Blue Owl Technology Finance (NYSE:OTF) Director Buys $74,970.00 in Stock

Key Points

• Director Chris Temple bought 7,000 shares of Blue Owl Technology Finance at $10.71 each, spending $74,970 and boosting his stake by 140% to 12,000 shares.
• The company recently missed earnings expectations, reporting $0.29 EPS versus the $0.31 consensus, though it generated $325.94 million in quarterly revenue.
• Blue Owl Technology Finance raised its quarterly dividend to $0.35 per share, implying a 13.1% annualized yield, and it also has a $300 million share repurchase authorization in place.

Blue Owl Technology Finance Corp. (NYSE:OTF - Get Free Report) Director Chris Temple purchased 7,000 shares of the business's 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 acquisition, the director owned 12,000 shares in the company, valued at $128,520. This trade represents a 140.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Blue Owl Technology Finance Stock Performance

NYSE:OTF traded up $0.07 during midday trading on Wednesday, hitting $10.72. The company's stock had a trading volume of 2,430,911 shares, compared to its average volume of 2,142,173. Blue Owl Technology Finance Corp. has a fifty-two week low of $10.48 and a fifty-two week high of $21.62. The company's 50 day simple moving average is $11.55. The company has a market capitalization of $4.96 billion and a price-to-earnings ratio of 11.91.

Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.02). The business had revenue of $325.94 million during the quarter. Blue Owl Technology Finance had a return on equity of 7.43% and a net margin of 32.78%.During the same quarter in the previous year, the business posted $0.41 EPS. On average, sell-side analysts anticipate that Blue Owl Technology Finance Corp. 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 paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 13.1%. The ex-dividend date of this dividend is Tuesday, June 30th. This is a positive change from Blue Owl Technology Finance's previous quarterly dividend of $0.05. Blue Owl Technology Finance's dividend payout ratio is 155.56%.

Blue Owl Technology Finance announced that its Board of Directors has approved a share repurchase program on Wednesday, February 18th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 5.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OTF. California State Teachers Retirement System purchased a new position in Blue Owl Technology Finance in the 1st quarter valued at $250,556,000. Orange County Employees Retirement System purchased a new position in shares of Blue Owl Technology Finance during the 4th quarter worth $116,497,000. Capricorn Investment Group LLC purchased a new position in shares of Blue Owl Technology Finance during the 4th quarter worth $78,915,000. Franklin Resources Inc. raised its holdings 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 during the period. Finally, Rivernorth Capital Management LLC raised its holdings 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 during the period.

Analyst Ratings Changes

A number of equities research analysts have recently commented on OTF shares. Truist Financial dropped their price objective on shares of Blue Owl Technology Finance from $16.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, May 19th. Zacks Research cut shares of Blue Owl Technology Finance from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 12th. Royal Bank Of Canada dropped their price target on shares of Blue Owl Technology Finance from $14.00 to $12.00 and set a "sector perform" rating on the stock in a research note on Monday, May 18th. Keefe, Bruyette & Woods dropped their price target on shares of 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, Citizens Jmp dropped their price target on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 22nd. Three research 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 data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $13.40.

About Blue Owl Technology Finance

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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