Blue Owl Technology Finance (NYSE:OTF) Director Acquires $10,740.00 in Stock

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Eric Kaye acquired 1,000 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were purchased at an average price of $10.74 per share, for a total transaction of $10,740.00. Following the completion of the transaction, the director directly owned 2,000 shares in the company, valued at approximately $21,480. This trade represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Blue Owl Technology Finance Trading Down 0.2%

Shares of OTF stock traded down $0.03 on Tuesday, hitting $10.73. 1,648,265 shares of the stock traded hands, compared to its average volume of 2,165,775. The stock has a market cap of $4.97 billion and a price-to-earnings ratio of 11.93. Blue Owl Technology Finance Corp. has a 52 week low of $10.67 and a 52 week high of $21.62. The business has a 50 day moving average price of $11.72.

Blue Owl Technology Finance (NYSE:OTF) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.02). The firm had revenue of $325.94 million for the quarter. Blue Owl Technology Finance had a net margin of 32.78% and a return on equity of 7.43%. During the same quarter last year, the firm earned $0.41 EPS. Analysts forecast that Blue Owl Technology Finance Corp. will post 1.31 earnings per share for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This is a positive change from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. This represents a $1.40 annualized dividend and a yield of 13.0%. Blue Owl Technology Finance’s dividend payout ratio is 155.56%.

Blue Owl Technology Finance declared that its board has authorized a stock buyback plan on Wednesday, February 18th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to purchase up to 5.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Blue Owl Technology Finance

Institutional investors and hedge funds have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. purchased a new position in shares of Blue Owl Technology Finance in the 4th quarter worth $44,000. Clearstead Advisors LLC purchased a new position in shares of Blue Owl Technology Finance in the 4th quarter worth $124,000. Kestra Advisory Services LLC purchased a new position in shares of Blue Owl Technology Finance in the 4th quarter worth $128,000. Abel Hall LLC purchased a new position in shares of Blue Owl Technology Finance during the 1st quarter worth about $124,000. Finally, Cornerstone Partners Capital Management LLC purchased a new position in shares of Blue Owl Technology Finance during the 4th quarter worth about $146,000.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Truist Financial cut their target price on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. Keefe, Bruyette & Woods cut their target price on shares of 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. Citizens Jmp cut their target price on shares of 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. Wells Fargo & Company cut their target price on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Zacks Research raised shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research note on Monday, January 26th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $14.00.

About Blue Owl Technology Finance

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.