Brokerages Set Blue Owl Technology Finance Corp. (NYSE:OTF) Price Target at $13.40

Shares of Blue Owl Technology Finance Corp. (NYSE:OTFGet Free Report) have received a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $13.40.

Several equities analysts have commented on OTF shares. Wells Fargo & Company decreased their price target on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Keefe, Bruyette & Woods decreased their price target on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating for the company in a research report on Tuesday, May 12th. Citizens Jmp decreased their price target 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. Truist Financial decreased their price target on shares of Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Finally, Royal Bank Of Canada decreased their price target on shares of Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Monday, May 18th.

View Our Latest Stock Report on OTF

Insider Buying and Selling at Blue Owl Technology Finance

In other news, Director Melissa Weiler acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was acquired at an average cost of $10.90 per share, with a total value of $109,000.00. Following the transaction, the director owned 10,000 shares in the company, valued at approximately $109,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Chris Temple acquired 7,000 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were purchased at an average cost of $10.71 per share, with a total value of $74,970.00. Following the completion of the transaction, the director owned 12,000 shares in the company, valued at approximately $128,520. The trade was a 140.00% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have bought 18,000 shares of company stock valued at $194,710. Corporate insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Blue Owl Technology Finance

Several institutional investors have recently modified their holdings of OTF. California State Teachers Retirement System acquired a new stake in Blue Owl Technology Finance during the 1st quarter worth $250,556,000. Orange County Employees Retirement System acquired a new stake in Blue Owl Technology Finance during the 4th quarter worth $116,497,000. Capricorn Investment Group LLC acquired a new stake in Blue Owl Technology Finance during the 4th quarter worth $78,915,000. Rivernorth Capital Management LLC raised its stake in Blue Owl Technology Finance by 12.5% during the 1st 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 in the last quarter. Finally, Franklin Resources Inc. raised its stake in 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.

Blue Owl Technology Finance Price Performance

Shares of OTF stock opened at $11.02 on Friday. Blue Owl Technology Finance has a 52 week low of $10.48 and a 52 week high of $16.10. The stock has a market cap of $5.10 billion and a PE ratio of 12.24. The firm has a 50 day simple moving average of $11.19.

Blue Owl Technology Finance (NYSE:OTFGet Free Report) last issued its quarterly 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 $222.12 million during the quarter. During the same period in the previous year, the company earned $0.41 earnings per share. On average, sell-side analysts predict that Blue Owl Technology Finance will post 1.26 earnings per share for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.35 per share. 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, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 12.7%. Blue Owl Technology Finance’s dividend payout ratio is presently 155.56%.

Blue Owl Technology Finance announced that its board has initiated a stock buyback program on Wednesday, February 18th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to repurchase up to 5.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

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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Analyst Recommendations for Blue Owl Technology Finance (NYSE:OTF)

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