New York State Common Retirement Fund Cuts Stock Holdings in Ormat Technologies, Inc. (NYSE:ORA)

New York State Common Retirement Fund lessened its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 3.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 21,975 shares of the energy company’s stock after selling 789 shares during the period. New York State Common Retirement Fund’s holdings in Ormat Technologies were worth $1,665,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. purchased a new stake in Ormat Technologies during the third quarter worth $204,000. Allspring Global Investments Holdings LLC boosted its position in Ormat Technologies by 56.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,186 shares of the energy company’s stock valued at $223,000 after purchasing an additional 1,153 shares in the last quarter. Prime Capital Investment Advisors LLC purchased a new position in Ormat Technologies in the fourth quarter valued at about $257,000. Inspire Investing LLC raised its holdings in Ormat Technologies by 12.8% in the third quarter. Inspire Investing LLC now owns 4,400 shares of the energy company’s stock worth $308,000 after purchasing an additional 501 shares in the last quarter. Finally, MQS Management LLC lifted its position in shares of Ormat Technologies by 40.2% during the third quarter. MQS Management LLC now owns 4,700 shares of the energy company’s stock valued at $329,000 after buying an additional 1,348 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Price Performance

Shares of ORA opened at $68.93 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.20 and a quick ratio of 1.12. The company’s fifty day moving average price is $65.15 and its 200-day moving average price is $66.92. Ormat Technologies, Inc. has a 1-year low of $58.73 and a 1-year high of $88.26. The firm has a market capitalization of $4.16 billion, a PE ratio of 32.98, a price-to-earnings-growth ratio of 3.16 and a beta of 0.48.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, February 21st. The energy company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Ormat Technologies had a return on equity of 5.09% and a net margin of 15.00%. The business had revenue of $241.30 million for the quarter, compared to the consensus estimate of $239.71 million. During the same quarter in the previous year, the business earned $0.73 EPS. The company’s quarterly revenue was up 17.4% compared to the same quarter last year. On average, equities research analysts predict that Ormat Technologies, Inc. will post 2.14 EPS for the current year.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.70%. The ex-dividend date of this dividend was Tuesday, March 5th. Ormat Technologies’s dividend payout ratio (DPR) is currently 22.97%.

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, Director Stanley Stern sold 1,825 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $66.95, for a total value of $122,183.75. Following the sale, the director now directly owns 4,835 shares of the company’s stock, valued at $323,703.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ORA. Oppenheimer reduced their price objective on shares of Ormat Technologies from $84.00 to $83.00 and set an “outperform” rating for the company in a research note on Friday, January 19th. TD Cowen decreased their price objective on Ormat Technologies from $74.00 to $70.00 and set a “market perform” rating for the company in a report on Friday, February 23rd. Finally, Barclays dropped their target price on Ormat Technologies from $82.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Monday, February 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $81.00.

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.