Polymer Capital Management US LLC Acquires Shares of 75,778 Ormat Technologies, Inc. (NYSE:ORA)

Polymer Capital Management US LLC acquired a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 75,778 shares of the energy company’s stock, valued at approximately $5,132,000. Ormat Technologies accounts for approximately 1.4% of Polymer Capital Management US LLC’s holdings, making the stock its 14th largest position.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd acquired a new position in Ormat Technologies during the 4th quarter worth approximately $809,000. ExodusPoint Capital Management LP lifted its position in shares of Ormat Technologies by 120.8% during the fourth quarter. ExodusPoint Capital Management LP now owns 100,373 shares of the energy company’s stock worth $6,797,000 after purchasing an additional 54,911 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Ormat Technologies during the fourth quarter worth $66,000. Geode Capital Management LLC boosted its stake in shares of Ormat Technologies by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 1,373,426 shares of the energy company’s stock valued at $93,029,000 after purchasing an additional 72,135 shares during the period. Finally, Franklin Resources Inc. acquired a new stake in Ormat Technologies during the 4th quarter valued at $526,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Insider Buying and Selling

In other Ormat Technologies news, Director David Granot sold 1,666 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $69.00, for a total value of $114,954.00. Following the sale, the director now directly owns 1,910 shares in the company, valued at approximately $131,790. This trade represents a 46.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jessica Woelfel sold 409 shares of the company’s stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $72.15, for a total transaction of $29,509.35. Following the transaction, the insider now owns 6,094 shares of the company’s stock, valued at $439,682.10. This represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,242 shares of company stock valued at $156,427. Insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Jefferies Financial Group boosted their price objective on shares of Ormat Technologies from $78.00 to $86.00 and gave the stock a “buy” rating in a report on Tuesday, March 25th. Robert W. Baird initiated coverage on Ormat Technologies in a research note on Thursday, March 13th. They issued a “neutral” rating and a $81.00 price target on the stock. Piper Sandler initiated coverage on Ormat Technologies in a research note on Thursday, December 19th. They set a “neutral” rating and a $78.00 price objective for the company. Baird R W upgraded Ormat Technologies to a “hold” rating in a report on Thursday, March 13th. Finally, JPMorgan Chase & Co. increased their target price on Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 28th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $83.56.

Ormat Technologies Price Performance

Shares of NYSE:ORA opened at $68.25 on Monday. The company has a market cap of $4.14 billion, a PE ratio of 34.82, a P/E/G ratio of 3.18 and a beta of 0.52. Ormat Technologies, Inc. has a fifty-two week low of $59.41 and a fifty-two week high of $84.30. The firm has a 50-day simple moving average of $68.05 and a 200 day simple moving average of $72.67. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date of this dividend was Wednesday, March 12th. Ormat Technologies’s payout ratio is 23.53%.

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.