Blue Owl Technology Finance (NYSE:OTF) Director Buys $57,450.00 in Stock

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Chris Temple purchased 5,000 shares of Blue Owl Technology Finance stock in a transaction on Wednesday, February 25th. The shares were acquired at an average cost of $11.49 per share, for a total transaction of $57,450.00. Following the completion of the transaction, the director owned 5,000 shares of the company’s stock, valued at $57,450. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Blue Owl Technology Finance Stock Down 2.9%

Blue Owl Technology Finance stock opened at $11.14 on Friday. The stock has a fifty day simple moving average of $13.15. Blue Owl Technology Finance Corp. has a 52-week low of $10.99 and a 52-week high of $21.62. The firm has a market capitalization of $5.18 billion and a price-to-earnings ratio of 6.55.

Blue Owl Technology Finance (NYSE:OTF) last posted its earnings results 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). Blue Owl Technology Finance had a net margin of 62.89% and a return on equity of 6.91%. The business had revenue of $320.58 million for the quarter, compared to analyst estimates of $326.27 million.

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

Blue Owl Technology Finance Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a $0.35 dividend. 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. This represents a $1.40 annualized dividend and a dividend yield of 12.6%. Blue Owl Technology Finance’s dividend payout ratio (DPR) is currently 82.35%.

Hedge Funds Weigh In On Blue Owl Technology Finance

Hedge funds have recently bought and sold shares of the company. Alpine Global Management LLC increased its holdings in Blue Owl Technology Finance by 421.1% in the fourth quarter. Alpine Global Management LLC now owns 130,271 shares of the company’s stock valued at $1,894,000 after buying an additional 105,271 shares during the last quarter. Invesco Ltd. acquired a new position in shares of Blue Owl Technology Finance in the 4th quarter worth approximately $3,057,000. Corient Private Wealth LLC bought a new stake in shares of Blue Owl Technology Finance in the 4th quarter valued at approximately $170,000. Mercer Global Advisors Inc. ADV bought a new stake in shares of Blue Owl Technology Finance in the 4th quarter valued at approximately $322,000. Finally, Onyx Bridge Wealth Group LLC acquired a new stake in shares of Blue Owl Technology Finance during the 4th quarter valued at approximately $150,000.

Analysts Set New Price Targets

Several brokerages have recently weighed in on OTF. Keefe, Bruyette & Woods decreased their target price on shares of Blue Owl Technology Finance from $16.00 to $13.00 and set a “market perform” rating for the company in a research note on Monday, February 23rd. Zacks Research upgraded shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. Wells Fargo & Company decreased their price objective on shares of Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, February 20th. Finally, Truist Financial lowered their target price on Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $14.00.

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.