Mitsubishi UFJ Asset Management Co. Ltd. Acquires Shares of 7,188 Ormat Technologies, Inc. $ORA

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Ormat Technologies, Inc. (NYSE:ORA) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 7,188 shares of the energy company’s stock, valued at approximately $783,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd purchased a new stake in shares of Ormat Technologies during the fourth quarter valued at approximately $26,000. Main Street Group LTD bought a new position in Ormat Technologies in the 1st quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd bought a new position in Ormat Technologies in the 4th quarter valued at approximately $31,000. Los Angeles Capital Management LLC purchased a new stake in Ormat Technologies during the 4th quarter valued at $32,000. Finally, Smartleaf Asset Management LLC boosted its stake in Ormat Technologies by 245.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after purchasing an additional 211 shares during the last quarter. Institutional investors own 95.49% of the company’s stock.

Insider Buying and Selling

In other Ormat Technologies news, Director Stanley Stern sold 250 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total transaction of $34,605.00. Following the completion of the sale, the director directly owned 5,800 shares of the company’s stock, valued at approximately $802,836. This represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Piper Sandler upped their price target on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Barclays dropped their price objective on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. Wall Street Zen downgraded Ormat Technologies from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Wolfe Research began coverage on Ormat Technologies in a research report on Monday, June 8th. They issued a “peer perform” rating for the company. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Ormat Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $130.83.

Ormat Technologies Trading Up 0.3%

Shares of NYSE:ORA opened at $108.62 on Friday. The stock has a market capitalization of $6.68 billion, a price-to-earnings ratio of 53.51, a PEG ratio of 4.38 and a beta of 0.90. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05. The stock’s 50-day simple moving average is $110.90 and its two-hundred day simple moving average is $116.68. Ormat Technologies, Inc. has a 52-week low of $89.08 and a 52-week high of $146.39.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm had revenue of $258.76 million during the quarter, compared to analyst estimates of $240.03 million. During the same quarter in the prior year, the firm earned $0.48 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts expect that Ormat Technologies, Inc. will post 2.47 EPS for the current year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.4%. The ex-dividend date is Wednesday, August 19th. Ormat Technologies’s payout ratio is 23.65%.

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.