Van Berkom & Associates Inc. Trims Holdings in Ormat Technologies, Inc. $ORA

Key Points

• Van Berkom & Associates cut its Ormat Technologies stake by 16.5% in the first quarter, selling 114,390 shares and leaving it with 578,734 shares worth about $64.8 million.
• Ormat reported a strong quarter, with EPS of $1.30 and revenue of $403.9 million, both beating analyst estimates; revenue also jumped 75.8% year over year.
• Analysts remain moderately bullish on ORA, with eight Buy ratings and an average target price of $131.75, while insiders have sold shares recently and the stock trades below its 52-week high.

Van Berkom & Associates Inc. lessened its stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 16.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 578,734 shares of the energy company's stock after selling 114,390 shares during the period. Ormat Technologies accounts for approximately 2.1% of Van Berkom & Associates Inc.'s portfolio, making the stock its 27th biggest position. Van Berkom & Associates Inc. owned about 0.94% of Ormat Technologies worth $64,772,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of ORA. Dimensional Fund Advisors LP increased its holdings in shares of Ormat Technologies by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,910,292 shares of the energy company's stock worth $211,036,000 after buying an additional 43,749 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Ormat Technologies by 6.8% in the fourth quarter. Geode Capital Management LLC now owns 1,611,360 shares of the energy company's stock valued at $178,033,000 after acquiring an additional 102,864 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its position in Ormat Technologies by 32.7% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company's stock worth $128,469,000 after acquiring an additional 282,583 shares during the period. Canada Pension Plan Investment Board grew its position in Ormat Technologies by 62.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company's stock worth $89,928,000 after acquiring an additional 413,384 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. increased its stake in Ormat Technologies by 155.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company's stock worth $97,935,000 after acquiring an additional 540,000 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Ormat Technologies Price Performance

ORA stock opened at $104.75 on Monday. The business's fifty day moving average price is $126.03 and its 200 day moving average price is $119.03. Ormat Technologies, Inc. has a 12-month low of $84.13 and a 12-month high of $146.39. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $6.44 billion, a PE ratio of 50.85, a P/E/G ratio of 4.49 and a beta of 0.88.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.38. The company had revenue of $403.91 million during the quarter, compared to analysts' expectations of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.Ormat Technologies's revenue for the quarter was up 75.8% on a year-over-year basis. During the same period last year, the business posted $0.68 EPS. On average, sell-side analysts anticipate that Ormat Technologies, Inc. will post 2.33 EPS for the current year.

Ormat Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were issued a $0.12 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. Ormat Technologies's payout ratio is 23.30%.

Insider Activity

In other news, Director Byron G. Wong sold 4,500 shares of the company's stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total transaction of $604,440.00. Following the sale, the director owned 5,925 shares of the company's stock, valued at approximately $795,846. This represents a 43.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stanley Stern sold 250 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total value of $34,605.00. Following the completion of the sale, the director owned 5,800 shares in the company, valued at approximately $802,836. The trade was a 4.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,585 shares of company stock worth $4,090,998 over the last 90 days. Company insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

ORA has been the topic of a number of research analyst reports. Roth Capital restated a "buy" rating and issued a $135.00 target price on shares of Ormat Technologies in a research report on Monday, May 11th. Piper Sandler boosted their price objective on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an "overweight" rating in a report on Monday, May 18th. JPMorgan Chase & Co. upped their target price on shares of Ormat Technologies from $106.00 to $123.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Oppenheimer reaffirmed an "outperform" rating and set a $144.00 target price on shares of Ormat Technologies in a research note on Friday, May 8th. Finally, UBS Group boosted their price target on shares of Ormat Technologies from $143.00 to $152.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $131.75.

Ormat Technologies 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.

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