UniSuper Management Pty Ltd Cuts Stake in Ormat Technologies, Inc. $ORA

Key Points

• UniSuper Management Pty Ltd reduced its stake in Ormat Technologies by 53.1% in Q1, now holding 65,786 shares valued at approximately $4.66 million.
• Ormat Technologies reported a 9.9% year-over-year revenue increase at $234.02 million, with earnings per share of $0.48 which surpassed estimates.
• The company announced a quarterly dividend of $0.12 per share, offering a 0.5% dividend yield with a payout ratio of 22.33%.

UniSuper Management Pty Ltd reduced its stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 53.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 65,786 shares of the energy company's stock after selling 74,480 shares during the quarter. UniSuper Management Pty Ltd owned approximately 0.11% of Ormat Technologies worth $4,656,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Stuart Chaussee & Associates Inc. purchased a new position in Ormat Technologies during the 4th quarter valued at $34,000. UMB Bank n.a. boosted its holdings in shares of Ormat Technologies by 42.6% during the 1st quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock valued at $62,000 after buying an additional 263 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Ormat Technologies by 60.6% during the 1st quarter. Signaturefd LLC now owns 890 shares of the energy company's stock valued at $63,000 after buying an additional 336 shares in the last quarter. CWM LLC boosted its holdings in shares of Ormat Technologies by 294.2% during the 1st quarter. CWM LLC now owns 887 shares of the energy company's stock valued at $63,000 after buying an additional 662 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Ormat Technologies by 30.7% during the 1st quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company's stock valued at $76,000 after buying an additional 252 shares in the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Stock Performance

Shares of NYSE ORA traded down $0.48 during trading on Friday, reaching $91.44. 250,438 shares of the company traded hands, compared to its average volume of 512,544. The firm has a 50 day simple moving average of $89.63 and a 200-day simple moving average of $79.33. Ormat Technologies, Inc. has a 52-week low of $61.58 and a 52-week high of $95.36. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $5.55 billion, a PE ratio of 42.53, a P/E/G ratio of 4.23 and a beta of 0.69.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued 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 net margin of 14.49% and a return on equity of 5.47%. The firm had revenue of $234.02 million for the quarter, compared to analysts' expectations of $225.26 million. During the same quarter in the prior year, the business earned $0.37 EPS. The business's quarterly revenue was up 9.9% on a year-over-year basis. Equities research analysts anticipate that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

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

Insider Activity at Ormat Technologies

In other Ormat Technologies news, Director Stanley Stern sold 876 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $91.98, for a total transaction of $80,574.48. Following the sale, the director owned 5,261 shares in the company, valued at approximately $483,906.78. This trade represents a 14.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Byron G. Wong sold 535 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $91.39, for a total transaction of $48,893.65. Following the sale, the director owned 8,659 shares in the company, valued at approximately $791,346.01. The trade was a 5.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,976 shares of company stock worth $1,105,067 in the last 90 days. Insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Piper Sandler boosted their target price on shares of Ormat Technologies from $78.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, August 19th. Cowen restated a "hold" rating on shares of Ormat Technologies in a report on Friday, August 8th. TD Cowen boosted their target price on shares of Ormat Technologies from $76.00 to $85.00 and gave the company a "hold" rating in a report on Friday, August 8th. Baird R W upgraded shares of Ormat Technologies from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 30th. Finally, Oppenheimer restated an "outperform" rating and set a $100.00 target price on shares of Ormat Technologies in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $93.30.

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.