California Public Employees Retirement System Cuts Holdings in Ormat Technologies, Inc. $ORA

California Public Employees Retirement System decreased its position in Ormat Technologies, Inc. (NYSE:ORA) by 5.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 107,139 shares of the energy company’s stock after selling 6,464 shares during the period. California Public Employees Retirement System’s holdings in Ormat Technologies were worth $11,991,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Signaturefd LLC boosted its stake in shares of Ormat Technologies by 13.0% in the 4th quarter. Signaturefd LLC now owns 746 shares of the energy company’s stock worth $82,000 after buying an additional 86 shares during the last quarter. Quadrant Capital Group LLC increased its position in shares of Ormat Technologies by 9.4% during the fourth quarter. Quadrant Capital Group LLC now owns 1,153 shares of the energy company’s stock valued at $127,000 after acquiring an additional 99 shares during the last quarter. State of Wyoming lifted its holdings in Ormat Technologies by 6.7% during the fourth quarter. State of Wyoming now owns 2,091 shares of the energy company’s stock worth $231,000 after acquiring an additional 131 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Ormat Technologies by 7.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,167 shares of the energy company’s stock worth $239,000 after acquiring an additional 144 shares during the period. Finally, Evexia Wealth LLC boosted its position in Ormat Technologies by 2.8% in the first quarter. Evexia Wealth LLC now owns 5,432 shares of the energy company’s stock worth $610,000 after purchasing an additional 149 shares during the last quarter. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Price Performance

ORA stock opened at $99.18 on Friday. 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 stock has a market capitalization of $6.09 billion, a price-to-earnings ratio of 48.15, a PEG ratio of 4.43 and a beta of 0.88. Ormat Technologies, Inc. has a 12-month low of $84.13 and a 12-month high of $146.39. The firm’s 50-day moving average price is $123.34 and its two-hundred day moving average price is $118.68.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The business had revenue of $403.91 million for the quarter, compared to the consensus estimate of $349.17 million. During the same period in the previous year, the firm earned $0.68 EPS. The company’s quarterly revenue was up 75.8% compared to the same quarter last year. As a group, equities analysts predict that Ormat Technologies, Inc. will post 2.35 earnings per share for the current year.

Ormat Technologies Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ORA. Barclays raised their target price on Ormat Technologies from $126.00 to $127.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Piper Sandler boosted their target price on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Roth Capital reaffirmed a “buy” rating and issued a $135.00 price objective on shares of Ormat Technologies in a report on Monday, May 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Finally, Wolfe Research initiated coverage on shares of Ormat Technologies in a report on Monday, June 8th. They set a “peer perform” rating on the stock. 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $131.75.

Insider Buying and Selling

In other news, Director Michal Marom sold 3,080 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total value of $403,387.60. Following the transaction, the director owned 1,766 shares in the company, valued at approximately $231,293.02. This represents a 63.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David Granot sold 1,766 shares of Ormat Technologies stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $134.43, for a total value of $237,403.38. Following the completion of the sale, 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. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,585 shares of company stock worth $4,090,998 over the last quarter. 0.50% of the stock is owned by insiders.

Ormat Technologies Company 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.