SCS Capital Management LLC Purchases 50,937 Shares of Blue Owl Technology Finance Corp. $OTF

SCS Capital Management LLC lifted its position in shares of Blue Owl Technology Finance Corp. (NYSE:OTF) by 106.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 98,775 shares of the company’s stock after acquiring an additional 50,937 shares during the quarter. SCS Capital Management LLC’s holdings in Blue Owl Technology Finance were worth $1,436,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. acquired a new stake in shares of Blue Owl Technology Finance during the fourth quarter worth $44,000. Clearstead Advisors LLC acquired a new stake in shares of Blue Owl Technology Finance during the fourth quarter worth $124,000. Cornerstone Partners Capital Management LLC acquired a new stake in shares of Blue Owl Technology Finance during the fourth quarter worth $146,000. QP Wealth Management LLC acquired a new stake in shares of Blue Owl Technology Finance during the fourth quarter worth $168,000. Finally, Norden Group LLC acquired a new stake in shares of Blue Owl Technology Finance during the fourth quarter worth $169,000.

Insider Activity at Blue Owl Technology Finance

In other Blue Owl Technology Finance news, Director Chris Temple purchased 7,000 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were acquired at an average price of $10.71 per share, for a total transaction of $74,970.00. Following the purchase, the director owned 12,000 shares in the company, valued at approximately $128,520. The trade was a 140.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Melissa Weiler purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was acquired at an average price of $10.90 per share, for a total transaction of $109,000.00. Following the purchase, the director owned 10,000 shares in the company, valued at $109,000. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 18,000 shares of company stock valued at $194,710 over the last three months. Insiders own 0.05% of the company’s stock.

Blue Owl Technology Finance Stock Up 2.1%

OTF stock opened at $11.35 on Tuesday. The firm has a market capitalization of $5.25 billion and a PE ratio of 12.61. The stock’s 50-day moving average price is $11.43. Blue Owl Technology Finance Corp. has a fifty-two week low of $10.48 and a fifty-two week high of $21.62.

Blue Owl Technology Finance (NYSE:OTF) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.02). The firm had revenue of $222.12 million for the quarter. Blue Owl Technology Finance had a return on equity of 7.43% and a net margin of 32.78%.During the same period in the prior year, the company earned $0.41 earnings per share. As a group, sell-side analysts anticipate that Blue Owl Technology Finance Corp. will post 1.26 earnings per share for the current fiscal year.

Blue Owl Technology Finance announced that its board has authorized a share repurchase plan on Wednesday, February 18th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management 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, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 12.3%. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Tuesday, June 30th. Blue Owl Technology Finance’s payout ratio is currently 155.56%.

Wall Street Analysts Forecast Growth

OTF has been the subject of a number of analyst reports. Royal Bank Of Canada decreased their price objective on Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Monday, May 18th. Keefe, Bruyette & Woods decreased their price objective on Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating for the company in a research note on Tuesday, May 12th. Zacks Research cut Blue Owl Technology Finance from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Wells Fargo & Company decreased their price objective on Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Finally, Citizens Jmp decreased their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 22nd. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Blue Owl Technology Finance presently has a consensus rating of “Hold” and an average target price of $13.40.

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.