Flputnam Investment Management Co. Invests $959,000 in Ormat Technologies, Inc. $ORA

Flputnam Investment Management Co. bought a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,810 shares of the energy company’s stock, valued at approximately $959,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in Ormat Technologies during the 4th quarter worth about $26,000. Main Street Group LTD acquired a new position in shares of Ormat Technologies during the 1st quarter worth about $29,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Ormat Technologies during the 4th quarter worth about $31,000. Los Angeles Capital Management LLC bought a new position in shares of Ormat Technologies in the 4th quarter valued at about $32,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Ormat Technologies by 245.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after acquiring an additional 211 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $113.90 on Tuesday. The company has a fifty day moving average price of $113.17 and a two-hundred day moving average price of $117.11. Ormat Technologies, Inc. has a one year low of $89.08 and a one year high of $146.39. The stock has a market cap of $7.00 billion, a P/E ratio of 56.11, a P/E/G ratio of 4.55 and a beta of 0.90. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.24. The company had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. Ormat Technologies’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 EPS. As a group, equities analysts predict that Ormat Technologies, Inc. will post 2.52 EPS for the current year.

Ormat Technologies Dividend Announcement

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

Analyst Ratings Changes

Several analysts recently issued reports on ORA shares. Wall Street Zen lowered Ormat Technologies from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Oppenheimer reduced their price target on Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $112.00 price target on shares of Ormat Technologies in a research report on Monday, August 10th. Finally, JPMorgan Chase & Co. upped their price objective on Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Ormat Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $130.83.

Insider Buying and Selling at Ormat Technologies

In other news, Director David Granot sold 1,766 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $134.43, for a total value of $237,403.38. Following the transaction, the director directly owned 1,766 shares of the company’s stock, valued at $237,403.38. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stanley Stern sold 250 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total transaction of $34,605.00. Following the sale, the director owned 5,800 shares of the company’s stock, valued at approximately $802,836. This represents a 4.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 3,769 shares of company stock worth $504,631. Corporate insiders own 0.50% of the company’s stock.

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.