Key Points
- Director Chris Temple bought 7,000 shares of Blue Owl Technology Finance at $10.71 each, increasing his ownership to 12,000 shares. The insider purchase was disclosed in an SEC filing.
- Blue Owl Technology Finance recently raised its quarterly dividend to $0.35 per share, implying a 13.1% annualized yield. The increase was from the prior $0.05 quarterly payout.
- The company reported Q1 earnings of $0.29 per share, missing analyst expectations of $0.31, while Wall Street now has an average Hold rating and a $13.40 target price.
Blue Owl Technology Finance Corp. (NYSE:OTF - Get Free Report) Director Chris Temple bought 7,000 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was acquired at an average price of $10.71 per share, for a total transaction of $74,970.00. Following the completion of the transaction, the director owned 12,000 shares in the company, valued at $128,520. This trade represents a 140.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Blue Owl Technology Finance Trading Up 0.6%
OTF opened at $10.72 on Thursday. Blue Owl Technology Finance Corp. has a 12 month low of $10.48 and a 12 month high of $21.62. The firm has a market cap of $4.96 billion and a PE ratio of 11.91. The firm has a 50 day simple moving average of $11.51.
Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.29 EPS 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 $325.94 million during the quarter. During the same quarter in the prior year, the company posted $0.41 EPS. As a group, equities analysts predict that Blue Owl Technology Finance Corp. will post 1.26 EPS for the current fiscal year.
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 13.1%. 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%.
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.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods decreased their price target on Blue Owl Technology Finance from $13.00 to $12.00 and set a "market perform" rating for the company in a research note on Tuesday, May 12th. 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. Zacks Research lowered Blue Owl Technology Finance from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 12th. Citizens Jmp decreased their price target on Blue Owl Technology Finance from $17.00 to $16.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 22nd. Finally, Wells Fargo & Company decreased their price target on Blue Owl Technology Finance from $13.00 to $12.00 and set an "overweight" rating for the company in a research note on Friday, May 8th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $13.40.
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. California State Teachers Retirement System bought a new position in Blue Owl Technology Finance during the 1st quarter valued at $250,556,000. Orange County Employees Retirement System bought a new stake in shares of Blue Owl Technology Finance during the 4th quarter worth $116,497,000. Capricorn Investment Group LLC bought a new stake in shares of Blue Owl Technology Finance during the 4th quarter worth $78,915,000. Franklin Resources Inc. boosted its stake in shares of Blue Owl Technology Finance by 155,006.8% during the 4th 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. Finally, Rivernorth Capital Management LLC boosted its stake in shares of Blue Owl Technology Finance by 374.2% during the 4th quarter. Rivernorth Capital Management LLC now owns 1,934,726 shares of the company's stock worth $28,131,000 after acquiring an additional 1,526,695 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.
Further Reading
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