Blue Owl Technology Finance (NYSE:OTF) Director Buys $10,740.00 in Stock

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Eric Kaye acquired 1,000 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were bought at an average cost of $10.74 per share, for a total transaction of $10,740.00. Following the acquisition, the director owned 2,000 shares in the company, valued at approximately $21,480. The trade was a 100.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Blue Owl Technology Finance Stock Up 2.4%

OTF opened at $11.16 on Friday. Blue Owl Technology Finance Corp. has a 1-year low of $10.67 and a 1-year high of $21.62. The firm has a market cap of $5.16 billion and a PE ratio of 12.39. The company has a 50-day moving average of $11.68.

Blue Owl Technology Finance (NYSE:OTF) last released its quarterly 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). The company had revenue of $325.94 million for the quarter. Blue Owl Technology Finance had a net margin of 32.78% and a return on equity of 7.43%. During the same quarter in the prior year, the business earned $0.41 earnings per share. On average, sell-side analysts expect that Blue Owl Technology Finance Corp. will post 1.29 EPS for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 12.6%. The ex-dividend date is Tuesday, June 30th. 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 is 155.56%.

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on OTF shares. Citizens Jmp cut 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 note on Wednesday, April 22nd. Wells Fargo & Company dropped their price objective on Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Keefe, Bruyette & Woods cut their target price on shares of 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. 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 research note on Monday, February 23rd. Finally, Zacks Research downgraded shares of Blue Owl Technology Finance from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Blue Owl Technology Finance currently has an average rating of “Hold” and an average target price of $14.00.

Institutional Investors Weigh In On Blue Owl Technology Finance

A number of institutional investors have recently made changes to their positions in the stock. Lido Advisors LLC increased its holdings in Blue Owl Technology Finance by 71.1% in the first quarter. Lido Advisors LLC now owns 24,892 shares of the company’s stock valued at $318,000 after purchasing an additional 10,347 shares during the last quarter. Forefront Analytics LLC bought a new position in Blue Owl Technology Finance during the first quarter worth about $367,000. NewEdge Wealth LLC grew its position in shares of Blue Owl Technology Finance by 6.6% during the 1st quarter. NewEdge Wealth LLC now owns 74,555 shares of the company’s stock worth $924,000 after buying an additional 4,630 shares during the period. Bulldog Investors LLP increased its stake in shares of Blue Owl Technology Finance by 9.7% in the 1st quarter. Bulldog Investors LLP now owns 675,861 shares of the company’s stock valued at $8,374,000 after acquiring an additional 60,013 shares during the last quarter. Finally, Angeles Wealth Management LLC bought a new stake in shares of Blue Owl Technology Finance in the 1st quarter valued at about $166,000.

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.