Meeder Asset Management Inc. Purchases 13,469 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Meeder Asset Management Inc. increased its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 175.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,130 shares of the energy company’s stock after buying an additional 13,469 shares during the period. Meeder Asset Management Inc.’s holdings in Ormat Technologies were worth $1,431,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in ORA. Pictet Asset Management Holding SA increased its position in Ormat Technologies by 128.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 18,725 shares of the energy company’s stock valued at $1,268,000 after purchasing an additional 10,535 shares during the period. New Age Alpha Advisors LLC purchased a new stake in shares of Ormat Technologies in the 4th quarter worth approximately $2,338,000. Norges Bank bought a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $62,851,000. Corebridge Financial Inc. increased its holdings in Ormat Technologies by 1.3% during the fourth quarter. Corebridge Financial Inc. now owns 93,305 shares of the energy company’s stock valued at $6,319,000 after buying an additional 1,219 shares during the period. Finally, Vanguard Group Inc. raised its stake in Ormat Technologies by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company’s stock worth $409,305,000 after buying an additional 274,540 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Jessica Woelfel sold 409 shares of the company’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $72.15, for a total value of $29,509.35. Following the transaction, the insider now directly owns 6,094 shares of the company’s stock, valued at $439,682.10. This represents a 6.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Granot sold 1,666 shares of Ormat Technologies stock in a transaction dated 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 of the company’s stock, valued at approximately $131,790. This represents a 46.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,242 shares of company stock valued at $156,427. Insiders own 1.00% of the company’s stock.

Ormat Technologies Price Performance

Shares of ORA stock opened at $70.55 on Monday. Ormat Technologies, Inc. has a fifty-two week low of $59.41 and a fifty-two week high of $84.30. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. The firm has a market capitalization of $4.27 billion, a price-to-earnings ratio of 36.00, a PEG ratio of 3.18 and a beta of 0.51. The stock’s 50-day simple moving average is $67.59 and its 200-day simple moving average is $72.84.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a yield of 0.68%. Ormat Technologies’s payout ratio is 23.53%.

Analysts Set New Price Targets

Several analysts have issued reports on ORA shares. 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 report on Friday, February 28th. Baird R W upgraded Ormat Technologies to a “hold” rating in a research note on Thursday, March 13th. Robert W. Baird started coverage on Ormat Technologies in a research report on Thursday, March 13th. They set a “neutral” rating and a $81.00 price objective on the stock. Jefferies Financial Group boosted their target price 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. Finally, Piper Sandler assumed coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price target for the company. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $83.56.

Ormat Technologies Profile

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.