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

Blue Owl Technology Finance Corp. (NYSE:OTF) hit a new 52-week low during trading on Wednesday. The stock traded as low as $9.36 and last traded at $9.3650, with a volume of 1976299 shares traded. The stock had previously closed at $9.44.

Analyst Upgrades and Downgrades

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

Blue Owl Technology Finance Stock Up 1.8%

The firm has a fifty day moving average of $10.77 and a 200-day moving average of $10.91. The stock has a market capitalization of $4.31 billion, a price-to-earnings ratio of 11.77 and a beta of -0.58.

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

Blue Owl Technology Finance Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.35 per share. This is an increase from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 annualized dividend and a yield of 14.9%. Blue Owl Technology Finance’s payout ratio is 175.00%.

Institutional Trading of Blue Owl Technology Finance

Several institutional investors and hedge funds have recently modified their holdings of OTF. California State Teachers Retirement System purchased a new position in Blue Owl Technology Finance during the first quarter worth $250,556,000. Rivernorth Capital Management LLC lifted its position in shares of Blue Owl Technology Finance by 12.5% in the first quarter. Rivernorth Capital Management LLC now owns 2,176,269 shares of the company’s stock valued at $26,964,000 after acquiring an additional 241,543 shares in the last quarter. Requisite Capital Management LLC boosted its stake in shares of Blue Owl Technology Finance by 50.8% during the second quarter. Requisite Capital Management LLC now owns 1,885,709 shares of the company’s stock valued at $20,267,000 after acquiring an additional 635,531 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Blue Owl Technology Finance by 54.5% during the first quarter. Bank of America Corp DE now owns 1,098,349 shares of the company’s stock valued at $13,609,000 after acquiring an additional 387,404 shares during the last quarter. Finally, Pine Ridge Advisers LLC increased its position in Blue Owl Technology Finance by 100.0% during the 1st quarter. Pine Ridge Advisers LLC now owns 1,022,732 shares of the company’s stock worth $12,672,000 after purchasing an additional 511,368 shares in the last quarter.

Blue Owl Technology Finance Company Profile

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.