Legato Capital Management LLC Invests $1.32 Million in Ormat Technologies, Inc. $ORA

Legato Capital Management LLC acquired a new position in Ormat Technologies, Inc. (NYSE:ORA) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 11,936 shares of the energy company’s stock, valued at approximately $1,319,000.

Several other hedge funds also recently made changes to their positions in ORA. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of Ormat Technologies by 155.8% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after purchasing an additional 540,000 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Ormat Technologies by 62.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after buying an additional 413,384 shares during the period. Balyasny Asset Management L.P. acquired a new position in shares of Ormat Technologies in the second quarter worth about $18,310,000. AEGON ASSET MANAGEMENT UK Plc boosted its holdings in shares of Ormat Technologies by 102.6% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 294,748 shares of the energy company’s stock worth $32,549,000 after buying an additional 149,271 shares during the period. Finally, Handelsbanken Fonder AB boosted its holdings in shares of Ormat Technologies by 34.3% in the fourth quarter. Handelsbanken Fonder AB now owns 516,500 shares of the energy company’s stock worth $57,058,000 after buying an additional 131,883 shares during the period. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

ORA stock opened at $133.28 on Monday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. The stock has a market cap of $8.19 billion, a P/E ratio of 64.70, a P/E/G ratio of 5.69 and a beta of 0.80. The firm has a 50 day simple moving average of $115.98 and a 200 day simple moving average of $115.31. Ormat Technologies, Inc. has a 52 week low of $70.60 and a 52 week high of $138.51.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping the consensus estimate of $0.92 by $0.38. The business had revenue of $403.91 million during the quarter, compared to analysts’ expectations of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The firm’s quarterly revenue was up 75.8% compared to the same quarter last year. During the same period last year, the company posted $0.68 earnings per share. Research analysts anticipate that Ormat Technologies, Inc. will post 2.35 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Wednesday, May 20th. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.30%.

Analysts Set New Price Targets

ORA has been the subject of several recent analyst reports. Roth Mkm reiterated a “buy” rating and issued a $135.00 target price on shares of Ormat Technologies in a report on Monday, May 11th. Barclays raised their target price on shares of Ormat Technologies from $123.00 to $126.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. JPMorgan Chase & Co. raised their target price on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Robert W. Baird decreased their target price on shares of Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating for the company in a report on Friday, February 27th. Finally, Royal Bank Of Canada initiated coverage on shares of Ormat Technologies in a report on Tuesday, March 3rd. They issued an “outperform” rating and a $130.00 target price for the company. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Ormat Technologies has an average rating of “Moderate Buy” and a consensus price target of $133.18.

Insider Buying and Selling at Ormat Technologies

In related news, Director Michal Marom sold 3,080 shares of the firm’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 transaction of $403,387.60. Following the completion of the sale, the director directly owned 1,766 shares in the company, valued at approximately $231,293.02. This trade represents a 63.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Assi Ginzburg sold 17,776 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $134.75, for a total transaction of $2,395,316.00. Following the sale, the chief financial officer owned 1,970 shares of the company’s stock, valued at approximately $265,457.50. This represents a 90.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 33,699 shares of company stock valued at $4,410,013 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

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.