Insider Buying: Blue Owl Technology Finance (NYSE:OTF) Director Purchases $74,970.00 in Stock

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Chris Temple bought 7,000 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was purchased at an average cost of $10.71 per share, for a total transaction of $74,970.00. Following the completion of the transaction, the director owned 12,000 shares in the company, valued at approximately $128,520. The trade was a 140.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Blue Owl Technology Finance Trading Up 2.3%

NYSE OTF opened at $11.16 on Friday. Blue Owl Technology Finance Corp. has a fifty-two week low of $10.48 and a fifty-two week high of $21.62. The company’s 50-day moving average is $11.45. The company has a market capitalization of $5.16 billion and a price-to-earnings ratio of 12.40.

Blue Owl Technology Finance (NYSE:OTF) last released its quarterly 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). The company 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 business posted $0.41 EPS. On average, analysts forecast 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 business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date is Tuesday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 12.5%. Blue Owl Technology Finance’s dividend payout ratio is currently 155.56%.

Blue Owl Technology Finance announced that its board 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 buy up to 5.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Blue Owl Technology Finance

Several hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System bought a new stake in Blue Owl Technology Finance during the 1st quarter valued at approximately $250,556,000. Orange County Employees Retirement System bought a new stake in Blue Owl Technology Finance during the 4th quarter valued at approximately $116,497,000. Capricorn Investment Group LLC bought a new stake in Blue Owl Technology Finance during the 4th quarter valued at approximately $78,915,000. Rivernorth Capital Management LLC boosted its stake in 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 valued at $26,964,000 after purchasing an additional 241,543 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Blue Owl Technology Finance by 155,006.8% during 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 during the period.

Wall Street Analyst Weigh In

OTF has been the subject of several recent analyst reports. Citizens Jmp decreased their price target on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 22nd. Keefe, Bruyette & Woods decreased 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 note on Tuesday, May 12th. Royal Bank Of Canada decreased their price target 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. Truist Financial decreased their price target on Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Finally, Zacks Research downgraded Blue Owl Technology Finance from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $13.40.

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.