Blue Owl Capital Corporation $OBDC Holdings Lifted by Rivernorth Capital Management LLC

Key Points

• Institutional ownership increased: Rivernorth Capital Management raised its Blue Owl Capital holdings by 181.6% to 1.43 million shares, while other major investors also added positions. Institutional investors now own 42.83% of OBDC.
• Analysts remain moderately positive: OBDC has a consensus “Moderate Buy” rating and an average price target of $13.00, although several firms recently lowered their targets. The stock opened at $11.04, near its 50-day average.
• Quarterly results missed estimates: Blue Owl reported $0.31 in earnings per share and $391 million in revenue, below analyst expectations of $0.35 and $422.02 million, respectively. It paid a $0.31 quarterly dividend, representing an 11.2% annualized yield, but its payout ratio is elevated at 177.14%.

Rivernorth Capital Management LLC increased its holdings in Blue Owl Capital Corporation (NYSE:OBDC - Free Report) by 181.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,426,822 shares of the company's stock after acquiring an additional 920,180 shares during the period. Blue Owl Capital comprises about 0.8% of Rivernorth Capital Management LLC's holdings, making the stock its 26th largest holding. Rivernorth Capital Management LLC owned approximately 0.29% of Blue Owl Capital worth $15,781,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Strs Ohio boosted its holdings in shares of Blue Owl Capital by 411.4% during the first quarter. Strs Ohio now owns 10,941,976 shares of the company's stock worth $121,018,000 after purchasing an additional 8,802,373 shares during the period. Lalia Capital LLC purchased a new stake in Blue Owl Capital in the 4th quarter worth approximately $37,991,000. UBS Group AG lifted its position in Blue Owl Capital by 40.6% in the 4th quarter. UBS Group AG now owns 8,528,672 shares of the company's stock worth $106,011,000 after buying an additional 2,463,080 shares in the last quarter. Private Management Group Inc. acquired a new stake in shares of Blue Owl Capital during the 4th quarter valued at $27,012,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Blue Owl Capital by 142.6% during the 4th quarter. Wells Fargo & Company MN now owns 3,440,960 shares of the company's stock valued at $42,771,000 after acquiring an additional 2,022,806 shares in the last quarter. Hedge funds and other institutional investors own 42.83% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on OBDC shares. Capital One Financial set a $13.00 price objective on Blue Owl Capital in a report on Friday. Wells Fargo & Company cut their price target on Blue Owl Capital from $12.00 to $11.00 and set an "equal weight" rating for the company in a research note on Friday, May 8th. Truist Financial lowered their price target on Blue Owl Capital from $15.00 to $13.00 and set a "buy" rating for the company in a research note on Tuesday, May 19th. Keefe, Bruyette & Woods dropped their price objective on Blue Owl Capital from $12.50 to $12.00 and set a "market perform" rating on the stock in a report on Thursday, April 16th. Finally, Wall Street Zen upgraded shares of Blue Owl Capital from a "sell" rating to a "hold" rating in a research note on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Blue Owl Capital currently has a consensus rating of "Moderate Buy" and an average price target of $13.00.

Blue Owl Capital Stock Up 1.1%

OBDC opened at $11.04 on Wednesday. Blue Owl Capital Corporation has a twelve month low of $10.52 and a twelve month high of $14.65. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.24 and a current ratio of 1.24. The business has a 50 day moving average price of $10.99 and a 200 day moving average price of $11.35. The firm has a market cap of $5.48 billion, a P/E ratio of 15.76 and a beta of 0.62.

Blue Owl Capital (NYSE:OBDC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.35 by ($0.04). The firm had revenue of $391.00 million during the quarter, compared to analyst estimates of $422.02 million. Blue Owl Capital had a return on equity of 9.76% and a net margin of 20.21%. Research analysts forecast that Blue Owl Capital Corporation will post 1.27 EPS for the current year.

Blue Owl Capital Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.24 dividend on an annualized basis and a yield of 11.2%. Blue Owl Capital's payout ratio is currently 177.14%.

About Blue Owl Capital

Blue Owl Capital Corporation NYSE: OBDC is a publicly traded business development company sponsored by Blue Owl Capital, a global alternative asset manager. Launched in 2020, the firm provides customized financing solutions to middle-market companies across various industries. As an externally managed BDC, Blue Owl Capital Corporation leverages the deep credit‐investment capabilities of its sponsor to deliver flexible capital tailored to the needs of growing businesses.

The company's investment activities span a range of private credit products, including first‐lien senior secured loans, unitranche facilities, second‐lien financings, mezzanine debt, and minority equity co-investments.

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