Insider Buying: Blue Owl Technology Finance (NYSE:OTF) Director Purchases 7,000 Shares of Stock

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Chris Temple purchased 7,000 shares of Blue Owl Technology Finance stock in a transaction dated Friday, May 22nd. The shares were bought at an average price of $10.71 per share, for a total transaction of $74,970.00. Following the acquisition, the director owned 12,000 shares in the company, valued at approximately $128,520. This trade represents a 140.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Blue Owl Technology Finance Price Performance

Shares of NYSE OTF traded up $0.07 during trading on Wednesday, hitting $10.72. 2,430,911 shares of the company were exchanged, compared to its average volume of 2,142,173. Blue Owl Technology Finance Corp. has a 12-month low of $10.48 and a 12-month high of $21.62. The company’s fifty day moving average is $11.55. The stock has a market cap of $4.96 billion and a price-to-earnings ratio of 11.91.

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 return on equity of 7.43% and a net margin of 32.78%.The company had revenue of $325.94 million for the quarter. During the same quarter in the previous year, the company posted $0.41 EPS. On average, analysts anticipate that Blue Owl Technology Finance Corp. will post 1.26 EPS for the current year.

Blue Owl Technology Finance Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a $0.35 dividend. This is an increase 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 annualized dividend and a yield of 13.1%. Blue Owl Technology Finance’s payout ratio is presently 155.56%.

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on OTF shares. Zacks Research lowered shares of Blue Owl Technology Finance from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Royal Bank Of Canada reduced their price objective on shares of Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Monday, May 18th. Keefe, Bruyette & Woods reduced their price objective on shares of 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. Wells Fargo & Company reduced their price objective on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Finally, Citizens Jmp reduced their price objective on shares of 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. Three 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’s stock. According to MarketBeat.com, Blue Owl Technology Finance has an average rating of “Hold” and a consensus price target of $13.40.

Hedge Funds Weigh In On Blue Owl Technology Finance

Several institutional investors have recently bought and sold shares of the company. NewEdge Wealth LLC grew its position in Blue Owl Technology Finance by 3.3% in the 4th quarter. NewEdge Wealth LLC now owns 69,925 shares of the company’s stock valued at $1,017,000 after acquiring an additional 2,218 shares in the last quarter. Lido Advisors LLC grew its position in Blue Owl Technology Finance by 22.6% in the 4th quarter. Lido Advisors LLC now owns 14,545 shares of the company’s stock valued at $208,000 after acquiring an additional 2,683 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new position in Blue Owl Technology Finance in the 4th quarter valued at about $44,000. Kestra Advisory Services LLC grew its position in Blue Owl Technology Finance by 39.1% in the 1st quarter. Kestra Advisory Services LLC now owns 12,241 shares of the company’s stock valued at $152,000 after acquiring an additional 3,443 shares in the last quarter. 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 acquiring an additional 4,334 shares in the last quarter.

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.