Dimensional Fund Advisors LP Raises Stock Holdings in Ormat Technologies, Inc. $ORA

Key Points

• Dimensional Fund Advisors LP increased its stake in Ormat Technologies by 19.1% in the first quarter, owning approximately 1,890,235 shares valued at $133.77 million.
• Institutional investors own a significant 95.49% of Ormat's stock, with multiple funds increasing their holdings during the same period.
• Ormat Technologies reported a quarterly EPS of $0.48 exceeding the consensus estimate of $0.37, alongside a 9.9% year-over-year increase in revenue.

Dimensional Fund Advisors LP increased its position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 19.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,890,235 shares of the energy company's stock after buying an additional 303,756 shares during the quarter. Dimensional Fund Advisors LP owned 3.12% of Ormat Technologies worth $133,770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Louisiana State Employees Retirement System lifted its position in Ormat Technologies by 1.3% in the 1st quarter. Louisiana State Employees Retirement System now owns 16,100 shares of the energy company's stock worth $1,139,000 after buying an additional 200 shares during the last quarter. Mackenzie Financial Corp lifted its position in Ormat Technologies by 6.3% in the 1st quarter. Mackenzie Financial Corp now owns 3,687 shares of the energy company's stock worth $261,000 after buying an additional 220 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Ormat Technologies by 30.7% in the 1st quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company's stock worth $76,000 after buying an additional 252 shares during the last quarter. UMB Bank n.a. lifted its position in Ormat Technologies by 42.6% in the 1st quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock worth $62,000 after buying an additional 263 shares during the last quarter. Finally, Perigon Wealth Management LLC increased its stake in Ormat Technologies by 8.8% in the 1st quarter. Perigon Wealth Management LLC now owns 3,440 shares of the energy company's stock worth $243,000 after purchasing an additional 278 shares during the period. Institutional investors own 95.49% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Piper Sandler lifted their price target on Ormat Technologies from $78.00 to $90.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 19th. JPMorgan Chase & Co. lifted their price target on Ormat Technologies from $75.00 to $85.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Baird R W raised Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 30th. Barclays decreased their price target on Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Finally, Cowen reaffirmed a "hold" rating on shares of Ormat Technologies in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Ormat Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $93.30.

Insider Activity

In other news, Director Stanley Stern sold 547 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $85.54, for a total transaction of $46,790.38. Following the transaction, the director directly owned 6,137 shares of the company's stock, valued at approximately $524,958.98. The trade was a 8.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dafna Sharir sold 1,601 shares of the company's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $85.63, for a total value of $137,093.63. Following the completion of the sale, the director directly owned 3,238 shares in the company, valued at approximately $277,269.94. The trade was a 33.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,995 shares of company stock valued at $1,090,249. 0.56% of the stock is owned by insiders.

Ormat Technologies Trading Up 0.8%

Shares of ORA traded up $0.75 during mid-day trading on Wednesday, hitting $92.33. 562,035 shares of the company's stock traded hands, compared to its average volume of 589,814. 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 1 year low of $61.58 and a 1 year high of $95.36. The firm has a market capitalization of $5.61 billion, a P/E ratio of 42.95, a PEG ratio of 4.26 and a beta of 0.68. The business's 50-day moving average price is $88.28 and its 200-day moving average price is $77.36.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its 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. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The firm had revenue of $234.02 million for the quarter, compared to analysts' expectations of $225.26 million. During the same period in the previous year, the firm earned $0.37 earnings per share. The business's revenue was up 9.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Ormat Technologies, Inc. will post 1.94 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

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

About Ormat Technologies

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.