Chris Temple Purchases 7,000 Shares of Blue Owl Technology Finance (NYSE:OTF) Stock

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Chris Temple purchased 7,000 shares of the stock in a transaction on Friday, May 22nd. The stock was acquired at an average cost of $10.71 per share, for a total transaction of $74,970.00. Following the acquisition, the director owned 12,000 shares in the company, valued at approximately $128,520. This represents a 140.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through this link.

Blue Owl Technology Finance Trading Up 1.7%

NYSE:OTF opened at $10.89 on Friday. The firm has a 50-day simple moving average of $11.48. Blue Owl Technology Finance Corp. has a twelve month low of $10.48 and a twelve month high of $21.62. The stock has a market cap of $5.04 billion and a PE ratio of 12.10.

Blue Owl Technology Finance (NYSE:OTF) last released its quarterly earnings results 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). Blue Owl Technology Finance had a net margin of 32.78% and a return on equity of 7.43%. The business had revenue of $222.12 million during the quarter. During the same quarter in the prior year, the firm posted $0.41 earnings per share. As a group, equities analysts expect 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 initiated a share repurchase program 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 programs are often a sign that the company’s board believes its stock is undervalued.

Blue Owl Technology Finance Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.35 per share. 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 12.9%. 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%.

Hedge Funds Weigh In On Blue Owl Technology Finance

A number of large investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System purchased a new position in Blue Owl Technology Finance in the 1st quarter worth $250,556,000. Orange County Employees Retirement System bought a new position in Blue Owl Technology Finance during the 4th quarter worth approximately $116,497,000. Capricorn Investment Group LLC bought a new position in Blue Owl Technology Finance during the 4th quarter worth approximately $78,915,000. Rivernorth Capital Management LLC grew its position in Blue Owl Technology Finance by 12.5% during the 1st quarter. Rivernorth Capital Management LLC now owns 2,176,269 shares of the company’s stock worth $26,964,000 after acquiring an additional 241,543 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Blue Owl Technology Finance by 155,006.8% during the 4th quarter. Franklin Resources Inc. now owns 1,754,258 shares of the company’s stock worth $25,507,000 after acquiring an additional 1,753,127 shares during the last quarter.

Analysts Set New Price Targets

A number of analysts have recently issued reports on OTF shares. Citizens Jmp dropped their price objective on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating for the company in a report on Wednesday, April 22nd. Truist Financial dropped their price objective on shares of Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. Zacks Research downgraded shares of Blue Owl Technology Finance from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Keefe, Bruyette & Woods dropped their price objective on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating for the company in a report on Tuesday, May 12th. Finally, Royal Bank Of Canada dropped their price objective on shares of Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Monday, May 18th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target 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.