Pine Ridge Advisers LLC Buys 511,368 Shares of Blue Owl Technology Finance Corp. $OTF

Pine Ridge Advisers LLC grew its stake in Blue Owl Technology Finance Corp. (NYSE:OTF) by 100.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,022,732 shares of the company’s stock after purchasing an additional 511,368 shares during the period. Blue Owl Technology Finance comprises approximately 0.8% of Pine Ridge Advisers LLC’s investment portfolio, making the stock its 17th largest position. Pine Ridge Advisers LLC owned 0.22% of Blue Owl Technology Finance worth $12,672,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Orange County Employees Retirement System bought a new stake in shares of Blue Owl Technology Finance during the fourth quarter worth $116,497,000. Rockefeller Capital Management L.P. lifted its stake in shares of Blue Owl Technology Finance by 34.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 624,044 shares of the company’s stock valued at $9,074,000 after acquiring an additional 159,060 shares during the last quarter. Requisite Capital Management LLC lifted its stake in shares of Blue Owl Technology Finance by 141.2% in the 4th quarter. Requisite Capital Management LLC now owns 674,624 shares of the company’s stock valued at $10,078,000 after acquiring an additional 394,895 shares during the last quarter. Diversify Wealth Management LLC boosted its holdings in shares of Blue Owl Technology Finance by 871.9% during the 1st quarter. Diversify Wealth Management LLC now owns 155,697 shares of the company’s stock valued at $1,929,000 after acquiring an additional 139,677 shares in the last quarter. Finally, Stephens Inc. AR acquired a new stake in shares of Blue Owl Technology Finance during the 4th quarter valued at $8,220,000.

Insider Buying and Selling

In other news, Director Melissa Weiler purchased 10,000 shares of the stock in a transaction 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 acquisition, the director owned 10,000 shares in the company, valued at $109,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Chris Temple purchased 7,000 shares of the stock in a transaction on Friday, May 22nd. The shares were purchased at an average price 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. The trade was a 140.00% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 18,000 shares of company stock valued at $194,710 in the last three months. Insiders own 0.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on OTF. Wells Fargo & Company reduced 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. Keefe, Bruyette & Woods dropped their target price on Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating for the company in a research report on Tuesday, May 12th. Royal Bank Of Canada cut their price target on 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. Zacks Research upgraded Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Finally, Truist Financial lowered their price objective 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. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $13.40.

Blue Owl Technology Finance Trading Down 0.0%

Shares of OTF opened at $10.06 on Wednesday. The stock’s 50-day moving average price is $10.59 and its two-hundred day moving average price is $11.63. Blue Owl Technology Finance Corp. has a 12 month low of $9.78 and a 12 month high of $15.82. The company has a market capitalization of $4.66 billion and a PE ratio of 11.18.

Blue Owl Technology Finance (NYSE:OTF) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share 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 $222.12 million during the quarter. During the same period last year, the firm posted $0.41 earnings per share. Equities research analysts predict that Blue Owl Technology Finance Corp. will post 1.26 EPS for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.35 dividend. The ex-dividend date was Tuesday, June 30th. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. This represents a $1.40 annualized dividend and a yield of 13.9%. Blue Owl Technology Finance’s dividend payout ratio (DPR) is currently 155.56%.

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.