Insider Buying: Blue Owl Technology Finance (NYSE:OTF) Director Purchases $11,370.00 in Stock

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Eric Kaye purchased 1,000 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was bought at an average price of $11.37 per share, with a total value of $11,370.00. Following the acquisition, the director directly owned 3,000 shares in the company, valued at approximately $34,110. This represents a 50.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Blue Owl Technology Finance Trading Down 1.7%

OTF stock opened at $11.43 on Thursday. The company has a market cap of $5.24 billion, a P/E ratio of 14.28 and a beta of -0.73. Blue Owl Technology Finance Corp. has a 52 week low of $9.75 and a 52 week high of $15.82. The company’s 50-day moving average price is $10.69 and its 200 day moving average price is $11.20.

Blue Owl Technology Finance (NYSE:OTF) last issued its earnings results on Wednesday, August 5th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.02. Blue Owl Technology Finance had a net margin of 28.69% and a return on equity of 7.17%. The company had revenue of $279.54 million for the quarter. During the same quarter in the previous year, the company posted $0.45 earnings per share. On average, equities research analysts expect that Blue Owl Technology Finance Corp. will post 1.25 earnings per share for the current year.

Blue Owl Technology Finance Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a $0.35 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 12.3%. This is an increase from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s payout ratio is currently 175.00%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System acquired a new stake in Blue Owl Technology Finance during the 1st quarter valued at $250,556,000. Orange County Employees Retirement System acquired a new position in shares of Blue Owl Technology Finance in the fourth quarter worth $116,497,000. Capricorn Investment Group LLC acquired a new position in shares of Blue Owl Technology Finance in the fourth quarter worth $78,915,000. Franklin Resources Inc. raised its holdings in shares of Blue Owl Technology Finance by 155,006.8% in the fourth quarter. Franklin Resources Inc. now owns 1,754,258 shares of the company’s stock worth $25,507,000 after acquiring an additional 1,753,127 shares during the last quarter. Finally, Rivernorth Capital Management LLC lifted its position in shares of Blue Owl Technology Finance by 374.2% in the fourth quarter. Rivernorth Capital Management LLC now owns 1,934,726 shares of the company’s stock valued at $28,131,000 after acquiring an additional 1,526,695 shares in the last quarter.

Analysts Set New Price Targets

OTF has been the subject of several research reports. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $12.00 price objective on shares of Blue Owl Technology Finance in a report on Monday, August 17th. 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 report on Friday, May 8th. Citigroup reaffirmed an “outperform” rating on shares of Blue Owl Technology Finance in a research note on Friday, August 7th. Zacks Research raised Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 10th. Finally, Truist Financial lowered their price objective on shares of Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.60.

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.