Blue Owl Technology Finance (NYSE:OTF) Director Eric Kaye Purchases 1,000 Shares

Key Points

• Director Eric Kaye bought 1,000 shares of Blue Owl Technology Finance at $10.74 per share, doubling his direct stake to 2,000 shares.
• The stock traded near its 12-month low, falling 0.2% to $10.73, while the company reported quarterly EPS of $0.29, missing analyst estimates by $0.02.
• Blue Owl Technology Finance announced a $300 million share buyback and raised its quarterly dividend to $0.35 per share, implying a 13.0% annualized yield.

Blue Owl Technology Finance Corp. (NYSE:OTF - Get Free Report) Director Eric Kaye bought 1,000 shares of the company's stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average price of $10.74 per share, for a total transaction of $10,740.00. Following the acquisition, the director directly owned 2,000 shares of the company's stock, valued at $21,480. The trade was a 100.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Blue Owl Technology Finance Trading Down 0.2%

OTF stock traded down $0.03 on Tuesday, hitting $10.73. The company had a trading volume of 1,648,265 shares, compared to its average volume of 2,165,775. Blue Owl Technology Finance Corp. has a 12-month low of $10.67 and a 12-month high of $21.62. The company has a 50-day moving average of $11.72. The company has a market capitalization of $4.97 billion and a PE ratio of 11.93.

Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.02). Blue Owl Technology Finance had a return on equity of 7.43% and a net margin of 32.78%.The company had revenue of $325.94 million during the quarter. During the same quarter in the prior year, the company earned $0.41 EPS. Analysts anticipate that Blue Owl Technology Finance Corp. will post 1.31 earnings per share for the current year.

Blue Owl Technology Finance announced that its Board of Directors has initiated a stock buyback program on Wednesday, February 18th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Blue Owl Technology Finance Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a $0.35 dividend. This is an increase from Blue Owl Technology Finance's previous quarterly dividend of $0.05. This represents a $1.40 annualized dividend and a yield of 13.0%. The ex-dividend date is Tuesday, June 30th. Blue Owl Technology Finance's dividend payout ratio is 155.56%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on OTF shares. 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 on the stock in a research report on Tuesday. 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 on the stock in a research report on Friday. Zacks Research upgraded shares of Blue Owl Technology Finance from a "strong sell" rating to a "hold" rating in a research report on Monday, January 26th. Truist Financial decreased their price target on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a "buy" rating on the stock in a research report on Monday, February 23rd. Finally, 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 on the stock in a research report on Wednesday, April 22nd. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.00.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Bulldog Investors LLP raised its position in shares of Blue Owl Technology Finance by 9.7% during the 1st quarter. Bulldog Investors LLP now owns 675,861 shares of the company's stock valued at $8,374,000 after purchasing an additional 60,013 shares during the period. Angeles Wealth Management LLC bought a new stake in shares of Blue Owl Technology Finance during the 1st quarter valued at $166,000. Independent Financial Group LLC bought a new stake in shares of Blue Owl Technology Finance during the 1st quarter valued at $478,000. Bank of New York Mellon Corp raised its position in shares of Blue Owl Technology Finance by 16.7% during the 1st quarter. Bank of New York Mellon Corp now owns 145,153 shares of the company's stock valued at $1,798,000 after purchasing an additional 20,728 shares during the period. Finally, Sanctuary Advisors LLC raised its position in shares of Blue Owl Technology Finance by 89.5% during the 1st quarter. Sanctuary Advisors LLC now owns 283,099 shares of the company's stock valued at $3,508,000 after purchasing an additional 133,722 shares during the period.

Blue Owl Technology Finance Company 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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