Principal Financial Group Inc. Acquires 4,436 Shares of Ormat Technologies, Inc. $ORA

Principal Financial Group Inc. raised its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 3.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 136,880 shares of the energy company’s stock after buying an additional 4,436 shares during the quarter. Principal Financial Group Inc. owned 0.23% of Ormat Technologies worth $13,175,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ORA. Geode Capital Management LLC grew its stake in shares of Ormat Technologies by 3.4% in the second quarter. Geode Capital Management LLC now owns 1,467,156 shares of the energy company’s stock worth $122,902,000 after acquiring an additional 48,038 shares during the last quarter. Canada Pension Plan Investment Board grew its position in Ormat Technologies by 62.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after purchasing an additional 413,384 shares during the last quarter. Norges Bank acquired a new stake in Ormat Technologies in the 2nd quarter worth $56,458,000. Legal & General Group Plc increased its holdings in shares of Ormat Technologies by 1.5% during the 2nd quarter. Legal & General Group Plc now owns 589,645 shares of the energy company’s stock worth $49,389,000 after purchasing an additional 8,593 shares during the period. Finally, Groupama Asset Managment acquired a new position in shares of Ormat Technologies during the second quarter valued at about $41,880,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Ormat Technologies Price Performance

Shares of ORA stock opened at $123.98 on Wednesday. The stock’s fifty day simple moving average is $117.17 and its 200 day simple moving average is $105.71. Ormat Technologies, Inc. has a one year low of $62.27 and a one year high of $132.58. The firm has a market cap of $7.54 billion, a price-to-earnings ratio of 56.87, a P/E/G ratio of 4.91 and a beta of 0.77. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.77 and a quick ratio of 0.70.

Wall Street Analyst Weigh In

ORA has been the topic of several research reports. JPMorgan Chase & Co. boosted their price target on Ormat Technologies from $99.00 to $111.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. TD Cowen raised Ormat Technologies from a “hold” rating to a “buy” rating in a report on Friday, January 9th. Oppenheimer boosted their price objective on Ormat Technologies from $125.00 to $136.00 and gave the company an “outperform” rating in a research report on Tuesday, January 27th. Roth Mkm set a $139.00 target price on Ormat Technologies in a research report on Wednesday, January 28th. Finally, Barclays decreased their price target on shares of Ormat Technologies from $118.00 to $108.00 and set an “overweight” rating on the stock in a research note on Thursday, January 15th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $129.44.

Ormat Technologies Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.