Orange County Employees Retirement System Buys New Shares in Blue Owl Technology Finance Corp. $OTF

Orange County Employees Retirement System bought a new stake in shares of Blue Owl Technology Finance Corp. (NYSE:OTF) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 8,012,165 shares of the company’s stock, valued at approximately $116,497,000. Blue Owl Technology Finance makes up approximately 60.7% of Orange County Employees Retirement System’s holdings, making the stock its biggest position.

Other large investors also recently modified their holdings of the company. Requisite Capital Management LLC lifted its stake in shares of Blue Owl Technology Finance by 141.2% during the 4th quarter. Requisite Capital Management LLC now owns 674,624 shares of the company’s stock valued at $10,078,000 after buying an additional 394,895 shares in the last quarter. Stephens Inc. AR purchased a new position in shares of Blue Owl Technology Finance during the 4th quarter valued at $8,220,000. Bayshore Capital Advisors LLC purchased a new position in shares of Blue Owl Technology Finance during the 4th quarter valued at $2,220,000. Apollon Wealth Management LLC lifted its stake in shares of Blue Owl Technology Finance by 260.2% during the 4th quarter. Apollon Wealth Management LLC now owns 72,751 shares of the company’s stock valued at $1,058,000 after buying an additional 52,551 shares in the last quarter. Finally, Denali Advisors LLC bought a new stake in Blue Owl Technology Finance during the 4th quarter valued at approximately $1,576,000.

Insider Buying and Selling

In other news, Director Chris Temple acquired 7,000 shares of Blue Owl Technology Finance stock in a transaction on Friday, May 22nd. The shares were acquired at an average price of $10.71 per share, with a total value of $74,970.00. Following the purchase, the director directly owned 12,000 shares in the company, valued at $128,520. The trade was a 140.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Melissa Weiler acquired 10,000 shares of Blue Owl Technology Finance stock in a transaction on Wednesday, May 13th. The stock was purchased at an average cost of $10.90 per share, for a total transaction of $109,000.00. Following the purchase, the director owned 10,000 shares in the company, valued at approximately $109,000. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders acquired 18,000 shares of company stock worth $194,710. Corporate insiders own 0.05% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Keefe, Bruyette & Woods lowered their price target 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. 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 research note on Friday, May 8th. Zacks Research downgraded Blue Owl Technology Finance from a “hold” rating to a “strong sell” rating in a research note 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 note on Tuesday, May 19th. Finally, 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 research note on Monday, May 18th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Blue Owl Technology Finance has a consensus rating of “Hold” and a consensus target price of $13.40.

Blue Owl Technology Finance Stock Performance

Shares of OTF stock opened at $11.16 on Friday. The stock has a market cap of $5.16 billion and a PE ratio of 12.40. Blue Owl Technology Finance Corp. has a 52 week low of $10.48 and a 52 week high of $21.62. The business has a fifty day moving average of $11.45.

Blue Owl Technology Finance (NYSE:OTF) last announced 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 $222.12 million during the quarter. During the same quarter in the prior year, the firm posted $0.41 EPS. On average, research analysts forecast that Blue Owl Technology Finance Corp. will post 1.26 EPS for the current fiscal year.

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

Blue Owl Technology Finance Increases Dividend

The company 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 $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 12.5%. 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. Blue Owl Technology Finance’s dividend payout ratio is presently 155.56%.

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.