Steel Grove Capital Advisors LLC Lowers Stake in Blue Owl Capital Corporation $OBDC

Steel Grove Capital Advisors LLC reduced its holdings in shares of Blue Owl Capital Corporation (NYSE:OBDC) by 93.8% in the fourth quarter, HoldingsChannel reports. The fund owned 10,750 shares of the company’s stock after selling 163,450 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Blue Owl Capital were worth $134,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. IFP Advisors Inc lifted its position in Blue Owl Capital by 79.6% during the 3rd quarter. IFP Advisors Inc now owns 2,096 shares of the company’s stock valued at $27,000 after acquiring an additional 929 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in Blue Owl Capital by 166.0% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 2,115 shares of the company’s stock valued at $27,000 after acquiring an additional 1,320 shares during the period. Atlantic Union Bankshares Corp purchased a new position in Blue Owl Capital during the 3rd quarter valued at about $28,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new position in Blue Owl Capital during the 3rd quarter valued at about $30,000. Finally, Assetmark Inc. purchased a new position in Blue Owl Capital during the 3rd quarter valued at about $38,000. 42.83% of the stock is owned by hedge funds and other institutional investors.

Blue Owl Capital Stock Performance

Shares of OBDC stock opened at $11.19 on Thursday. The company has a 50 day moving average price of $11.23 and a 200-day moving average price of $11.88. Blue Owl Capital Corporation has a 52 week low of $10.52 and a 52 week high of $15.19. The firm has a market capitalization of $5.55 billion, a PE ratio of 15.99 and a beta of 0.64. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.18.

Blue Owl Capital (NYSE:OBDC) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.04). The business had revenue of $391.00 million during the quarter, compared to analysts’ expectations of $422.02 million. Blue Owl Capital had a return on equity of 9.76% and a net margin of 20.21%. As a group, equities research analysts expect that Blue Owl Capital Corporation will post 1.27 earnings per share for the current year.

Blue Owl Capital Cuts Dividend

The firm 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 $0.31 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 11.1%. Blue Owl Capital’s dividend payout ratio (DPR) is presently 211.43%.

Blue Owl Capital declared that its board has initiated a share repurchase program on Wednesday, February 18th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on OBDC shares. Truist Financial reduced their price objective on shares of Blue Owl Capital from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Keefe, Bruyette & Woods reduced their price objective on shares of Blue Owl Capital from $12.50 to $12.00 and set a “market perform” rating for the company in a research note on Thursday, April 16th. Wall Street Zen lowered shares of Blue Owl Capital from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Zacks Research upgraded shares of Blue Owl Capital from a “strong sell” rating to a “hold” rating in a research note on Monday, February 23rd. Finally, Wells Fargo & Company reduced their price objective on shares of Blue Owl Capital from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Blue Owl Capital has a consensus rating of “Moderate Buy” and a consensus target price of $13.00.

About Blue Owl Capital

Blue Owl Capital Corporation (NYSE: OBDC) is a publicly traded business development company sponsored by Blue Owl Capital, a global alternative asset manager. Launched in 2020, the firm provides customized financing solutions to middle-market companies across various industries. As an externally managed BDC, Blue Owl Capital Corporation leverages the deep credit‐investment capabilities of its sponsor to deliver flexible capital tailored to the needs of growing businesses.

The company’s investment activities span a range of private credit products, including first‐lien senior secured loans, unitranche facilities, second‐lien financings, mezzanine debt, and minority equity co-investments.