Blue Owl Technology Finance (NYSE:OTF) Hits New 12-Month Low – Here’s Why

Blue Owl Technology Finance Corp. (NYSE:OTF)’s stock price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $10.06 and last traded at $10.0750, with a volume of 1788870 shares changing hands. The stock had previously closed at $10.29.

Analyst Ratings Changes

OTF has been the topic of a number of research reports. Royal Bank Of Canada dropped their price target on shares of Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Monday, May 18th. Citizens Jmp lowered their target price on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 22nd. Zacks Research raised Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. Keefe, Bruyette & Woods cut 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. Finally, Wells Fargo & Company reduced their price target on Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.40.

Blue Owl Technology Finance Price Performance

The firm has a market capitalization of $4.66 billion and a PE ratio of 11.19. The stock has a 50-day simple moving average of $10.74.

Blue Owl Technology Finance (NYSE:OTF) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02). The company had revenue of $222.12 million during 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 prior year, the company earned $0.41 earnings per share. As a group, analysts anticipate that Blue Owl Technology Finance Corp. will post 1.26 earnings per share for the current year.

Blue Owl Technology Finance Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.35 per share. 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 dividend on an annualized basis and a yield of 13.9%. Blue Owl Technology Finance’s dividend payout ratio (DPR) is currently 155.56%.

Insider Activity at Blue Owl Technology Finance

In other news, Director Chris Temple acquired 7,000 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was acquired at an average cost of $10.71 per share, with a total value of $74,970.00. Following the acquisition, the director owned 12,000 shares in the company, valued at approximately $128,520. This represents a 140.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Melissa Weiler bought 10,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average price of $10.90 per share, for a total transaction 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. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have acquired 18,000 shares of company stock worth $194,710. Corporate insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Blue Owl Technology Finance

Hedge funds have recently bought and sold shares of the company. Pettinga Financial Advisors LLC increased its position in Blue Owl Technology Finance by 10.9% in the 2nd quarter. Pettinga Financial Advisors LLC now owns 381,161 shares of the company’s stock worth $3,945,000 after buying an additional 37,588 shares during the period. Hennion & Walsh Asset Management Inc. boosted its position in shares of Blue Owl Technology Finance by 161.3% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 58,210 shares of the company’s stock valued at $602,000 after acquiring an additional 35,932 shares during the period. Prota Financial LLC grew its stake in shares of Blue Owl Technology Finance by 46.8% in the second quarter. Prota Financial LLC now owns 87,842 shares of the company’s stock worth $936,000 after acquiring an additional 27,997 shares during the last quarter. Confluence Investment Management LLC acquired a new stake in shares of Blue Owl Technology Finance in the second quarter worth $322,000. Finally, PVG Asset Management Corp bought a new position in Blue Owl Technology Finance during the first quarter worth $770,000.

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.