Blue Owl Technology Finance (NYSE:OTF) Sets New 12-Month Low – Here’s What Happened

Blue Owl Technology Finance Corp. (NYSE:OTF)’s stock price hit a new 52-week low during trading on Thursday . The stock traded as low as $9.89 and last traded at $9.9490, with a volume of 2805239 shares. The stock had previously closed at $10.08.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on OTF. Keefe, Bruyette & Woods lowered their price target on 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, May 12th. Wells Fargo & Company decreased their target price 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. Citizens Jmp lowered their target price on 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. Zacks Research upgraded shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. Finally, Royal Bank Of Canada cut their price target on shares of 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. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Blue Owl Technology Finance currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.40.

Blue Owl Technology Finance Stock Down 1.3%

The stock has a market cap of $4.60 billion and a price-to-earnings ratio of 11.05. The business has a 50-day moving average of $10.68 and a 200-day moving average of $11.75.

Blue Owl Technology Finance (NYSE:OTF) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02). Blue Owl Technology Finance had a return on equity of 7.43% and a net margin of 32.78%.The business had revenue of $222.12 million during the quarter. During the same period in the previous year, the company earned $0.41 EPS. Equities analysts anticipate that Blue Owl Technology Finance Corp. will post 1.26 earnings per share for the current year.

Blue Owl Technology Finance Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.35 per share. 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 yield of 14.1%. The ex-dividend date was Tuesday, June 30th. Blue Owl Technology Finance’s dividend payout ratio is presently 155.56%.

Insider Buying and Selling at Blue Owl Technology Finance

In other Blue Owl Technology Finance news, Director Melissa Weiler purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average price of $10.90 per share, with a total value of $109,000.00. Following the completion of the transaction, the director directly owned 10,000 shares of the company’s stock, valued at approximately $109,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Chris Temple acquired 7,000 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were bought at an average price of $10.71 per share, with a total value of $74,970.00. Following the completion of the purchase, the director directly owned 12,000 shares of the company’s stock, valued at approximately $128,520. This represents a 140.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 18,000 shares of company stock worth $194,710 in the last three months. Insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Blue Owl Technology Finance

Large investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC boosted its position in shares of 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 position in shares of Blue Owl Technology Finance during the fourth quarter worth about $169,000. Pallas Capital Advisors LLC boosted its position in Blue Owl Technology Finance by 642.4% during the 4th quarter. Pallas Capital Advisors LLC now owns 85,480 shares of the company’s stock worth $1,243,000 after acquiring an additional 73,966 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. boosted 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 during the last quarter. Finally, TrueMark Investments LLC acquired a new position in shares of Blue Owl Technology Finance during the 4th quarter worth about $654,000.

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.