Blue Owl Technology Finance (NYSE:OTF) Director Eric Kaye Acquires 1,000 Shares

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Eric Kaye bought 1,000 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $10.74 per share, with a total value of $10,740.00. Following the transaction, the director directly owned 2,000 shares of the company’s stock, valued at approximately $21,480. This trade represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Blue Owl Technology Finance Price Performance

Shares of NYSE OTF opened at $10.73 on Wednesday. Blue Owl Technology Finance Corp. has a 1-year low of $10.67 and a 1-year high of $21.62. The stock has a 50-day moving average of $11.71. The stock has a market capitalization of $4.97 billion and a P/E ratio of 11.93.

Blue Owl Technology Finance (NYSE:OTF) last issued its 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 return on equity of 7.43% and a net margin of 32.78%.The company had revenue of $325.94 million during the quarter. During the same period last year, the firm earned $0.41 earnings per share. Sell-side analysts expect that Blue Owl Technology Finance Corp. will post 1.31 earnings per share for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. 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 13.0%. Blue Owl Technology Finance’s dividend payout ratio (DPR) is currently 155.56%.

Blue Owl Technology Finance declared that its Board of Directors has approved a share repurchase plan on Wednesday, February 18th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Keefe, Bruyette & Woods reduced 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. Citizens Jmp reduced 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 raised Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. Truist Financial reduced their price target on Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 23rd. 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 equities research 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, the company has an average rating of “Moderate Buy” and a consensus price target of $14.00.

Institutional Trading of Blue Owl Technology Finance

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bulldog Investors LLP raised its stake in Blue Owl Technology Finance by 9.7% during the first quarter. Bulldog Investors LLP now owns 675,861 shares of the company’s stock valued at $8,374,000 after buying an additional 60,013 shares in the last quarter. Angeles Wealth Management LLC acquired a new stake in shares of Blue Owl Technology Finance during the 1st quarter worth approximately $166,000. Independent Financial Group LLC acquired a new stake in shares of Blue Owl Technology Finance during the 1st quarter worth approximately $478,000. Bank of New York Mellon Corp raised its position in shares of Blue Owl Technology Finance by 16.7% during the 1st quarter. Bank of New York Mellon Corp now owns 145,153 shares of the company’s stock worth $1,798,000 after purchasing an additional 20,728 shares during the period. Finally, Sanctuary Advisors LLC raised its position in shares of Blue Owl Technology Finance by 89.5% during the 1st quarter. Sanctuary Advisors LLC now owns 283,099 shares of the company’s stock worth $3,508,000 after purchasing an additional 133,722 shares during the period.

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.