New Age Alpha Advisors LLC Sells 23,235 Shares of Ormat Technologies, Inc. $ORA

Key Points

• New Age Alpha Advisors sharply cut its Ormat Technologies stake by 88.7% in the fourth quarter, selling 23,235 shares and leaving it with 2,962 shares worth about $327,000.
• Ormat reported better-than-expected first-quarter results, posting EPS of $1.30 versus $0.92 expected and revenue of $403.91 million, up 75.8% year over year.
• The company also announced a quarterly dividend of $0.12 per share, while analysts currently view the stock as a Moderate Buy with an average price target of $133.18.

New Age Alpha Advisors LLC lowered its position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 88.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,962 shares of the energy company's stock after selling 23,235 shares during the quarter. New Age Alpha Advisors LLC's holdings in Ormat Technologies were worth $327,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Signaturefd LLC grew its stake in Ormat Technologies by 13.0% in the fourth quarter. Signaturefd LLC now owns 746 shares of the energy company's stock worth $82,000 after purchasing an additional 86 shares in the last quarter. Jones Financial Companies Lllp grew its stake in Ormat Technologies by 43.8% in the third quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company's stock worth $35,000 after purchasing an additional 113 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Ormat Technologies by 7.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,167 shares of the energy company's stock worth $239,000 after purchasing an additional 144 shares in the last quarter. CWM LLC grew its stake in Ormat Technologies by 14.2% in the fourth quarter. CWM LLC now owns 1,254 shares of the energy company's stock worth $139,000 after purchasing an additional 156 shares in the last quarter. Finally, Crossmark Global Holdings Inc. grew its stake in Ormat Technologies by 4.3% in the third quarter. Crossmark Global Holdings Inc. now owns 3,803 shares of the energy company's stock worth $366,000 after purchasing an additional 158 shares in the last quarter. Institutional investors own 95.49% of the company's stock.

Insider Activity

In other news, Director Stanley Stern sold 577 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $130.17, for a total transaction of $75,108.09. Following the completion of the sale, the director owned 6,050 shares in the company, valued at approximately $787,528.50. This represents a 8.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David Granot sold 1,766 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total value of $237,403.38. Following the sale, the director owned 1,766 shares of the company's stock, valued at approximately $237,403.38. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 33,699 shares of company stock worth $4,410,013. Company insiders own 0.56% of the company's stock.

Ormat Technologies Stock Down 1.4%

Shares of NYSE ORA opened at $137.74 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $8.46 billion, a PE ratio of 66.87, a price-to-earnings-growth ratio of 5.95 and a beta of 0.80. The stock's fifty day simple moving average is $118.21 and its two-hundred day simple moving average is $116.00. Ormat Technologies, Inc. has a 12-month low of $73.05 and a 12-month high of $141.62.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.38. The business had revenue of $403.91 million for the quarter, compared to analysts' expectations of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business's revenue for the quarter was up 75.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.68 EPS. As a group, analysts expect that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Wednesday, May 20th. Ormat Technologies's dividend payout ratio is currently 23.30%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ORA. Oppenheimer reissued an "outperform" rating and issued a $144.00 price objective on shares of Ormat Technologies in a research note on Friday, May 8th. Robert W. Baird dropped their target price on Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating on the stock in a research report on Friday, February 27th. JPMorgan Chase & Co. increased their target price on Ormat Technologies from $106.00 to $123.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Citigroup increased their target price on Ormat Technologies from $110.00 to $128.00 and gave the company a "neutral" rating in a research report on Wednesday, February 18th. Finally, Piper Sandler increased their target price on Ormat Technologies from $125.00 to $142.00 and gave the company an "overweight" rating in a research report on Monday, May 18th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $133.18.

About Ormat Technologies

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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