Chris Temple Acquires 5,000 Shares of Blue Owl Technology Finance (NYSE:OTF) Stock

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Chris Temple purchased 5,000 shares of the stock in a transaction on Wednesday, February 25th. The shares were purchased at an average price of $11.49 per share, for a total transaction of $57,450.00. Following the transaction, the director directly owned 5,000 shares of the company’s stock, valued at approximately $57,450. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

Blue Owl Technology Finance Price Performance

Shares of Blue Owl Technology Finance stock remained flat at $11.49 during trading on Thursday. The stock had a trading volume of 2,380,372 shares, compared to its average volume of 2,050,096. The company has a market cap of $5.35 billion and a P/E ratio of 6.76. Blue Owl Technology Finance Corp. has a 12-month low of $10.99 and a 12-month high of $21.62. The company’s 50 day moving average price is $13.20.

Blue Owl Technology Finance (NYSE:OTF) last issued its 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 $320.58 million during 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%.

Blue Owl Technology Finance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.35 dividend. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. This represents a $1.40 annualized dividend and a yield of 12.2%. The ex-dividend date of this dividend is Tuesday, March 31st. Blue Owl Technology Finance’s payout ratio is presently 82.35%.

Blue Owl Technology Finance announced that its board has authorized a share repurchase plan on Wednesday, February 18th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to buy up to 5.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of OTF. Newbridge Financial Services Group Inc. acquired a new position in Blue Owl Technology Finance during the 4th quarter valued at approximately $44,000. Clearstead Advisors LLC acquired a new position in shares of Blue Owl Technology Finance in the 4th quarter valued at $124,000. Kestra Advisory Services LLC purchased a new position in Blue Owl Technology Finance in the 4th quarter worth $128,000. Cornerstone Partners Capital Management LLC acquired a new stake in Blue Owl Technology Finance during the 4th quarter worth about $146,000. Finally, Onyx Bridge Wealth Group LLC purchased a new stake in Blue Owl Technology Finance during the 4th quarter valued at about $150,000.

Analysts Set New Price Targets

A number of research firms recently commented on OTF. Truist Financial lowered their price target on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating for the company in a report on Monday. Wells Fargo & Company cut their price objective on shares of 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. 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. Finally, Keefe, Bruyette & Woods lowered their target price on Blue Owl Technology Finance from $16.00 to $13.00 and set a “market perform” rating on the stock in a report on Monday. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Blue Owl Technology Finance currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

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.