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

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Chris Temple bought 5,000 shares of Blue Owl Technology Finance stock in a transaction on Wednesday, February 25th. The stock was acquired at an average cost of $11.49 per share, for a total transaction of $57,450.00. Following the acquisition, the director owned 5,000 shares in the company, valued at approximately $57,450. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Blue Owl Technology Finance Trading Down 3.0%

Shares of Blue Owl Technology Finance stock traded down $0.34 during trading on Friday, reaching $11.13. 252,617 shares of the company’s stock were exchanged, compared to its average volume of 1,998,327. Blue Owl Technology Finance Corp. has a 1-year low of $10.99 and a 1-year high of $21.62. The stock has a market cap of $5.18 billion and a P/E ratio of 6.55. The company has a 50-day simple moving average of $13.20.

Blue Owl Technology Finance (NYSE:OTF) last released its quarterly earnings data on Wednesday, February 18th. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.02). The business had revenue of $320.58 million during the quarter, compared to analyst estimates of $326.27 million. Blue Owl Technology Finance had a net margin of 62.89% and a return on equity of 6.91%.

Blue Owl Technology Finance declared that its Board of Directors has initiated a stock repurchase program on Wednesday, February 18th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to purchase up to 5.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Blue Owl Technology Finance Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 12.6%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a positive change from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s payout ratio is currently 82.35%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. NewEdge Wealth LLC lifted its position in shares of Blue Owl Technology Finance by 3.3% in the 4th quarter. NewEdge Wealth LLC now owns 69,925 shares of the company’s stock worth $1,017,000 after purchasing an additional 2,218 shares during the period. Lido Advisors LLC raised its stake in Blue Owl Technology Finance by 22.6% during the fourth quarter. Lido Advisors LLC now owns 14,545 shares of the company’s stock worth $208,000 after buying an additional 2,683 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new position in Blue Owl Technology Finance in the fourth quarter valued at $44,000. Blair William & Co. IL boosted its position in Blue Owl Technology Finance by 41.4% during the fourth quarter. Blair William & Co. IL now owns 14,807 shares of the company’s stock valued at $215,000 after acquiring an additional 4,334 shares during the last quarter. Finally, Clearstead Advisors LLC bought a new stake in Blue Owl Technology Finance during the fourth quarter valued at $124,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wells Fargo & Company lowered their target price on Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, February 20th. Keefe, Bruyette & Woods dropped their price objective on shares of Blue Owl Technology Finance from $16.00 to $13.00 and set a “market perform” rating for the company in a report on Monday. 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, Truist Financial decreased 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 research report on Monday. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.