Rivernorth Capital Management LLC Boosts Stock Position in Blue Owl Technology Finance Corp. $OTF

Rivernorth Capital Management LLC lifted its stake in Blue Owl Technology Finance Corp. (NYSE:OTF) by 12.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,176,269 shares of the company’s stock after purchasing an additional 241,543 shares during the quarter. Blue Owl Technology Finance comprises about 1.4% of Rivernorth Capital Management LLC’s holdings, making the stock its 11th largest holding. Rivernorth Capital Management LLC’s holdings in Blue Owl Technology Finance were worth $26,964,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in the stock. NewEdge Wealth LLC increased its stake in shares of Blue Owl Technology Finance by 3.3% in the 4th quarter. NewEdge Wealth LLC now owns 69,925 shares of the company’s stock worth $1,017,000 after acquiring an additional 2,218 shares during the last quarter. Lido Advisors LLC grew its holdings in shares of Blue Owl Technology Finance by 22.6% in 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 during the period. Newbridge Financial Services Group Inc. acquired a new stake in Blue Owl Technology Finance during the fourth quarter worth about $44,000. Kestra Advisory Services LLC increased its position in Blue Owl Technology Finance by 39.1% during 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 last quarter. Finally, Blair William & Co. IL raised its stake in Blue Owl Technology Finance by 41.4% during the fourth quarter. Blair William & Co. IL now owns 14,807 shares of the company’s stock worth $215,000 after purchasing an additional 4,334 shares during the period.

Blue Owl Technology Finance Stock Performance

Blue Owl Technology Finance stock opened at $10.06 on Wednesday. The company’s 50 day simple moving average is $10.59 and its 200-day simple moving average is $11.63. The company has a market capitalization of $4.66 billion and a price-to-earnings ratio of 11.18. Blue Owl Technology Finance Corp. has a 1 year low of $9.78 and a 1 year high of $15.82.

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

Blue Owl Technology Finance Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.35 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 13.9%. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s dividend payout ratio (DPR) is presently 155.56%.

Insider Activity

In other Blue Owl Technology Finance news, Director Chris Temple purchased 7,000 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was acquired at an average price of $10.71 per share, for a total transaction of $74,970.00. Following the completion of the purchase, the director directly owned 12,000 shares in the company, valued at approximately $128,520. The trade was a 140.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Melissa Weiler acquired 10,000 shares of the stock in a transaction dated Wednesday, May 13th. The shares were bought at an average cost 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 of the company’s stock, valued at approximately $109,000. This represents a ? increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have purchased 18,000 shares of company stock worth $194,710. 0.05% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on OTF. Royal Bank Of Canada dropped their price target on shares of Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Monday, May 18th. Citizens Jmp decreased their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 22nd. Truist Financial cut their target price on Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Zacks Research upgraded Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. Finally, Wells Fargo & Company decreased their price target on Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” 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.