Requisite Capital Management LLC increased its stake in shares of Blue Owl Technology Finance Corp. (NYSE:OTF – Free Report) by 141.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 674,624 shares of the company’s stock after purchasing an additional 394,895 shares during the quarter. Blue Owl Technology Finance makes up 1.9% of Requisite Capital Management LLC’s holdings, making the stock its 9th largest position. Requisite Capital Management LLC’s holdings in Blue Owl Technology Finance were worth $10,078,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently made changes to their positions in the stock. NewEdge Wealth LLC lifted its stake in shares of Blue Owl Technology Finance by 3.3% during the 4th quarter. NewEdge Wealth LLC now owns 69,925 shares of the company’s stock worth $1,017,000 after purchasing an additional 2,218 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in shares of Blue Owl Technology Finance during the 4th quarter worth $44,000. Cornerstone Partners Capital Management LLC purchased a new stake in shares of Blue Owl Technology Finance during the 4th quarter worth $146,000. QP Wealth Management LLC purchased a new stake in shares of Blue Owl Technology Finance during the 4th quarter worth $168,000. Finally, Norden Group LLC purchased a new stake in shares of Blue Owl Technology Finance during the 4th quarter worth $169,000.
Blue Owl Technology Finance Stock Performance
Blue Owl Technology Finance stock opened at $11.14 on Monday. The company has a 50-day simple moving average of $11.67. Blue Owl Technology Finance Corp. has a one year low of $10.67 and a one year high of $21.62. The stock has a market capitalization of $5.15 billion and a PE ratio of 12.38.
Blue Owl Technology Finance Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 12.6%. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date is Tuesday, June 30th. Blue Owl Technology Finance’s dividend payout ratio (DPR) is 155.56%.
Blue Owl Technology Finance declared that its Board of Directors has authorized a share repurchase plan on Wednesday, February 18th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on the company. 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 research note on Friday, May 8th. 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 research note on Tuesday, May 12th. 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 research note on Wednesday, April 22nd. 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 research note on Monday, February 23rd. Finally, Zacks Research cut Blue Owl Technology Finance from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Blue Owl Technology Finance has an average rating of “Hold” and an average target price of $14.00.
View Our Latest Research Report on Blue Owl Technology Finance
Insider Transactions at Blue Owl Technology Finance
In other Blue Owl Technology Finance news, Director Chris Temple purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was bought at an average cost of $11.49 per share, for a total transaction of $57,450.00. Following the completion of the purchase, the director owned 5,000 shares in the company, valued at $57,450. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Melissa Weiler purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was acquired at an average price of $10.90 per share, with a total value of $109,000.00. Following the completion of the purchase, the director owned 10,000 shares of the company’s stock, valued at $109,000. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders acquired 17,000 shares of company stock valued at $188,630. 0.05% of the stock is currently owned by company insiders.
Blue Owl Technology Finance Profile
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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