Blue Owl Technology Finance (NYSE:OTF) Given New $16.00 Price Target at Citizens Jmp

Blue Owl Technology Finance (NYSE:OTF) had its target price reduced by Citizens Jmp from $17.00 to $16.00 in a report published on Wednesday,Benzinga reports. They currently have a market outperform rating on the stock.

Several other equities research analysts also recently weighed in on OTF. Keefe, Bruyette & Woods dropped their target price on shares of Blue Owl Technology Finance from $16.00 to $13.00 and set a “market perform” rating for the company in a research report on Monday, February 23rd. Zacks Research raised shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research report on Monday, January 26th. Truist Financial dropped their price target 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, Wells Fargo & Company dropped their price target on Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, February 20th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $14.50.

Blue Owl Technology Finance Price Performance

Blue Owl Technology Finance stock opened at $11.54 on Wednesday. Blue Owl Technology Finance has a 12-month low of $10.87 and a 12-month high of $21.62. The stock has a market cap of $5.33 billion and a P/E ratio of 6.79. The business’s fifty day moving average price is $11.93.

Blue Owl Technology Finance (NYSE:OTF) last released its quarterly earnings results on Wednesday, February 18th. The company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.02). The firm had revenue of $223.52 million for the quarter, compared to analysts’ expectations of $326.27 million. Blue Owl Technology Finance had a return on equity of 6.91% and a net margin of 62.89%. As a group, sell-side analysts predict that Blue Owl Technology Finance will post 1.33 earnings per share for the current year.

Blue Owl Technology Finance Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 12.1%. The ex-dividend date of this dividend was Tuesday, March 31st. This is a positive change from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s dividend payout ratio (DPR) is presently 82.35%.

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

Insider Buying and Selling at Blue Owl Technology Finance

In related news, Director Chris Temple purchased 5,000 shares of Blue Owl Technology Finance stock in a transaction dated Wednesday, February 25th. The stock was bought at an average cost of $11.49 per share, with a total value of $57,450.00. Following the purchase, the director owned 5,000 shares in the company, valued at approximately $57,450. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.05% of the company’s stock.

Institutional Trading of Blue Owl Technology Finance

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Orange County Employees Retirement System bought a new stake in shares of Blue Owl Technology Finance in the 4th quarter worth approximately $116,497,000. Capricorn Investment Group LLC bought a new stake in shares of Blue Owl Technology Finance in the 4th quarter worth approximately $78,915,000. Rivernorth Capital Management LLC raised its holdings in shares of 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 worth $28,131,000 after purchasing an additional 1,526,695 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of 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 worth $25,507,000 after purchasing an additional 1,753,127 shares in the last quarter. Finally, Caz Investments LP raised its holdings in shares of Blue Owl Technology Finance by 72.2% in the 4th quarter. Caz Investments LP now owns 1,159,339 shares of the company’s stock worth $16,857,000 after purchasing an additional 486,172 shares in the last quarter.

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.