Key Points
- Director buying: Blue Owl Technology Finance director Melissa Weiler purchased 10,000 shares on May 13 at $10.90 each, spending $109,000 and increasing her direct ownership to 10,000 shares.
- Dividend boost: The company raised its quarterly dividend to $0.35 per share from $0.05, implying an annualized dividend of $1.40 and a yield of about 12.6%. The payout is scheduled for July 15, with the ex-dividend date on June 30.
- Mixed operating signals: Blue Owl Technology Finance recently missed quarterly EPS estimates, reporting $0.29 versus $0.31 expected, while analysts currently have a consensus Hold rating with an average price target of $14.00.
Blue Owl Technology Finance Corp. (NYSE:OTF - Get Free Report) Director Melissa Weiler bought 10,000 shares of the company's stock in a transaction on Wednesday, May 13th. The shares were bought at an average cost of $10.90 per share, for a total transaction of $109,000.00. Following the transaction, the director directly owned 10,000 shares in the company, valued at approximately $109,000. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Blue Owl Technology Finance Price Performance
Shares of NYSE OTF opened at $11.16 on Friday. The company has a market cap of $5.16 billion and a PE ratio of 12.39. The firm's fifty day moving average is $11.68. Blue Owl Technology Finance Corp. has a 12-month low of $10.67 and a 12-month high of $21.62.
Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.02). The company had revenue of $325.94 million for the quarter. Blue Owl Technology Finance had a net margin of 32.78% and a return on equity of 7.43%. During the same quarter in the previous year, the business earned $0.41 earnings per share. As a group, analysts forecast that Blue Owl Technology Finance Corp. will post 1.29 EPS for the current year.
Blue Owl Technology Finance Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.35 per share. This is a boost from Blue Owl Technology Finance's previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 annualized dividend and a yield of 12.6%. Blue Owl Technology Finance's payout ratio is 155.56%.
Blue Owl Technology Finance announced that its Board of Directors has initiated 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 shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.
Analyst Upgrades and Downgrades
Several analysts have recently commented on the company. Zacks Research lowered Blue Owl Technology Finance from a "hold" rating to a "strong sell" rating in a report on Tuesday. Truist Financial decreased their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a "buy" rating for the company in a report on Monday, February 23rd. Keefe, Bruyette & Woods decreased their price objective on Blue Owl Technology Finance from $13.00 to $12.00 and set a "market perform" rating for the company in a report on Tuesday. Citizens Jmp decreased their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a "market outperform" rating for the company in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company decreased their price objective on Blue Owl Technology Finance from $13.00 to $12.00 and set an "overweight" rating for the company in a report on Friday, May 8th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $14.00.
Check Out Our Latest Research Report on Blue Owl Technology Finance
Institutional Investors Weigh In On Blue Owl Technology Finance
Several hedge funds and other institutional investors have recently added to or reduced their stakes in OTF. QP Wealth Management LLC purchased a new position in shares of Blue Owl Technology Finance during the 4th quarter valued at about $168,000. Wealth Enhancement Advisory Services LLC raised 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 valued at $1,044,000 after buying an additional 42,888 shares during the last quarter. Norden Group LLC purchased a new position in shares of Blue Owl Technology Finance during the 4th quarter valued at about $169,000. Pallas Capital Advisors LLC raised 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 valued at $1,243,000 after buying an additional 73,966 shares during the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. raised 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 valued at $704,000 after buying an additional 26,510 shares during 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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