Fifth Third Bancorp Acquires 14,795 Shares of Ormat Technologies, Inc. $ORA

Fifth Third Bancorp boosted its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 2,680.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,347 shares of the energy company’s stock after purchasing an additional 14,795 shares during the quarter. Fifth Third Bancorp’s holdings in Ormat Technologies were worth $1,718,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of ORA. Aster Capital Management DIFC Ltd bought a new position in shares of Ormat Technologies during the fourth quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Ormat Technologies in the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC boosted its stake in shares of Ormat Technologies by 245.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after buying an additional 211 shares during the period. Wolff Wiese Magana LLC acquired a new stake in Ormat Technologies during the fourth quarter worth approximately $33,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Ormat Technologies during the fourth quarter worth approximately $32,000. Institutional investors own 95.49% of the company’s stock.

Insider Transactions at Ormat Technologies

In related news, Director Byron G. Wong sold 4,500 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $134.32, for a total value of $604,440.00. Following the completion of the transaction, the director owned 5,925 shares of the company’s stock, valued at $795,846. This represents a 43.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David Granot sold 1,766 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total transaction of $237,403.38. Following the completion of the transaction, the director directly owned 1,766 shares of the company’s stock, valued at approximately $237,403.38. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 30,585 shares of company stock valued at $4,090,998. 0.50% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on ORA shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a report on Friday, July 17th. Roth Capital reissued a “buy” rating and set a $135.00 target price on shares of Ormat Technologies in a report on Monday, May 11th. UBS Group raised their price target on Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Piper Sandler boosted their price target on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Finally, JPMorgan Chase & Co. boosted their price target on Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $131.75.

Ormat Technologies Trading Down 1.4%

Shares of ORA opened at $103.61 on Thursday. Ormat Technologies, Inc. has a 52-week low of $84.13 and a 52-week high of $146.39. The business’s fifty day moving average is $124.62 and its 200-day moving average is $118.89. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. The firm has a market cap of $6.37 billion, a price-to-earnings ratio of 50.30, a PEG ratio of 4.48 and a beta of 0.88.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.38. The business had revenue of $403.91 million during the quarter, compared to the consensus estimate 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 in the prior year, the company earned $0.68 EPS. Equities analysts anticipate that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

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

About Ormat Technologies

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.