Blue Owl Technology Finance (NYSE:OTF) Director Buys $11,440.00 in Stock

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Eric Kaye acquired 1,000 shares of the stock in a transaction dated Wednesday, February 25th. The stock was acquired at an average cost of $11.44 per share, with a total value of $11,440.00. Following the purchase, the director owned 1,000 shares of the company’s stock, valued at approximately $11,440. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Blue Owl Technology Finance Trading Down 1.3%

NYSE OTF opened at $10.79 on Thursday. The company has a 50 day simple moving average of $11.76. The stock has a market capitalization of $4.98 billion and a price-to-earnings ratio of 6.34. Blue Owl Technology Finance Corp. has a one year low of $10.67 and a one year high of $21.62.

Blue Owl Technology Finance (NYSE:OTF) last issued its earnings results on Wednesday, February 18th. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.02). The firm had revenue of $223.52 million during the quarter, compared to analyst estimates of $326.27 million. Blue Owl Technology Finance had a net margin of 62.89% and a return on equity of 6.91%. As a group, analysts forecast that Blue Owl Technology Finance Corp. will post 1.31 EPS for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 13.0%. This is a positive change from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Tuesday, March 31st. Blue Owl Technology Finance’s dividend payout ratio is 82.35%.

Blue Owl Technology Finance announced that its Board of Directors has authorized a stock buyback plan on Wednesday, February 18th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Blue Owl Technology Finance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OTF. QP Wealth Management LLC acquired a new stake in Blue Owl Technology Finance during the fourth quarter worth approximately $168,000. Wealth Enhancement Advisory Services LLC raised its holdings in Blue Owl Technology Finance by 137.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 73,992 shares of the company’s stock worth $1,044,000 after purchasing an additional 42,888 shares in the last quarter. Norden Group LLC acquired a new stake in Blue Owl Technology Finance during the fourth quarter worth approximately $169,000. Pallas Capital Advisors LLC raised its holdings in Blue Owl Technology Finance by 642.4% during the fourth quarter. Pallas Capital Advisors LLC now owns 85,480 shares of the company’s stock worth $1,243,000 after purchasing an additional 73,966 shares in the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. raised its holdings in Blue Owl Technology Finance by 121.0% during the fourth quarter. Generali Investments CEE investicni spolecnost a.s. now owns 48,426 shares of the company’s stock worth $704,000 after purchasing an additional 26,510 shares in the last quarter.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on OTF. Zacks Research raised shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. Keefe, Bruyette & Woods reduced their target price on shares of Blue Owl Technology Finance from $16.00 to $13.00 and set a “market perform” rating on the stock in a report on Monday, February 23rd. Truist Financial reduced their target price on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Citizens Jmp reduced their target price on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company reduced their target price on shares of Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Blue Owl Technology Finance presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.50.

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.