Next Capital Management LLC Acquires 1,219,235 Shares of Blue Owl Capital Corporation $OBDC

Key Points

• Next Capital Management massively increased its Blue Owl Capital stake, boosting holdings by 610.9% to 1.42 million shares, worth about $15.8 million and making OBDC its third-largest holding.
• Several other institutional investors also added to or initiated positions, and 42.83% of Blue Owl Capital is now owned by institutions and hedge funds.
• Analysts remain cautious overall: the stock has a Moderate Buy consensus with a $13 average target, but recent reports included price-target cuts and one downgrade to Sell; shares were down 1.7% at $10.99 and the company recently missed quarterly EPS and revenue estimates.

Next Capital Management LLC boosted its holdings in Blue Owl Capital Corporation (NYSE:OBDC - Free Report) by 610.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,418,819 shares of the company's stock after acquiring an additional 1,219,235 shares during the period. Blue Owl Capital comprises about 4.8% of Next Capital Management LLC's investment portfolio, making the stock its 3rd biggest holding. Next Capital Management LLC owned about 0.29% of Blue Owl Capital worth $15,789,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of OBDC. Strs Ohio raised its position in shares of Blue Owl Capital by 411.4% during the 1st 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 acquired a new position in Blue Owl Capital during the 4th quarter valued at approximately $37,991,000. UBS Group AG boosted its position in Blue Owl Capital by 40.6% during the 4th quarter. UBS Group AG now owns 8,528,672 shares of the company's stock valued at $106,011,000 after purchasing an additional 2,463,080 shares during the period. Private Management Group Inc. acquired a new position in Blue Owl Capital during the 4th quarter valued at approximately $27,012,000. Finally, Wells Fargo & Company MN grew its stake in 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 worth $42,771,000 after buying an additional 2,022,806 shares during the last quarter. 42.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on OBDC shares. Keefe, Bruyette & Woods cut their target price on Blue Owl Capital from $12.50 to $12.00 and set a "market perform" rating on the stock in a research note on Thursday, April 16th. Wall Street Zen lowered shares of Blue Owl Capital from a "hold" rating to a "sell" rating in a research report on Sunday, July 12th. Wells Fargo & Company dropped their price objective on shares of Blue Owl Capital from $12.00 to $11.00 and set an "equal weight" rating on the stock in a report on Friday, May 8th. Finally, Truist Financial cut their price objective on shares of Blue Owl Capital from $15.00 to $13.00 and set a "buy" rating on the stock in a research report on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Blue Owl Capital presently has an average rating of "Moderate Buy" and an average price target of $13.00.

Blue Owl Capital Stock Down 1.7%

OBDC stock opened at $10.99 on Friday. Blue Owl Capital Corporation has a 52 week low of $10.52 and a 52 week high of $15.19. The company has a market capitalization of $5.46 billion, a price-to-earnings ratio of 15.71 and a beta of 0.62. The firm's 50-day moving average is $11.02 and its two-hundred day moving average is $11.44. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.18.

Blue Owl Capital (NYSE:OBDC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.04). Blue Owl Capital had a net margin of 20.21% and a return on equity of 9.76%. The company had revenue of $391.00 million during the quarter, compared to the consensus estimate of $422.02 million. On average, analysts forecast that Blue Owl Capital Corporation will post 1.27 earnings per share for the current fiscal 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 $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 11.3%. The ex-dividend date was Tuesday, June 30th. Blue Owl Capital's dividend payout ratio is 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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