Global Alpha Capital Management Ltd. Has $158.39 Million Position in Ormat Technologies, Inc. (NYSE:ORA)

Key Points

• Global Alpha Capital Management Ltd. remains the largest institutional investor in Ormat Technologies, holding approximately 11.5% of the company's stock after a slight decrease in shares during the first quarter.
• Ormat Technologies reported a strong quarterly performance, earning $0.46 per share, which surpassed analyst expectations of $0.37, alongside a year-over-year revenue increase of 9.9%.
• The company announced a quarterly dividend of $0.12 per share, reflecting an annual yield of 0.6%, with a modest dividend payout ratio of 23.30%.

Global Alpha Capital Management Ltd. trimmed its stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 0.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,250,597 shares of the energy company's stock after selling 17,471 shares during the quarter. Ormat Technologies comprises approximately 11.5% of Global Alpha Capital Management Ltd.'s investment portfolio, making the stock its biggest position. Global Alpha Capital Management Ltd. owned about 3.71% of Ormat Technologies worth $158,393,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas bought a new stake in Ormat Technologies during the first quarter worth about $593,000. Empower Advisory Group LLC lifted its holdings in shares of Ormat Technologies by 6.5% in the first quarter. Empower Advisory Group LLC now owns 215,327 shares of the energy company's stock worth $15,239,000 after acquiring an additional 13,061 shares during the last quarter. Bayforest Capital Ltd increased its stake in shares of Ormat Technologies by 2,293.3% in the first quarter. Bayforest Capital Ltd now owns 6,773 shares of the energy company's stock valued at $479,000 after buying an additional 6,490 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Ormat Technologies by 273,109.4% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company's stock worth $67,673,000 after purchasing an additional 955,883 shares during the period. Finally, Franklin Resources Inc. acquired a new position in Ormat Technologies during the 4th quarter worth about $526,000. 95.49% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. UBS Group raised their price objective on shares of Ormat Technologies from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Roth Capital restated a "buy" rating and set a $98.00 price objective (up from $88.00) on shares of Ormat Technologies in a research note on Tuesday, August 5th. Barclays dropped their price objective on Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating on the stock in a research note on Friday. JPMorgan Chase & Co. lifted their target price on Ormat Technologies from $75.00 to $85.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Finally, Cowen reiterated a "hold" rating on shares of Ormat Technologies in a research note on Friday. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $92.10.

Insider Buying and Selling

In other Ormat Technologies news, Director Michal Marom sold 895 shares of Ormat Technologies 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 $226,287.60. The trade was a 22.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dafna Sharir sold 1,601 shares of Ormat Technologies stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $85.63, for a total value of $137,093.63. Following the transaction, the director directly owned 3,238 shares of the company's stock, valued at $277,269.94. The trade was a 33.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,379 shares of company stock worth $353,998 over the last quarter. 0.56% of the stock is owned by corporate insiders.

Ormat Technologies Stock Performance

ORA traded up $1.22 during trading hours on Tuesday, hitting $88.77. The stock had a trading volume of 453,733 shares, compared to its average volume of 510,311. The company's fifty day simple moving average is $85.17 and its 200 day simple moving average is $75.21. Ormat Technologies, Inc. has a 1 year low of $61.58 and a 1 year high of $91.81. The stock has a market cap of $5.39 billion, a PE ratio of 41.29, a price-to-earnings-growth ratio of 4.16 and a beta of 0.68. 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 (NYSE:ORA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The energy company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.11. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%. The company had revenue of $234.02 million during the quarter, compared to analyst estimates of $225.26 million. During the same quarter last year, the firm posted $0.37 EPS. The firm's revenue for the quarter was up 9.9% on a year-over-year basis. Equities analysts anticipate that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

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

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.