Analysts Set Blue Owl Technology Finance Corp. (NYSE:OTF) Price Target at $13.60

Blue Owl Technology Finance Corp. (NYSE:OTF) has earned a consensus rating of “Hold” from the six analysts that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $13.40.

OTF has been the subject of several analyst reports. Truist Financial reduced their target price on 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. Royal Bank Of Canada reduced their target price on 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. Citizens Jmp reduced their target price on 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. Wells Fargo & Company reduced 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, Keefe, Bruyette & Woods reduced 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.

Insider Activity

In other Blue Owl Technology Finance news, Director Melissa Weiler acquired 10,000 shares of Blue Owl Technology Finance stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average cost of $10.90 per share, with a total value of $109,000.00. Following the purchase, the director owned 10,000 shares in the company, valued at approximately $109,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Chris Temple acquired 5,000 shares of Blue Owl Technology Finance stock in a transaction that occurred on Wednesday, February 25th. The stock was acquired at an average cost of $11.49 per share, with a total value of $57,450.00. Following the completion of the purchase, the director owned 5,000 shares in the company, valued at approximately $57,450. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 17,000 shares of company stock valued at $188,630. Company insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of OTF. California State Teachers Retirement System acquired a new position in Blue Owl Technology Finance in the 1st quarter worth about $250,556,000. Orange County Employees Retirement System acquired a new position in Blue Owl Technology Finance in the 4th quarter worth about $116,497,000. Capricorn Investment Group LLC acquired a new position in Blue Owl Technology Finance in the 4th quarter worth about $78,915,000. Franklin Resources Inc. increased 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 worth $25,507,000 after purchasing an additional 1,753,127 shares during the last quarter. Finally, Rivernorth Capital Management LLC increased 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 worth $28,131,000 after purchasing an additional 1,526,695 shares during the last quarter.

Blue Owl Technology Finance Price Performance

Shares of OTF stock opened at $10.64 on Monday. Blue Owl Technology Finance has a fifty-two week low of $10.62 and a fifty-two week high of $21.62. The company has a market capitalization of $4.92 billion and a PE ratio of 11.82. The company’s 50-day moving average price is $11.58.

Blue Owl Technology Finance (NYSE:OTF) last announced its earnings results on Wednesday, May 6th. The company reported $0.29 EPS 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 company had revenue of $325.94 million for the quarter. During the same period last year, the company posted $0.41 earnings per share. Sell-side analysts expect that Blue Owl Technology Finance will post 1.26 EPS for the current year.

Blue Owl Technology Finance Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 annualized dividend and a yield of 13.2%. This is an increase from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s dividend payout ratio (DPR) is currently 155.56%.

Blue Owl Technology Finance announced that its Board of Directors has initiated a stock repurchase program on Wednesday, February 18th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows 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 management believes its shares are undervalued.

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.