SCS Capital Management LLC Purchases 50,937 Shares of Blue Owl Technology Finance Corp. $OTF

SCS Capital Management LLC increased its position in shares of Blue Owl Technology Finance Corp. (NYSE:OTF) by 106.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 98,775 shares of the company’s stock after purchasing an additional 50,937 shares during the period. SCS Capital Management LLC’s holdings in Blue Owl Technology Finance were worth $1,436,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Elm Partners Management LLC lifted its holdings in Blue Owl Technology Finance by 111.1% during the 4th quarter. Elm Partners Management LLC now owns 21,985 shares of the company’s stock worth $320,000 after purchasing an additional 11,570 shares during the last quarter. Orange County Employees Retirement System acquired a new stake in Blue Owl Technology Finance during the 4th quarter worth approximately $116,497,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Blue Owl Technology Finance during the 4th quarter worth approximately $210,000. Clearstead Advisors LLC acquired a new stake in Blue Owl Technology Finance during the 4th quarter worth approximately $124,000. Finally, Americana Partners LLC acquired a new stake in Blue Owl Technology Finance during the 4th quarter worth approximately $174,000.

Blue Owl Technology Finance Stock Performance

Blue Owl Technology Finance stock opened at $11.35 on Tuesday. The business’s fifty day moving average is $11.43. Blue Owl Technology Finance Corp. has a one year low of $10.48 and a one year high of $21.62. The company has a market cap of $5.25 billion and a price-to-earnings ratio of 12.61.

Blue Owl Technology Finance (NYSE:OTF) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02). Blue Owl Technology Finance had a return on equity of 7.43% and a net margin of 32.78%.The company had revenue of $222.12 million for the quarter. During the same quarter in the previous year, the business posted $0.41 EPS. On average, equities analysts expect that Blue Owl Technology Finance Corp. will post 1.26 earnings per share for the current year.

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

Blue Owl Technology Finance Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders 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 dividend on an annualized basis and a yield of 12.3%. Blue Owl Technology Finance’s dividend payout ratio is 155.56%.

Insiders Place Their Bets

In other Blue Owl Technology Finance news, Director Chris Temple purchased 7,000 shares of the stock in a transaction dated Friday, May 22nd. The stock was bought 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 of the company’s stock, valued at approximately $128,520. This represents a 140.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Melissa Weiler acquired 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were acquired at an average price of $10.90 per share, with a total value of $109,000.00. Following the completion of the transaction, the director owned 10,000 shares in the company, valued at $109,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 18,000 shares of company stock worth $194,710. Corporate insiders own 0.05% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on OTF. Royal Bank Of Canada dropped 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 report on Monday, May 18th. Keefe, Bruyette & Woods dropped 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 report on Tuesday, May 12th. Citizens Jmp dropped 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 report on Wednesday, April 22nd. Zacks Research cut Blue Owl Technology Finance from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Finally, Wells Fargo & Company dropped 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 equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Blue Owl Technology Finance presently has a consensus rating of “Hold” and a consensus target price of $13.40.

Blue Owl Technology Finance 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.