Blue Owl Technology Finance (NYSE:OTF) Director Melissa Weiler Purchases 10,000 Shares

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Melissa Weiler purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was bought at an average cost of $10.90 per share, for a total transaction of $109,000.00. Following the completion of the transaction, the director owned 10,000 shares in the company, valued at approximately $109,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Blue Owl Technology Finance Price Performance

Shares of OTF traded up $0.27 during mid-day trading on Thursday, reaching $11.16. The company had a trading volume of 1,706,814 shares, compared to its average volume of 2,154,956. The stock’s 50-day moving average is $11.70. Blue Owl Technology Finance Corp. has a 52 week low of $10.67 and a 52 week high of $21.62. The stock has a market capitalization of $5.16 billion and a P/E ratio of 12.39.

Blue Owl Technology Finance (NYSE:OTF) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02). Blue Owl Technology Finance had a return on equity of 7.43% and a net margin of 32.78%.The company had revenue of $325.94 million during the quarter. During the same quarter in the prior year, the company posted $0.41 earnings per share. On average, research analysts anticipate that Blue Owl Technology Finance Corp. will post 1.12 earnings per share for the current year.

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

Blue Owl Technology Finance Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 12.6%. This is an increase from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s payout ratio is presently 155.56%.

Analyst Ratings Changes

A number of brokerages have recently commented on OTF. Citizens Jmp dropped their price target on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating on the stock in a research report on Wednesday, April 22nd. Zacks Research cut Blue Owl Technology Finance from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Wells Fargo & Company lowered their price objective on Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Truist Financial lowered their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Finally, Keefe, Bruyette & Woods lowered their price objective on Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating on the stock in a research report on Tuesday. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $14.00.

Hedge Funds Weigh In On Blue Owl Technology Finance

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

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.