Blue Owl Technology Finance (NYSE:OTF) Sets New 12-Month Low – Here’s What Happened

Blue Owl Technology Finance Corp. (NYSE:OTF) hit a new 52-week low during trading on Thursday . The company traded as low as $9.89 and last traded at $9.9490, with a volume of 2805239 shares trading hands. The stock had previously closed at $10.08.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Royal Bank Of Canada lowered their price target on shares of Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Monday, May 18th. Wells Fargo & Company cut their price objective on Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Keefe, Bruyette & Woods lowered their target price on Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating on the stock in a report on Tuesday, May 12th. Truist Financial dropped their price target on Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Finally, Zacks Research raised Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.40.

Blue Owl Technology Finance Price Performance

The stock has a 50-day simple moving average of $10.68 and a 200-day simple moving average of $11.75. The stock has a market cap of $4.60 billion and a PE ratio of 11.05.

Blue Owl Technology Finance (NYSE:OTF) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.29 EPS 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 business had revenue of $222.12 million during the quarter. During the same quarter last year, the firm earned $0.41 EPS. As a group, equities research analysts anticipate that Blue Owl Technology Finance Corp. will post 1.26 EPS for the current year.

Blue Owl Technology Finance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 14.1%. This is a positive change from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date was Tuesday, June 30th. Blue Owl Technology Finance’s payout ratio is presently 155.56%.

Insider Buying and Selling

In other Blue Owl Technology Finance news, Director Chris Temple bought 7,000 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were bought at an average cost of $10.71 per share, with a total value of $74,970.00. Following the completion of the acquisition, the director owned 12,000 shares of the company’s stock, valued at approximately $128,520. This trade represents a 140.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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, for a total transaction of $109,000.00. Following the purchase, the director owned 10,000 shares of the company’s stock, valued at $109,000. This trade represents a ? increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 18,000 shares of company stock worth $194,710. 0.05% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OTF. NewEdge Wealth LLC grew its stake in shares of Blue Owl Technology Finance by 3.3% in the fourth quarter. NewEdge Wealth LLC now owns 69,925 shares of the company’s stock worth $1,017,000 after purchasing an additional 2,218 shares in the last quarter. Lido Advisors LLC raised its stake in shares of Blue Owl Technology Finance by 22.6% during the fourth quarter. Lido Advisors LLC now owns 14,545 shares of the company’s stock valued at $208,000 after purchasing an additional 2,683 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new stake in Blue Owl Technology Finance in the fourth quarter worth about $44,000. Kestra Advisory Services LLC lifted its holdings in Blue Owl Technology Finance by 39.1% in the first quarter. Kestra Advisory Services LLC now owns 12,241 shares of the company’s stock worth $152,000 after purchasing an additional 3,443 shares during the period. Finally, Blair William & Co. IL grew its position in Blue Owl Technology Finance by 41.4% in the 4th quarter. Blair William & Co. IL now owns 14,807 shares of the company’s stock valued at $215,000 after buying an additional 4,334 shares in the last quarter.

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.