152,650 Shares in Blue Owl Technology Finance Corp. $OTF Purchased by Bayshore Capital Advisors LLC

Key Points

• Bayshore Capital Advisors LLC disclosed a new fourth-quarter position in Blue Owl Technology Finance, buying 152,650 shares worth about $2.22 million; the stake represents roughly 1.1% of its portfolio.
• Blue Owl Technology Finance reported Q1 earnings of $0.29 per share, missing estimates, while revenue came in at $325.94 million. Analysts currently have a Moderate Buy consensus with an average price target of $14.00.
• The company authorized a $300 million share repurchase program and also raised its quarterly dividend to $0.35 per share, implying an annualized yield of about 12.9%.

Bayshore Capital Advisors LLC bought a new position in shares of Blue Owl Technology Finance Corp. (NYSE:OTF - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 152,650 shares of the company's stock, valued at approximately $2,220,000. Blue Owl Technology Finance makes up approximately 1.1% of Bayshore Capital Advisors LLC's investment portfolio, making the stock its 12th biggest position.

A number of other hedge funds have also made changes to their positions in the company. Newbridge Financial Services Group Inc. acquired a new stake in Blue Owl Technology Finance in the 4th quarter valued at about $44,000. Cornerstone Partners Capital Management LLC acquired a new stake in Blue Owl Technology Finance in the 4th quarter valued at about $146,000. QP Wealth Management LLC acquired a new stake in Blue Owl Technology Finance in the 4th quarter valued at about $168,000. Norden Group LLC acquired a new stake in Blue Owl Technology Finance in the 4th quarter valued at about $169,000. Finally, PFG Investments LLC acquired a new stake in Blue Owl Technology Finance in the 4th quarter valued at about $170,000.

Insiders Place Their Bets

In other news, Director Chris Temple acquired 5,000 shares of Blue Owl Technology Finance stock in a transaction that occurred on Wednesday, February 25th. The shares were acquired at an average price of $11.49 per share, with a total value of $57,450.00. Following the purchase, the director directly owned 5,000 shares of the company's stock, valued at $57,450. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders have purchased 7,000 shares of company stock worth $79,630. 0.05% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods lowered their price objective 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. 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 lowered their price objective on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a "buy" rating for the company in a research report on Monday, February 23rd. Citizens Jmp lowered their price objective 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. Finally, Wells Fargo & Company lowered their price objective 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. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $14.00.

Blue Owl Technology Finance Stock Up 1.4%

Shares of NYSE OTF opened at $10.88 on Thursday. The company has a market cap of $5.03 billion and a price-to-earnings ratio of 12.08. Blue Owl Technology Finance Corp. has a 1 year low of $10.67 and a 1 year high of $21.62. The company has a 50-day simple moving average of $11.70.

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). The business had revenue of $325.94 million during the quarter. Blue Owl Technology Finance had a net margin of 32.78% and a return on equity of 7.43%. During the same quarter in the previous year, the business earned $0.41 earnings per share. As a group, equities research analysts expect that Blue Owl Technology Finance Corp. will post 1.12 EPS for the current year.

Blue Owl Technology Finance declared that its board has authorized a stock 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 often a sign that the company's board of directors believes its shares are undervalued.

Blue Owl Technology Finance Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 12.9%. 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 payout ratio is 155.56%.

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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