M&T Bank Corp Buys Shares of 10,991 Ormat Technologies, Inc. $ORA

Key Points

• M&T Bank bought a new stake of 10,991 shares in Ormat Technologies (NYSE:ORA) in Q4, valued at about $1.214 million.
• Institutional investors own 95.49% of ORA, with big additions from Migdal (added 540,000 shares) and the Canada Pension Plan Investment Board (added 413,384 shares) and several hedge funds initiating sizable positions.
• Analysts have a consensus of "Moderate Buy" with an average price target of $128.64, while Ormat reported Q results of $276.04M revenue (up 19.6% YoY) and EPS of $0.67 that met estimates.

M&T Bank Corp bought a new stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 10,991 shares of the energy company's stock, valued at approximately $1,214,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ORA. Migdal Insurance & Financial Holdings Ltd. grew its stake in Ormat Technologies by 155.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company's stock valued at $97,935,000 after acquiring an additional 540,000 shares during the period. Canada Pension Plan Investment Board grew its stake in Ormat Technologies by 62.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company's stock valued at $89,928,000 after acquiring an additional 413,384 shares during the period. Balyasny Asset Management L.P. acquired a new position in Ormat Technologies in the second quarter valued at about $18,310,000. AEGON ASSET MANAGEMENT UK Plc acquired a new position in Ormat Technologies in the third quarter valued at about $14,005,000. Finally, Scopus Asset Management L.P. acquired a new position in Ormat Technologies in the third quarter valued at about $12,658,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on ORA shares. Oppenheimer boosted their target price on Ormat Technologies from $125.00 to $136.00 and gave the company an "outperform" rating in a research note on Tuesday, January 27th. JPMorgan Chase & Co. decreased their target price on Ormat Technologies from $108.00 to $106.00 and set a "neutral" rating for the company in a research note on Thursday, April 16th. Weiss Ratings reissued a "hold (c)" rating on shares of Ormat Technologies in a research note on Tuesday, April 21st. Robert W. Baird decreased their target price on Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating for the company in a research note on Friday, February 27th. Finally, Roth Mkm set a $139.00 price target on Ormat Technologies in a report on Wednesday, January 28th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Ormat Technologies has an average rating of "Moderate Buy" and an average price target of $128.64.

Ormat Technologies Stock Performance

ORA opened at $110.36 on Thursday. Ormat Technologies, Inc. has a 52-week low of $70.42 and a 52-week high of $132.58. The firm has a market capitalization of $6.78 billion, a PE ratio of 54.90, a PEG ratio of 5.00 and a beta of 0.80. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.75 and a current ratio of 0.81. The business's 50-day simple moving average is $111.23 and its 200 day simple moving average is $113.21.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its earnings results on Wednesday, February 25th. The energy company reported $0.67 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 analyst estimates of $257.75 million. During the same quarter in the prior year, the company posted $0.67 earnings per share. Ormat Technologies's revenue was up 19.6% on a year-over-year basis. As a group, sell-side analysts expect that Ormat Technologies, Inc. will post 2.28 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

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

Insiders Place Their Bets

In other Ormat Technologies news, insider Jessica Woelfel sold 2,359 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $105.16, for a total transaction of $248,072.44. Following the transaction, the insider owned 3,433 shares of the company's stock, valued at $361,014.28. The trade was a 40.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 3,364 shares of company stock worth $353,621 over the last 90 days. 0.56% of the stock is owned by insiders.

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.

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