Mirae Asset Global Investments Co. Ltd. Acquires 51,830 Shares of Ormat Technologies, Inc. $ORA

Key Points

• Mirae Asset Global Investments raised its stake in Ormat by 259.2%, buying 51,830 shares to hold 71,830 shares (about 0.12% of the company) valued at roughly $7.94 million.
• Institutional ownership is very high at 95.49%, with other major funds (Dimensional, Canada Pension Plan, Northern Trust, Legal & General, Schroder) also increasing positions, signaling strong institutional interest.
• Analysts are broadly positive—eight Buys and four Holds give a “Moderate Buy” consensus with a $128.64 target—and Ormat recently beat revenue (up 19.6% year-over-year), reported EPS in line with estimates, and declared a $0.12 quarterly dividend (0.4% yield).

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 259.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 71,830 shares of the energy company's stock after acquiring an additional 51,830 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.12% of Ormat Technologies worth $7,935,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its stake in shares of Ormat Technologies by 1.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,866,543 shares of the energy company's stock worth $179,651,000 after purchasing an additional 22,748 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Ormat Technologies by 62.6% during the 2nd 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 in the last quarter. Northern Trust Corp raised its stake in shares of Ormat Technologies by 1.9% during the 3rd quarter. Northern Trust Corp now owns 751,132 shares of the energy company's stock worth $72,296,000 after purchasing an additional 14,069 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Ormat Technologies by 2.7% during the 3rd quarter. Legal & General Group Plc now owns 605,478 shares of the energy company's stock worth $58,277,000 after purchasing an additional 15,833 shares in the last quarter. Finally, Schroder Investment Management Group raised its stake in shares of Ormat Technologies by 6.7% during the 3rd quarter. Schroder Investment Management Group now owns 412,406 shares of the energy company's stock worth $39,410,000 after purchasing an additional 25,949 shares in the last quarter. Institutional investors own 95.49% of the company's stock.

Wall Street Analysts Forecast Growth

ORA has been the topic of a number of analyst reports. Royal Bank Of Canada started coverage on Ormat Technologies in a research note on Tuesday, March 3rd. They set an "outperform" rating and a $130.00 price objective on the stock. Oppenheimer upped their target price on shares of Ormat Technologies from $125.00 to $136.00 and gave the company an "outperform" rating in a report on Tuesday, January 27th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ormat Technologies in a report on Thursday, January 22nd. Citigroup upped their target price 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. Finally, JPMorgan Chase & Co. dropped their target price on shares of Ormat Technologies from $108.00 to $106.00 and set a "neutral" rating on the stock in a report on Thursday, April 16th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $128.64.

Insiders Place Their Bets

In related news, insider Jessica Woelfel sold 2,359 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $105.16, for a total value of $248,072.44. Following the sale, the insider owned 3,433 shares in the company, valued at approximately $361,014.28. This represents a 40.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 3,364 shares of company stock valued at $353,621. 0.56% of the stock is currently owned by corporate insiders.

Ormat Technologies Stock Down 1.0%

ORA opened at $111.92 on Tuesday. Ormat Technologies, Inc. has a 1-year low of $70.02 and a 1-year high of $132.58. The stock's fifty day simple moving average is $112.60 and its 200 day simple moving average is $112.93. The company has a current ratio of 0.81, a quick ratio of 0.75 and a debt-to-equity ratio of 0.79. The stock has a market cap of $6.81 billion, a PE ratio of 55.68, a price-to-earnings-growth ratio of 4.95 and a beta of 0.80.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The energy company reported $0.67 earnings per share for the quarter, meeting analysts' consensus estimates of $0.67. Ormat Technologies had a return on equity of 5.21% and a net margin of 12.52%.The business had revenue of $276.04 million for the quarter, compared to analysts' expectations of $257.75 million. During the same quarter in the prior year, the business earned $0.67 EPS. The firm's revenue for the quarter was up 19.6% on a year-over-year basis. As a group, research analysts expect that Ormat Technologies, Inc. will post 2.28 earnings per share for the current year.

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Tuesday, March 10th. Ormat Technologies's dividend payout ratio is 23.88%.

Ormat Technologies Company 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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