Key Points
- Director Chris Temple bought 5,000 shares on Feb. 25 at an average price of $11.49 per share (totaling $57,450), a transaction disclosed in an SEC filing.
- Quarterly dividend increased to $0.35 (from $0.05), representing a $1.40 annualized payout and a roughly 12.6% yield; the ex-dividend date is March 31 and the dividend will be paid April 15.
- Board approved a $300 million share buyback, authorizing repurchases of up to about 5.1% of outstanding shares, a move typically signaling management believes the stock is undervalued.
Blue Owl Technology Finance Corp. (NYSE:OTF - Get Free Report) Director Chris Temple bought 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 25th. The shares were acquired at an average cost of $11.49 per share, with a total value of $57,450.00. Following the purchase, the director directly owned 5,000 shares of the company's stock, valued at $57,450. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.
Blue Owl Technology Finance Price Performance
OTF traded down $0.34 during trading on Friday, hitting $11.13. The company's stock had a trading volume of 252,617 shares, compared to its average volume of 1,998,327. The stock has a market capitalization of $5.18 billion and a price-to-earnings ratio of 6.55. Blue Owl Technology Finance Corp. has a twelve month low of $10.99 and a twelve month high of $21.62. The business's fifty day simple moving average is $13.20.
Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last released its quarterly earnings data on Wednesday, February 18th. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.02). Blue Owl Technology Finance had a net margin of 62.89% and a return on equity of 6.91%. The company had revenue of $320.58 million during the quarter, compared to the consensus estimate of $326.27 million.
Blue Owl Technology Finance Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 12.6%. This is an increase from Blue Owl Technology Finance's previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Tuesday, March 31st. Blue Owl Technology Finance's payout ratio is presently 82.35%.
Blue Owl Technology Finance declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 18th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the stock. Orange County Employees Retirement System bought a new position in Blue Owl Technology Finance during the 4th quarter valued at $116,497,000. Capricorn Investment Group LLC bought a new position in shares of Blue Owl Technology Finance during the fourth quarter valued at about $78,915,000. Franklin Resources Inc. boosted its holdings in Blue Owl Technology Finance by 155,006.8% during the fourth quarter. Franklin Resources Inc. now owns 1,754,258 shares of the company's stock worth $25,507,000 after purchasing an additional 1,753,127 shares during the last quarter. Rivernorth Capital Management LLC grew its position in Blue Owl Technology Finance by 374.2% in the 4th quarter. Rivernorth Capital Management LLC now owns 1,934,726 shares of the company's stock worth $28,131,000 after purchasing an additional 1,526,695 shares in the last quarter. Finally, Ares Management LLC increased its stake in Blue Owl Technology Finance by 111.5% in the 4th quarter. Ares Management LLC now owns 1,140,168 shares of the company's stock valued at $16,578,000 after buying an additional 601,104 shares during the last quarter.
Analyst Ratings Changes
A number of research analysts recently weighed in on OTF shares. Wells Fargo & Company dropped their price target on Blue Owl Technology Finance from $15.00 to $13.00 and set an "overweight" rating on the stock in a research note on Friday, February 20th. Keefe, Bruyette & Woods decreased their price objective on Blue Owl Technology Finance from $16.00 to $13.00 and set a "market perform" rating for the company in a report on Monday. Zacks Research upgraded Blue Owl Technology Finance from a "strong sell" rating to a "hold" rating in a report on Monday, January 26th. Finally, Truist Financial reduced their price target on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a "buy" rating for the company in a research report on Monday. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Blue Owl Technology Finance currently has a consensus rating of "Moderate Buy" and a consensus target price of $14.00.
Get Our Latest Stock Analysis on OTF
Blue Owl Technology Finance Company Profile
(
Get Free Report)
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.
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