Polymer Capital Management US LLC Purchases New Stake in Ormat Technologies, Inc. (NYSE:ORA)

Polymer Capital Management US LLC acquired a new position in Ormat Technologies, Inc. (NYSE:ORA) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 75,778 shares of the energy company’s stock, valued at approximately $5,132,000. Ormat Technologies makes up 1.4% of Polymer Capital Management US LLC’s portfolio, making the stock its 14th biggest holding. Polymer Capital Management US LLC owned about 0.13% of Ormat Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc increased its holdings in shares of Ormat Technologies by 132.4% in the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock valued at $27,000 after purchasing an additional 229 shares in the last quarter. AlphaQuest LLC grew its position in Ormat Technologies by 4,691.7% during the fourth quarter. AlphaQuest LLC now owns 575 shares of the energy company’s stock worth $39,000 after buying an additional 563 shares during the period. Headlands Technologies LLC purchased a new position in Ormat Technologies in the fourth quarter valued at about $66,000. Mendota Financial Group LLC purchased a new stake in shares of Ormat Technologies during the 4th quarter worth approximately $98,000. Finally, Generali Investments CEE investicni spolecnost a.s. acquired a new position in Ormat Technologies during the fourth quarter worth $182,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Ormat Technologies news, Director David Granot sold 1,666 shares of Ormat Technologies stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total value of $114,954.00. Following the transaction, the director now owns 1,910 shares in the company, valued at $131,790. This trade represents a 46.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jessica Woelfel sold 409 shares of the business’s stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $72.15, for a total transaction of $29,509.35. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,242 shares of company stock valued at $156,427. Insiders own 1.00% of the company’s stock.

Ormat Technologies Trading Down 3.6 %

Shares of Ormat Technologies stock opened at $68.25 on Monday. Ormat Technologies, Inc. has a fifty-two week low of $59.41 and a fifty-two week high of $84.30. The business’s fifty day moving average is $68.05 and its two-hundred day moving average is $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. The firm 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, March 12th. This represents a $0.48 annualized dividend and a yield of 0.70%. Ormat Technologies’s dividend payout ratio (DPR) is presently 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.