204,218 Shares in Ormat Technologies, Inc. $ORA Purchased by Nuveen LLC

Key Points

• Nuveen LLC has acquired a significant stake in Ormat Technologies, purchasing 204,218 shares valued at approximately $14.45 million, representing about 0.34% of the company's total shares.
• Analysts have a generally positive outlook for Ormat Technologies, with the average target price set at $93.30 and multiple firms, including Piper Sandler and Roth Capital, revising their price objectives upwards.
• Ormat Technologies recently announced a quarterly dividend of $0.12 per share, equating to an annual yield of 0.5%, with a payout ratio of 22.33%.

Nuveen LLC purchased a new position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 204,218 shares of the energy company's stock, valued at approximately $14,453,000. Nuveen LLC owned about 0.34% of Ormat Technologies at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Invesco Ltd. grew its holdings in shares of Ormat Technologies by 0.7% during the first quarter. Invesco Ltd. now owns 227,360 shares of the energy company's stock valued at $16,090,000 after buying an additional 1,509 shares during the last quarter. Mizuho Markets Americas LLC grew its holdings in shares of Ormat Technologies by 4.5% during the first quarter. Mizuho Markets Americas LLC now owns 158,602 shares of the energy company's stock valued at $11,224,000 after buying an additional 6,800 shares during the last quarter. Swiss National Bank grew its holdings in shares of Ormat Technologies by 4.0% during the first quarter. Swiss National Bank now owns 111,334 shares of the energy company's stock valued at $7,879,000 after buying an additional 4,300 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Ormat Technologies by 0.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 620,772 shares of the energy company's stock valued at $43,932,000 after buying an additional 1,835 shares during the last quarter. Finally, AXS Investments LLC grew its holdings in shares of Ormat Technologies by 12.1% during the first quarter. AXS Investments LLC now owns 18,922 shares of the energy company's stock valued at $1,339,000 after buying an additional 2,036 shares during the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Ormat Technologies news, Director Stanley Stern sold 547 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $85.54, for a total value of $46,790.38. Following the completion of the transaction, the director owned 6,137 shares in the company, valued at approximately $524,958.98. This represents a 8.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michal Marom sold 895 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $73.47, for a total transaction of $65,755.65. Following the completion of the transaction, the director owned 3,080 shares of the company's stock, valued at approximately $226,287.60. This trade represents a 22.52% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,995 shares of company stock valued at $1,090,249. Insiders own 0.56% of the company's stock.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock traded down $1.05 during trading hours on Tuesday, reaching $91.60. The stock had a trading volume of 796,131 shares, compared to its average volume of 570,696. The stock's 50 day moving average is $88.13 and its 200 day moving average is $77.25. The firm has a market capitalization of $5.56 billion, a PE ratio of 42.61, a PEG ratio of 4.31 and a beta of 0.68. Ormat Technologies, Inc. has a twelve month low of $61.58 and a twelve month high of $95.36. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.77.

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

Ormat Technologies Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Roth Capital reissued a "buy" rating and set a $98.00 price objective (up from $88.00) on shares of Ormat Technologies in a report on Tuesday, August 5th. Robert W. Baird raised shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $87.00 to $103.00 in a report on Wednesday, July 30th. Piper Sandler boosted their price objective on shares of Ormat Technologies from $78.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, August 19th. Finally, Oppenheimer reissued an "outperform" rating and set a $100.00 price objective on shares of Ormat Technologies in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $93.30.

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.