Van ECK Associates Corp Raises Stock Holdings in Ormat Technologies, Inc. (NYSE:ORA)

Van ECK Associates Corp raised its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 8.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 418,653 shares of the energy company’s stock after acquiring an additional 33,279 shares during the period. Van ECK Associates Corp owned approximately 0.69% of Ormat Technologies worth $28,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Pacer Advisors Inc. raised its holdings in shares of Ormat Technologies by 2.0% during the 4th quarter. Pacer Advisors Inc. now owns 8,026 shares of the energy company’s stock worth $544,000 after acquiring an additional 160 shares in the last quarter. Blue Trust Inc. raised its holdings in Ormat Technologies by 180.3% during the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after buying an additional 229 shares during the period. Versant Capital Management Inc raised its holdings in Ormat Technologies by 132.4% during the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock valued at $27,000 after buying an additional 229 shares during the period. Caprock Group LLC raised its holdings in Ormat Technologies by 4.0% during the 4th quarter. Caprock Group LLC now owns 6,080 shares of the energy company’s stock valued at $412,000 after buying an additional 235 shares during the period. Finally, Inspire Investing LLC raised its holdings in Ormat Technologies by 8.5% during the 3rd quarter. Inspire Investing LLC now owns 5,328 shares of the energy company’s stock valued at $410,000 after buying an additional 419 shares during the period. 95.49% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Ormat Technologies

In other news, major shareholder Corp Orix sold 3,700,000 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the transaction, the insider now owns 2,976,077 shares of the company’s stock, valued at approximately $224,336,684.26. This represents a 55.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Granot sold 1,256 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $82.00, for a total value of $102,992.00. Following the transaction, the director now directly owns 3,576 shares in the company, valued at $293,232. The trade was a 25.99 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on ORA shares. Piper Sandler started coverage on Ormat Technologies in a report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price target on the stock. Jefferies Financial Group began coverage on Ormat Technologies in a report on Friday, January 10th. They set a “hold” rating and a $73.00 price target on the stock. Oppenheimer increased their target price on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Roth Mkm reiterated a “buy” rating and issued a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Ormat Technologies has a consensus rating of “Hold” and a consensus target price of $82.25.

Ormat Technologies Price Performance

ORA opened at $63.27 on Friday. Ormat Technologies, Inc. has a 12-month low of $59.41 and a 12-month high of $84.30. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The business’s fifty day simple moving average is $67.56 and its 200-day simple moving average is $73.65. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of 32.28, a PEG ratio of 3.01 and a beta of 0.57.

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.