Quantbot Technologies LP Invests $4.12 Million in Ormat Technologies, Inc. $ORA

Key Points

• Quantbot Technologies LP acquired a new stake in Ormat Technologies by purchasing 58,165 shares valued at approximately $4.1 million, representing about 0.10% of the company.
• A significant increase in institutional ownership is noted, with 95.49% of the stock now owned by institutional investors and hedge funds, including notable increases by firms like Dimensional Fund Advisors and Harel Insurance.
• Ormat Technologies announced a quarterly dividend of $0.12 per share set to be paid on September 3rd, with a payout ratio of 22.33% and an annualized yield of 0.5%.

Quantbot Technologies LP acquired a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 58,165 shares of the energy company's stock, valued at approximately $4,116,000. Quantbot Technologies LP owned approximately 0.10% of Ormat Technologies as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ORA. Stuart Chaussee & Associates Inc. bought a new stake in shares of Ormat Technologies during the fourth quarter valued at about $34,000. UMB Bank n.a. raised its position in Ormat Technologies by 42.6% in the first quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock worth $62,000 after acquiring an additional 263 shares in the last quarter. Signaturefd LLC raised its position in Ormat Technologies by 60.6% in the first quarter. Signaturefd LLC now owns 890 shares of the energy company's stock worth $63,000 after acquiring an additional 336 shares in the last quarter. CWM LLC raised its position in Ormat Technologies by 294.2% in the first quarter. CWM LLC now owns 887 shares of the energy company's stock worth $63,000 after acquiring an additional 662 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Ormat Technologies by 30.7% in the first quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company's stock worth $76,000 after acquiring an additional 252 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on ORA. Piper Sandler boosted their price target on shares of Ormat Technologies from $78.00 to $90.00 and gave the stock a "neutral" rating in a research report on Tuesday. Baird R W upgraded shares of Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 30th. Barclays dropped their price target on shares of Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. UBS Group boosted their price target 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. Finally, JPMorgan Chase & Co. boosted their price target on shares of Ormat Technologies from $75.00 to $85.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Ormat Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $93.30.

Ormat Technologies Trading Up 2.5%

NYSE ORA traded up $2.2990 on Friday, hitting $94.8990. 584,692 shares of the company were exchanged, compared to its average volume of 547,319. The company's 50 day moving average price is $87.65 and its 200-day moving average price is $76.78. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64. The firm has a market capitalization of $5.76 billion, a P/E ratio of 44.14, a price-to-earnings-growth 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 $95.37.

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

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th will be paid a $0.12 dividend. 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 presently 22.33%.

Insider Transactions at Ormat Technologies

In related news, Director Michal Marom sold 895 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $73.47, for a total value of $65,755.65. Following the completion of the sale, the director owned 3,080 shares of the company's stock, valued at approximately $226,287.60. The trade was a 22.52% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Dafna Sharir sold 1,601 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were 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 of the company's stock, valued at approximately $277,269.94. The trade was a 33.09% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,038 shares of company stock worth $337,192. 0.56% of the stock is owned by corporate insiders.

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.