Chris Temple Acquires 5,000 Shares of Blue Owl Technology Finance (NYSE:OTF) Stock

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Chris Temple purchased 5,000 shares of Blue Owl Technology Finance stock in a transaction that occurred on Wednesday, February 25th. The stock was acquired at an average price of $11.49 per share, with a total value of $57,450.00. Following the transaction, the director owned 5,000 shares in the company, valued at $57,450. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Blue Owl Technology Finance Price Performance

Shares of Blue Owl Technology Finance stock opened at $11.14 on Friday. The stock has a market cap of $5.18 billion and a P/E ratio of 6.55. Blue Owl Technology Finance Corp. has a 1 year low of $10.99 and a 1 year high of $21.62. The stock’s fifty day simple moving average is $13.15.

Blue Owl Technology Finance (NYSE:OTF) last announced its earnings results on Wednesday, February 18th. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.02). The business had revenue of $320.58 million for the quarter, compared to analyst estimates of $326.27 million. Blue Owl Technology Finance had a return on equity of 6.91% and a net margin of 62.89%.

Blue Owl Technology Finance announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 18th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Blue Owl Technology Finance Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 12.6%. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date is Tuesday, March 31st. Blue Owl Technology Finance’s dividend payout ratio (DPR) is currently 82.35%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Orange County Employees Retirement System acquired a new stake in shares of Blue Owl Technology Finance during the 4th quarter valued at approximately $116,497,000. Capricorn Investment Group LLC purchased a new position in Blue Owl Technology Finance in the 4th quarter valued at approximately $78,915,000. Franklin Resources Inc. raised its holdings in Blue Owl Technology Finance by 155,006.8% during the fourth quarter. Franklin Resources Inc. now owns 1,754,258 shares of the company’s stock worth $25,507,000 after purchasing an additional 1,753,127 shares during the last quarter. Rivernorth Capital Management LLC boosted its position in Blue Owl Technology Finance by 374.2% during the fourth quarter. Rivernorth Capital Management LLC now owns 1,934,726 shares of the company’s stock worth $28,131,000 after purchasing an additional 1,526,695 shares in the last quarter. Finally, Ares Management LLC grew its holdings in Blue Owl Technology Finance by 111.5% in the fourth quarter. Ares Management LLC now owns 1,140,168 shares of the company’s stock valued at $16,578,000 after purchasing an additional 601,104 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on OTF shares. Truist Financial cut their price objective on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Keefe, Bruyette & Woods cut their price target on shares of Blue Owl Technology Finance from $16.00 to $13.00 and set a “market perform” rating for the company in a report on Monday, February 23rd. Wells Fargo & Company lowered their price objective on Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. Finally, Zacks Research raised Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research note on Monday, January 26th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Blue Owl Technology Finance currently has an average rating of “Moderate Buy” and an average target price of $14.00.

Blue Owl Technology Finance Company Profile

Blue Owl Technology Finance (NYSE: OTF) is a publicly traded business development company (BDC) sponsored by alternative asset manager Blue Owl. The firm focuses on providing customized debt and structured capital solutions to technology and technology-enabled companies, with an emphasis on growth-stage and middle-market borrowers. As a BDC, its primary activities include originating, structuring and managing private credit investments tailored to the financing needs of fast-growing businesses.

Its investment approach typically centers on direct lending and credit-oriented products, including senior secured loans, unitranche and subordinated debt, as well as selective equity-linked instruments and structured financings.