QRG Capital Management Inc. Makes New Investment in Ormat Technologies, Inc. (NYSE:ORA)

QRG Capital Management Inc. acquired a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,382 shares of the energy company's stock, valued at approximately $239,000.

A number of other hedge funds have also bought and sold shares of the company. Bailard Inc. grew its position in shares of Ormat Technologies by 0.9% in the 4th quarter. Bailard Inc. now owns 19,446 shares of the energy company's stock worth $1,317,000 after acquiring an additional 169 shares in the last quarter. Securian Asset Management Inc. raised its holdings in shares of Ormat Technologies by 5.1% during the fourth quarter. Securian Asset Management Inc. now owns 4,354 shares of the energy company's stock worth $295,000 after purchasing an additional 212 shares during the period. UMB Bank n.a. lifted its position in shares of 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. Victory Capital Management Inc. boosted its holdings in shares of Ormat Technologies by 1.8% in the 4th quarter. Victory Capital Management Inc. now owns 18,896 shares of the energy company's stock valued at $1,280,000 after buying an additional 336 shares during the period. Finally, Harrington Investments INC grew its position in shares of Ormat Technologies by 4.6% during the 4th quarter. Harrington Investments INC now owns 8,188 shares of the energy company's stock valued at $554,000 after buying an additional 358 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Wall Street Zen raised Ormat Technologies from a "sell" rating to a "hold" rating in a report on Monday, April 7th. Robert W. Baird assumed coverage on shares of Ormat Technologies in a research report on Thursday, March 13th. They set a "neutral" rating and a $81.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on shares of Ormat Technologies from $71.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, February 28th. Baird R W raised shares of Ormat Technologies to a "hold" rating in a research note on Thursday, March 13th. Finally, Jefferies Financial Group raised their price target on shares of Ormat Technologies from $78.00 to $86.00 and gave the company a "buy" rating in a research note on Tuesday, March 25th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Ormat Technologies has an average rating of "Hold" and a consensus target price of $84.14.

Insider Buying and Selling

In other news, Director Dafna Sharir sold 1,601 shares of the firm's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $85.63, for a total transaction of $137,093.63. Following the completion of the sale, the director now directly owns 3,238 shares of the company's stock, valued at $277,269.94. This trade represents a 33.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stanley Stern sold 547 shares of Ormat Technologies 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 completion of the transaction, the director now directly owns 6,137 shares in the company, valued at approximately $524,958.98. This trade represents a 8.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,869 shares of company stock valued at $384,785 over the last three months. Company insiders own 0.56% of the company's stock.

Ormat Technologies Price Performance

Ormat Technologies stock traded down $1.08 during trading hours on Friday, hitting $84.32. 1,156,421 shares of the company traded hands, compared to its average volume of 509,225. Ormat Technologies, Inc. has a 1-year low of $61.58 and a 1-year high of $87.20. The firm has a market cap of $5.11 billion, a P/E ratio of 40.93, a P/E/G ratio of 4.08 and a beta of 0.60. The firm's 50-day simple moving average is $75.75 and its two-hundred day simple moving average is $71.02. The company has a quick ratio of 0.90, a current ratio of 0.97 and a debt-to-equity ratio of 0.77.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The energy company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.10. Ormat Technologies had a net margin of 14.18% and a return on equity of 5.35%. The business had revenue of $229.76 million during the quarter, compared to analysts' expectations of $228.33 million. During the same period last year, the firm posted $0.64 earnings per share. The business's revenue was up 2.5% on a year-over-year basis. As a group, analysts forecast that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 4th. Investors of record on Wednesday, May 21st were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, May 21st. This represents a $0.48 annualized dividend and a yield of 0.57%. Ormat Technologies's dividend payout ratio is currently 23.30%.

Ormat Technologies 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.