Key Points
- Director Eric Kaye bought 1,000 shares of Blue Owl Technology Finance at an average price of $10.74, increasing his direct stake to 2,000 shares and doubling his position.
- The company recently reported Q1 earnings of $0.29 per share, missing analyst expectations of $0.31, while revenue came in at $325.94 million.
- Blue Owl Technology Finance raised its quarterly dividend to $0.35 per share, implying an annualized yield of 13.0%, and also has a $300 million share repurchase authorization in place.
Blue Owl Technology Finance Corp. (NYSE:OTF - Get Free Report) Director Eric Kaye purchased 1,000 shares of the company's stock in a transaction dated Monday, May 11th. The shares were bought at an average price of $10.74 per share, for a total transaction of $10,740.00. Following the completion of the transaction, the director directly owned 2,000 shares in the company, valued at approximately $21,480. This trade represents a 100.00% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Blue Owl Technology Finance Price Performance
Shares of Blue Owl Technology Finance stock opened at $10.73 on Wednesday. The business's 50 day moving average is $11.71. The firm has a market cap of $4.97 billion and a PE ratio of 11.93. Blue Owl Technology Finance Corp. has a twelve month low of $10.67 and a twelve month high of $21.62.
Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates 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 $325.94 million for the quarter. During the same quarter last year, the firm earned $0.41 EPS. As a group, research analysts forecast that Blue Owl Technology Finance Corp. will post 1.31 EPS for the current year.
Blue Owl Technology Finance announced that its board has approved a stock repurchase plan on Wednesday, February 18th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.
Blue Owl Technology Finance Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a $0.35 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.40 annualized dividend and a yield of 13.0%. This is an increase from Blue Owl Technology Finance's previous quarterly dividend of $0.05. Blue Owl Technology Finance's payout ratio is 155.56%.
Wall Street Analyst Weigh In
Several research firms recently commented on OTF. Citizens Jmp lowered their target price on Blue Owl Technology Finance from $17.00 to $16.00 and set a "market outperform" rating on the stock in a research report on Wednesday, April 22nd. Wells Fargo & Company lowered their target price on Blue Owl Technology Finance from $13.00 to $12.00 and set an "overweight" rating on the stock in a research report on Friday, May 8th. Zacks Research upgraded Blue Owl Technology Finance from a "strong sell" rating to a "hold" rating in a research report on Monday, January 26th. Keefe, Bruyette & Woods lowered their target price on Blue Owl Technology Finance from $13.00 to $12.00 and set a "market perform" rating on the stock in a research report on Tuesday. Finally, Truist Financial lowered their target price on Blue Owl Technology Finance from $17.00 to $16.00 and set a "buy" rating on the stock in a research report on Monday, February 23rd. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.00.
Check Out Our Latest Report on Blue Owl Technology Finance
Hedge Funds Weigh In On Blue Owl Technology Finance
A number of institutional investors and hedge funds have recently added to or reduced their stakes in OTF. QP Wealth Management LLC bought a new position in Blue Owl Technology Finance during the 4th quarter valued at $168,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Blue Owl Technology Finance by 137.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 73,992 shares of the company's stock worth $1,044,000 after acquiring an additional 42,888 shares in the last quarter. Norden Group LLC bought a new stake in shares of Blue Owl Technology Finance during the 4th quarter worth $169,000. Pallas Capital Advisors LLC boosted its stake in shares of Blue Owl Technology Finance by 642.4% during the 4th quarter. Pallas Capital Advisors LLC now owns 85,480 shares of the company's stock worth $1,243,000 after acquiring an additional 73,966 shares in the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. boosted its stake in shares of Blue Owl Technology Finance by 121.0% during the 4th quarter. Generali Investments CEE investicni spolecnost a.s. now owns 48,426 shares of the company's stock worth $704,000 after acquiring an additional 26,510 shares in the last quarter.
Blue Owl Technology Finance Company Profile
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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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