Handelsbanken Fonder AB Acquires 140,262 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Handelsbanken Fonder AB lifted its stake in Ormat Technologies, Inc. (NYSE:ORA) by 896.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 155,906 shares of the energy company’s stock after acquiring an additional 140,262 shares during the period. Handelsbanken Fonder AB owned approximately 0.26% of Ormat Technologies worth $10,558,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Chesapeake Capital Corp IL bought a new stake in Ormat Technologies in the 3rd quarter valued at $522,000. Holocene Advisors LP lifted its stake in shares of Ormat Technologies by 28.7% in the third quarter. Holocene Advisors LP now owns 48,121 shares of the energy company’s stock valued at $3,702,000 after buying an additional 10,718 shares during the period. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management grew its position in Ormat Technologies by 57.3% during the fourth quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management now owns 223,937 shares of the energy company’s stock worth $15,165,000 after buying an additional 81,547 shares in the last quarter. Van ECK Associates Corp increased its stake in Ormat Technologies by 8.6% during the fourth quarter. Van ECK Associates Corp now owns 418,653 shares of the energy company’s stock valued at $28,352,000 after acquiring an additional 33,279 shares during the period. Finally, Y.D. More Investments Ltd increased its stake in Ormat Technologies by 13.2% during the fourth quarter. Y.D. More Investments Ltd now owns 524,416 shares of the energy company’s stock valued at $36,030,000 after acquiring an additional 61,236 shares during the period. Institutional investors own 95.49% of the company’s stock.

Wall Street Analyst Weigh In

ORA has been the topic of several recent research reports. Roth Mkm reissued a “buy” rating and set a $92.00 price objective (up previously from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Jefferies Financial Group upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and lifted their price target for the stock from $73.00 to $78.00 in a research note on Thursday. Piper Sandler began coverage on shares of Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price objective for the company. Finally, Oppenheimer raised their price objective on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Ormat Technologies has an average rating of “Moderate Buy” and an average target price of $82.88.

Ormat Technologies Stock Down 0.8 %

Shares of NYSE ORA opened at $68.74 on Friday. Ormat Technologies, Inc. has a 52-week low of $59.41 and a 52-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 business has a fifty day moving average of $66.53 and a two-hundred day moving average of $73.33. The stock has a market cap of $4.16 billion, a PE ratio of 35.07, a PEG ratio of 3.18 and a beta of 0.57.

Insider Buying and Selling

In related news, Director David Granot sold 1,256 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $82.00, for a total transaction of $102,992.00. Following the sale, the director now directly owns 3,576 shares in the company, valued at $293,232. This represents a 25.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Corp Orix sold 3,700,000 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $75.38, for a total value of $278,906,000.00. Following the sale, the insider now directly owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. This represents a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Ormat Technologies Company 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.