Principal Financial Group Inc. Purchases 7,025 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Principal Financial Group Inc. grew its position in Ormat Technologies, Inc. (NYSE:ORA) by 5.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 131,906 shares of the energy company’s stock after purchasing an additional 7,025 shares during the quarter. Principal Financial Group Inc. owned approximately 0.22% of Ormat Technologies worth $8,933,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of ORA. Blue Trust Inc. boosted its stake in shares of Ormat Technologies by 180.3% in the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after purchasing an additional 229 shares during the last quarter. Versant Capital Management Inc boosted its stake 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 during the last quarter. Mendota Financial Group LLC bought a new stake in shares of Ormat Technologies in the 4th quarter valued at $98,000. Perigon Wealth Management LLC lifted its position in shares of Ormat Technologies by 16.4% during the 4th quarter. Perigon Wealth Management LLC now owns 3,162 shares of the energy company’s stock valued at $214,000 after acquiring an additional 446 shares during the period. Finally, Empowered Funds LLC acquired a new position in shares of Ormat Technologies during the 4th quarter valued at $265,000. 95.49% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ORA. Oppenheimer boosted their target price on shares of Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. boosted their target price on shares of Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday. Roth Mkm reiterated a “buy” rating and set a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Piper Sandler began coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 target price on the stock. Finally, Jefferies Financial Group upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and boosted their target price for the company from $73.00 to $78.00 in a research report on Thursday, February 20th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Ormat Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $82.88.

Ormat Technologies Stock Performance

ORA opened at $69.85 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The company’s fifty day moving average price is $66.44 and its two-hundred day moving average price is $73.21. Ormat Technologies, Inc. has a 1-year low of $59.41 and a 1-year high of $84.30. The company has a market cap of $4.22 billion, a price-to-earnings ratio of 35.64, a PEG ratio of 3.18 and a beta of 0.57.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $0.48 annualized dividend and a yield of 0.69%. Ormat Technologies’s payout ratio is 23.53%.

Insiders Place Their Bets

In other news, major shareholder Corp Orix sold 3,700,000 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 2,976,077 shares in the company, valued at $224,336,684.26. This represents a 55.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David Granot sold 1,256 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $82.00, for a total transaction of $102,992.00. Following the completion of the sale, the director now owns 3,576 shares of the company’s stock, valued at approximately $293,232. This represents a 25.99 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

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.