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 Blue Owl Technology Finance stock in a transaction that occurred on Wednesday, February 25th. The shares were acquired at an average price of $11.44 per share, with a total value of $11,440.00. Following the acquisition, the director directly owned 1,000 shares of the company’s stock, valued at $11,440. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Blue Owl Technology Finance Price Performance

Shares of OTF opened at $10.93 on Wednesday. Blue Owl Technology Finance Corp. has a 12 month low of $10.67 and a 12 month high of $21.62. The stock’s fifty day simple moving average is $11.80. The firm has a market capitalization of $5.04 billion and a PE ratio of 6.43.

Blue Owl Technology Finance (NYSE:OTF) last announced its earnings results on Wednesday, February 18th. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.02). Blue Owl Technology Finance had a return on equity of 6.91% and a net margin of 62.89%.The business had revenue of $223.52 million for the quarter, compared to analyst estimates of $326.27 million. On average, equities research analysts predict that Blue Owl Technology Finance Corp. will post 1.31 EPS for the current year.

Blue Owl Technology Finance Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a dividend of $0.35 per share. The ex-dividend date was 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 yield of 12.8%. Blue Owl Technology Finance’s dividend payout ratio is currently 82.35%.

Blue Owl Technology Finance announced that its board has initiated a stock buyback program on Wednesday, February 18th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 5.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Blue Owl Technology Finance

Several hedge funds have recently bought and sold shares of the company. Kathmere Capital Management LLC bought a new position in Blue Owl Technology Finance in the 1st quarter valued at about $182,000. Abel Hall LLC bought a new position in Blue Owl Technology Finance in the 1st quarter valued at about $124,000. Whittier Trust Co. increased its holdings in Blue Owl Technology Finance by 4,764.4% in the 1st quarter. Whittier Trust Co. now owns 63,967 shares of the company’s stock valued at $725,000 after buying an additional 62,652 shares during the period. Stephens Inc. AR increased its holdings in Blue Owl Technology Finance by 57.6% in the 1st quarter. Stephens Inc. AR now owns 890,862 shares of the company’s stock valued at $11,038,000 after buying an additional 325,508 shares during the period. Finally, World Investment Advisors increased its holdings in Blue Owl Technology Finance by 212.4% in the 1st quarter. World Investment Advisors now owns 429,025 shares of the company’s stock valued at $5,316,000 after buying an additional 291,682 shares during the period.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Truist Financial cut their price target on shares of 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. Zacks Research upgraded shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research note on Monday, January 26th. Wells Fargo & Company cut their price target on shares of Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, February 20th. Citizens Jmp cut their price target on shares of 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. Finally, Keefe, Bruyette & Woods cut their price target 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. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Blue Owl Technology Finance presently has an average rating of “Moderate Buy” and an average price target of $14.50.

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.