Ormat Technologies, Inc. $ORA Shares Purchased by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC increased its stake in Ormat Technologies by 19.2% in Q1, acquiring an additional 15,532 shares for a total of 96,604 shares valued at approximately $6.84 million.
• In total, 95.49% of Ormat's stock is owned by institutional investors, indicating strong institutional backing for the company.
• Ormat Technologies reported a quarterly EPS of $0.48, exceeding analysts' expectations and demonstrating a 9.9% revenue growth year-over-year for the same period.

Voya Investment Management LLC lifted its stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 19.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 96,604 shares of the energy company's stock after acquiring an additional 15,532 shares during the quarter. Voya Investment Management LLC owned approximately 0.16% of Ormat Technologies worth $6,837,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. UMB Bank n.a. grew its stake 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 acquiring an additional 263 shares during the period. Signaturefd LLC grew its stake 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 acquiring an additional 336 shares during the period. CWM LLC grew its stake 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 acquiring an additional 662 shares during the period. Russell Investments Group Ltd. boosted its stake in Ormat Technologies by 30.7% in the 1st quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company's stock worth $76,000 after purchasing an additional 252 shares during the period. Finally, Gitterman Wealth Management LLC bought a new position in Ormat Technologies in the 1st quarter worth approximately $202,000. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Stock Down 1.6%

Shares of Ormat Technologies stock traded down $1.52 during trading on Friday, hitting $92.48. 1,097,554 shares of the stock traded hands, compared to its average volume of 497,752. The firm has a market cap of $5.62 billion, a P/E ratio of 43.01, a price-to-earnings-growth ratio of 4.30 and a beta of 0.69. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.77. Ormat Technologies, Inc. has a 52-week low of $61.58 and a 52-week high of $95.36. The stock's fifty day simple moving average is $90.18 and its 200 day simple moving average is $80.44.

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

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders 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 annualized dividend and a dividend yield of 0.5%. Ormat Technologies's dividend payout ratio (DPR) is currently 22.33%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ORA shares. Baird R W upgraded Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 30th. TD Cowen increased their target price on Ormat Technologies from $76.00 to $85.00 and gave the company a "hold" rating in a research report on Friday, August 8th. UBS Group increased their target price on Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Piper Sandler upgraded Ormat Technologies from a "neutral" rating to an "overweight" rating and increased their target price for the company from $90.00 to $102.00 in a research report on Wednesday. Finally, Oppenheimer reiterated an "outperform" rating and set a $100.00 target price on shares of Ormat Technologies in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Ormat Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $94.50.

Insider Transactions at Ormat Technologies

In related news, CFO Assi Ginzburg sold 7,066 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $94.71, for a total transaction of $669,220.86. Following the sale, the chief financial officer owned 33,825 shares of the company's stock, valued at $3,203,565.75. This trade represents a 17.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Stanley Stern sold 876 shares of the firm's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $91.98, for a total value of $80,574.48. Following the sale, the director directly owned 5,261 shares in the company, valued at approximately $483,906.78. The trade was a 14.27% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,828 shares of company stock worth $921,183. Corporate insiders own 0.56% of the company's stock.

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.