Eric Kaye Purchases 1,000 Shares of Blue Owl Technology Finance (NYSE:OTF) Stock

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Eric Kaye bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were bought at an average cost of $10.74 per share, for a total transaction of $10,740.00. Following the transaction, the director owned 2,000 shares of the company’s stock, valued at $21,480. The trade was a 100.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Blue Owl Technology Finance Stock Performance

Shares of NYSE:OTF opened at $10.88 on Thursday. The stock has a market capitalization of $5.03 billion and a PE ratio of 12.08. Blue Owl Technology Finance Corp. has a 12-month low of $10.67 and a 12-month high of $21.62. The firm’s 50 day moving average is $11.70.

Blue Owl Technology Finance (NYSE:OTF) last announced its earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.02). Blue Owl Technology Finance had a net margin of 32.78% and a return on equity of 7.43%. The company had revenue of $325.94 million for the quarter. During the same quarter last year, the firm posted $0.41 earnings per share. As a group, analysts anticipate that Blue Owl Technology Finance Corp. will post 1.12 earnings per share for the current year.

Blue Owl Technology Finance declared that its board has authorized a stock buyback program on Wednesday, February 18th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Blue Owl Technology Finance Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a $0.35 dividend. 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 12.9%. The ex-dividend date of this dividend is Tuesday, June 30th. Blue Owl Technology Finance’s payout ratio is presently 155.56%.

Analysts Set New Price Targets

Several research analysts have weighed in on OTF shares. Citizens Jmp cut their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating on the stock in a research report on Wednesday, April 22nd. Keefe, Bruyette & Woods cut their price objective 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. Wells Fargo & Company cut 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. Truist Financial cut their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Finally, Zacks Research cut Blue Owl Technology Finance from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $14.00.

Institutional Trading of Blue Owl Technology Finance

Several hedge funds have recently made changes to their positions in the company. NewEdge Wealth LLC raised its stake in shares of Blue Owl Technology Finance by 3.3% in the fourth quarter. NewEdge Wealth LLC now owns 69,925 shares of the company’s stock valued at $1,017,000 after buying an additional 2,218 shares during the period. Lido Advisors LLC raised its stake in shares of Blue Owl Technology Finance by 22.6% in the fourth quarter. Lido Advisors LLC now owns 14,545 shares of the company’s stock valued at $208,000 after buying an additional 2,683 shares during the period. Newbridge Financial Services Group Inc. bought a new stake in shares of Blue Owl Technology Finance in the fourth quarter valued at $44,000. Kestra Advisory Services LLC raised its stake in shares of Blue Owl Technology Finance by 39.1% in the first quarter. Kestra Advisory Services LLC now owns 12,241 shares of the company’s stock valued at $152,000 after buying an additional 3,443 shares during the period. Finally, Blair William & Co. IL raised its stake in shares of Blue Owl Technology Finance by 41.4% in the fourth quarter. Blair William & Co. IL now owns 14,807 shares of the company’s stock valued at $215,000 after buying an additional 4,334 shares during the period.

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.