Blue Owl Technology Finance Corp. (NYSE:OTF) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Blue Owl Technology Finance Corp. (NYSE:OTF) have been given an average recommendation of “Moderate Buy” by the six brokerages that are currently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $13.40.

Several research analysts have recently issued reports on the company. Royal Bank Of Canada decreased 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. Keefe, Bruyette & Woods cut 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 research note on Tuesday, May 12th. Zacks Research raised shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Citizens Jmp decreased their target price on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 22nd. Finally, Wells Fargo & Company lowered their target price on shares of 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.

Insider Activity at Blue Owl Technology Finance

In related news, Director Chris Temple acquired 7,000 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were 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 of the company’s stock, valued at $128,520. The trade was a 140.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Melissa Weiler acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were bought at an average price of $10.90 per share, for a total transaction of $109,000.00. Following the purchase, the director directly owned 10,000 shares of the company’s stock, valued at approximately $109,000. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 18,000 shares of company stock valued at $194,710 over the last quarter. Insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Blue Owl Technology Finance

Several hedge funds have recently modified their holdings of the company. California State Teachers Retirement System acquired a new stake in shares of Blue Owl Technology Finance in the first quarter valued at $250,556,000. Orange County Employees Retirement System bought a new position in Blue Owl Technology Finance during the fourth quarter valued at about $116,497,000. Capricorn Investment Group LLC acquired a new position in Blue Owl Technology Finance during the fourth quarter worth about $78,915,000. Rivernorth Capital Management LLC grew its holdings in Blue Owl Technology Finance by 12.5% during the first quarter. Rivernorth Capital Management LLC now owns 2,176,269 shares of the company’s stock worth $26,964,000 after acquiring an additional 241,543 shares during the period. Finally, Franklin Resources Inc. raised its position in 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 in the last quarter.

Blue Owl Technology Finance Price Performance

Shares of OTF stock opened at $9.98 on Friday. Blue Owl Technology Finance has a 12-month low of $9.75 and a 12-month high of $15.82. The firm has a market capitalization of $4.62 billion and a price-to-earnings ratio of 11.09. The business has a 50 day simple moving average of $10.55 and a 200 day simple moving average of $11.56.

Blue Owl Technology Finance (NYSE:OTF) last announced its earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.02). Blue Owl Technology Finance had a net margin of 32.78% and a return on equity of 7.43%. The business had revenue of $222.12 million for the quarter. During the same quarter in the prior year, the firm earned $0.41 earnings per share. On average, equities analysts anticipate that Blue Owl Technology Finance will post 1.26 EPS for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 14.0%. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date was Tuesday, June 30th. Blue Owl Technology Finance’s payout ratio is 155.56%.

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.