Ormat Technologies, Inc. $ORA Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management sold 9,221 shares in the fourth quarter — a 23.7% reduction — leaving it with 29,618 ORA shares worth about $3.27 million, and institutional investors now own roughly 95.49% of the stock.
• Wall Street sentiment is largely positive: the stock has a consensus rating of “Moderate Buy” with a consensus price target of $129.09 after several recent target increases and multiple analyst “Buy/Outperform” actions.
• Ormat’s most recent quarter showed revenue of $276.0M (up 19.6% YoY) beating estimates while EPS of $0.67 met expectations; the company trades at a market cap of $6.82B, a P/E of 55.7, and pays a quarterly dividend of $0.12 (≈0.4% yield).

Assenagon Asset Management S.A. lowered its holdings in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 23.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,618 shares of the energy company's stock after selling 9,221 shares during the period. Assenagon Asset Management S.A.'s holdings in Ormat Technologies were worth $3,272,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ORA. Dimensional Fund Advisors LP raised its position in shares of Ormat Technologies by 1.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,866,543 shares of the energy company's stock worth $179,651,000 after purchasing an additional 22,748 shares during the period. Canada Pension Plan Investment Board boosted its position in Ormat Technologies by 62.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company's stock valued at $89,928,000 after purchasing an additional 413,384 shares during the period. Northern Trust Corp grew its stake in Ormat Technologies by 1.9% during the 3rd quarter. Northern Trust Corp now owns 751,132 shares of the energy company's stock worth $72,296,000 after buying an additional 14,069 shares during the last quarter. Norges Bank bought a new position in Ormat Technologies during the 2nd quarter worth $56,458,000. Finally, Legal & General Group Plc increased its position in Ormat Technologies by 2.7% in the third quarter. Legal & General Group Plc now owns 605,478 shares of the energy company's stock worth $58,277,000 after buying an additional 15,833 shares during the period. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ORA has been the topic of a number of recent research reports. Piper Sandler raised their target price on Ormat Technologies from $102.00 to $125.00 and gave the company an "overweight" rating in a research note on Thursday, December 18th. Citigroup increased their price objective on shares of Ormat Technologies from $110.00 to $128.00 and gave the stock a "neutral" rating in a report on Wednesday, February 18th. Royal Bank Of Canada started coverage on shares of Ormat Technologies in a research report on Tuesday, March 3rd. They issued an "outperform" rating and a $130.00 price objective on the stock. Robert W. Baird reduced their target price on shares of 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, Oppenheimer upped their target price on shares of Ormat Technologies from $125.00 to $136.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 27th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $129.09.

Ormat Technologies Trading Up 0.0%

NYSE:ORA opened at $112.02 on Monday. The stock has a market cap of $6.82 billion, a price-to-earnings ratio of 55.73, a PEG ratio of 4.73 and a beta of 0.84. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.75 and a current ratio of 0.81. Ormat Technologies, Inc. has a 1 year low of $64.39 and a 1 year high of $132.58. The business has a fifty day moving average of $116.20 and a 200-day moving average of $110.82.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings data on Wednesday, February 25th. The energy company reported $0.67 earnings per share for the quarter, meeting analysts' consensus estimates of $0.67. The business had revenue of $276.04 million for the quarter, compared to analysts' expectations of $257.75 million. Ormat Technologies had a net margin of 12.52% and a return on equity of 5.21%. The company's revenue was up 19.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.67 earnings per share. Equities analysts predict that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

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

Insider Buying and Selling at Ormat Technologies

In other news, insider Jessica Woelfel sold 2,359 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $105.16, for a total value of $248,072.44. Following the completion of the transaction, the insider directly owned 3,433 shares in the company, valued at $361,014.28. This trade represents a 40.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 3,364 shares of company stock valued at $353,621. Corporate insiders own 0.56% of the company's stock.

Ormat Technologies Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.