Blue Owl Technology Finance (NYSE:OTF) Hits New 1-Year Low – Here’s What Happened

Blue Owl Technology Finance Corp. (NYSE:OTF) shares hit a new 52-week low on Friday . The stock traded as low as $9.76 and last traded at $9.7850, with a volume of 192717 shares traded. The stock had previously closed at $9.87.

Wall Street Analyst Weigh In

OTF has been the subject of several research reports. Citizens Jmp lowered their price objective on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating for the company in a research 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. Keefe, Bruyette & Woods dropped their price target on Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating for the company in a research report on Tuesday, May 12th. Wells Fargo & Company decreased their price objective on Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Finally, Royal Bank Of Canada lowered their price objective on Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Monday, May 18th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $13.40.

Blue Owl Technology Finance Stock Down 0.6%

The company’s 50 day moving average price is $10.56 and its two-hundred day moving average price is $11.57. The firm has a market cap of $4.54 billion and a PE ratio of 10.91.

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 analysts’ consensus estimates of $0.31 by ($0.02). The firm had revenue of $222.12 million for the quarter. Blue Owl Technology Finance had a return on equity of 7.43% and a net margin of 32.78%.During the same period in the previous year, the company posted $0.41 earnings per share. On average, analysts expect that Blue Owl Technology Finance Corp. will post 1.26 earnings per share for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This is an increase from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. This represents a $1.40 annualized dividend and a yield of 14.3%. Blue Owl Technology Finance’s payout ratio is 155.56%.

Insider Activity at Blue Owl Technology Finance

In other Blue Owl Technology Finance news, Director Chris Temple purchased 7,000 shares of Blue Owl Technology Finance stock in a transaction dated Friday, May 22nd. The shares were purchased at an average cost of $10.71 per share, for a total transaction of $74,970.00. Following the completion of the acquisition, the director owned 12,000 shares in the company, valued at $128,520. This represents a 140.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Melissa Weiler purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were acquired at an average cost of $10.90 per share, with a total value of $109,000.00. Following the completion of the purchase, the director directly owned 10,000 shares in the company, valued at $109,000. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 18,000 shares of company stock valued at $194,710 in the last 90 days. Company insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Blue Owl Technology Finance

A number of large investors have recently bought and sold shares of the business. California State Teachers Retirement System purchased a new stake in Blue Owl Technology Finance in the first quarter worth $250,556,000. Orange County Employees Retirement System bought a new position in Blue Owl Technology Finance in the 4th quarter worth about $116,497,000. Capricorn Investment Group LLC bought a new position in Blue Owl Technology Finance in the fourth quarter worth approximately $78,915,000. Rivernorth Capital Management LLC grew its position in shares of Blue Owl Technology Finance by 12.5% during the 1st quarter. Rivernorth Capital Management LLC now owns 2,176,269 shares of the company’s stock worth $26,964,000 after buying an additional 241,543 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Blue Owl Technology Finance by 155,006.8% in the 4th quarter. Franklin Resources Inc. now owns 1,754,258 shares of the company’s stock valued at $25,507,000 after purchasing an additional 1,753,127 shares in the last quarter.

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.