Mirae Asset Global Investments Co. Ltd. Grows Stock Position in Ormat Technologies, Inc. $ORA

Key Points

• Mirae Asset Global Investments increased its stake in Ormat Technologies by 100% in the second quarter, owning a total of 30,000 shares valued at approximately $2.5 million by the end of the reporting period.
• Several large institutional investors, including UMB Bank and Russell Investments Group, also raised their holdings in Ormat Technologies, indicating strong institutional interest with 95.49% of the stock owned by institutional investors.
• Ormat Technologies reported $0.48 earnings per share for the latest quarter, exceeding analyst estimates, and has announced a quarterly dividend of $0.12 per share, reflecting a 0.5% dividend yield.

Mirae Asset Global Investments Co. Ltd. boosted its stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 100.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,000 shares of the energy company's stock after acquiring an additional 15,000 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Ormat Technologies were worth $2,513,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. UMB Bank n.a. grew its stake in shares of Ormat Technologies by 20.3% during the second quarter. UMB Bank n.a. now owns 1,059 shares of the energy company's stock valued at $89,000 after acquiring an additional 179 shares in the last quarter. Louisiana State Employees Retirement System grew 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 acquiring an additional 200 shares in the last quarter. 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 valued at $261,000 after acquiring an additional 220 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Ormat Technologies by 30.7% during the first quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company's stock valued at $76,000 after buying an additional 252 shares in the last quarter. Finally, State of Wyoming raised its stake in Ormat Technologies by 8.0% during the first quarter. State of Wyoming now owns 3,498 shares of the energy company's stock valued at $248,000 after buying an additional 259 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ORA. UBS Group boosted their price objective on Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. TD Cowen upped their price target on shares of Ormat Technologies from $76.00 to $85.00 and gave the company a "hold" rating in a report on Friday, August 8th. Piper Sandler raised Ormat Technologies from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $90.00 to $102.00 in a research note on Wednesday, September 17th. Jefferies Financial Group raised their price objective on Ormat Technologies from $97.00 to $120.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Oppenheimer reissued an "outperform" rating and set a $100.00 price objective on shares of Ormat Technologies in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $97.90.

Ormat Technologies Stock Up 0.6%

ORA stock opened at $104.79 on Wednesday. The company has a market cap of $6.36 billion, a price-to-earnings ratio of 48.74, a PEG ratio of 4.84 and a beta of 0.69. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.77. Ormat Technologies, Inc. has a 12-month low of $61.58 and a 12-month high of $105.42. The company has a 50 day moving average of $92.27 and a two-hundred day moving average of $82.52.

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

Ormat Technologies Announces Dividend

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

Insiders Place Their Bets

In other Ormat Technologies news, Director Stanley Stern sold 400 shares of the company's stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $95.98, for a total value of $38,392.00. Following the sale, the director directly owned 4,861 shares in the company, valued at $466,558.78. This represents a 7.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Doron Blachar sold 14,994 shares of the company's stock in a transaction on Monday, September 29th. The shares were sold at an average price of $94.71, for a total value of $1,420,081.74. Following the completion of the sale, the chief executive officer owned 35,419 shares in the company, valued at $3,354,533.49. This trade represents a 29.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 40,926 shares of company stock valued at $3,861,296 in the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Ormat Technologies 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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