted $0.37 EPS. Ormat Technologies's quarterly revenue was up 9.9% compared to the same quarter last year. As a group, equities analysts expect that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Wednesday, August 20th. Ormat Technologies's payout ratio is 22.33%.

Ormat Technologies Company 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.

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