Blue Owl Technology Finance (NYSE:OTF) Hits New 12-Month Low – What’s Next?

Blue Owl Technology Finance Corp. (NYSE:OTF) hit a new 52-week low during trading on Tuesday. The company traded as low as $9.06 and last traded at $9.1250, with a volume of 213,934 shares changing hands. The stock had previously closed at $9.21.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on OTF shares. Citizens Jmp raised their price objective on Blue Owl Technology Finance from $16.00 to $17.00 and gave the company a “market outperform” rating in a research note on Friday, August 7th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $12.00 target price on shares of Blue Owl Technology Finance in a research report on Monday, August 17th. Finally, Citigroup reissued an “outperform” rating on shares of Blue Owl Technology Finance in a research report on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Blue Owl Technology Finance presently has an average rating of “Moderate Buy” and an average target price of $13.60.

Blue Owl Technology Finance Trading Down 0.9%

The firm has a 50-day moving average of $10.73 and a two-hundred day moving average of $10.87. The firm has a market cap of $4.18 billion, a price-to-earnings ratio of 11.41 and a beta of -0.58.

Blue Owl Technology Finance (NYSE:OTF) last released its earnings results on Wednesday, August 5th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. The firm had revenue of $338.03 million for the quarter. Blue Owl Technology Finance had a return on equity of 7.17% and a net margin of 28.69%. During the same period last year, the business earned $0.45 EPS. As a group, equities analysts anticipate that Blue Owl Technology Finance Corp. will post 1.25 EPS for the current year.

Blue Owl Technology Finance Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.35 dividend. This is a positive change from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. This represents a $1.40 annualized dividend and a dividend yield of 15.3%. The ex-dividend date of this dividend is Wednesday, September 30th. Blue Owl Technology Finance’s dividend payout ratio (DPR) is currently 175.00%.

Institutional Investors Weigh In On Blue Owl Technology Finance

Several hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System acquired a new position in Blue Owl Technology Finance during the 1st quarter valued at $250,556,000. Laura & John Arnold Foundation bought a new stake in Blue Owl Technology Finance in the 2nd quarter valued at $12,420,000. Wellington Management Group LLP acquired a new stake in Blue Owl Technology Finance in the 2nd quarter worth $11,666,000. Requisite Capital Management LLC grew its position in Blue Owl Technology Finance by 50.8% in the 2nd quarter. Requisite Capital Management LLC now owns 1,885,709 shares of the company’s stock worth $20,267,000 after purchasing an additional 635,531 shares during the last quarter. Finally, Royal Bank of Canada grew its position in Blue Owl Technology Finance by 179.0% in the 1st quarter. Royal Bank of Canada now owns 826,317 shares of the company’s stock worth $10,238,000 after purchasing an additional 530,185 shares during the last quarter.

About Blue Owl Technology Finance

Blue Owl Technology Finance Corp. (NYSE: OTF) is a business development company focused on providing financing to technology-related businesses. The company invests primarily in privately owned, middle-market companies that may require capital to support growth, acquisitions, recapitalizations, or other corporate activities.

Its investment portfolio generally consists of senior secured loans and other debt investments, with the potential for equity and equity-related investments. Blue Owl Technology Finance seeks to generate current income and, to a lesser extent, capital appreciation by investing across segments of the technology sector, including software, technology services, and other technology-enabled businesses.

The company is externally managed by an affiliate of Blue Owl Capital Inc, an alternative asset management firm.