Blue Owl Technology Finance (NYSE:OTF) Sets New 12-Month Low – Here’s What Happened

Blue Owl Technology Finance Corp. (NYSE:OTFGet Free Report)’s stock price reached a new 52-week low during trading on Wednesday . The stock traded as low as $10.12 and last traded at $10.1660, with a volume of 1563137 shares trading hands. The stock had previously closed at $10.26.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on OTF. Zacks Research raised Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Royal Bank Of Canada cut their price objective on Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Monday, May 18th. Citizens Jmp decreased their target price on 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. 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 note on Tuesday, May 12th. Finally, Wells Fargo & Company cut their price target on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $13.40.

Check Out Our Latest Stock Report on Blue Owl Technology Finance

Blue Owl Technology Finance Trading Down 0.9%

The stock’s 50 day moving average is $10.87. The stock has a market cap of $4.71 billion and a price-to-earnings ratio of 11.32.

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 analysts’ consensus estimates 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 firm had revenue of $222.12 million for the quarter. During the same quarter in the previous year, the company earned $0.41 earnings per share. As a group, research analysts expect that Blue Owl Technology Finance Corp. will post 1.26 EPS for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This is an increase from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. This represents a $1.40 dividend on an annualized basis and a dividend yield of 13.8%. Blue Owl Technology Finance’s dividend payout ratio is 155.56%.

Insider Transactions at Blue Owl Technology Finance

In related news, Director Melissa Weiler bought 10,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The stock was acquired at an average price of $10.90 per share, for a total transaction of $109,000.00. Following the purchase, the director directly owned 10,000 shares in the company, valued at $109,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Chris Temple acquired 7,000 shares of Blue Owl Technology Finance stock in a transaction that occurred on 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 purchase, the director owned 12,000 shares of the company’s stock, valued at $128,520. This represents a 140.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 18,000 shares of company stock worth $194,710 in the last three months. 0.05% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OTF. Prota Financial LLC increased its position in shares of Blue Owl Technology Finance by 46.8% during the 2nd quarter. Prota Financial LLC now owns 87,842 shares of the company’s stock valued at $936,000 after purchasing an additional 27,997 shares during the last quarter. Confluence Investment Management LLC bought a new stake in shares of Blue Owl Technology Finance in the 2nd quarter valued at about $322,000. PVG Asset Management Corp purchased a new stake in Blue Owl Technology Finance during the 1st quarter valued at about $770,000. NewEdge Advisors LLC grew its position in Blue Owl Technology Finance by 271.1% during the 1st quarter. NewEdge Advisors LLC now owns 63,378 shares of the company’s stock worth $785,000 after acquiring an additional 46,300 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Blue Owl Technology Finance by 54.5% in the 1st quarter. Bank of America Corp DE now owns 1,098,349 shares of the company’s stock worth $13,609,000 after purchasing an additional 387,404 shares during the period.

About Blue Owl Technology Finance

(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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