Steel Grove Capital Advisors LLC Sells 163,450 Shares of Blue Owl Capital Corporation $OBDC

Key Points

• Steel Grove Capital Advisors sharply reduced its Blue Owl Capital position, selling 163,450 shares in the fourth quarter and cutting its stake by 93.8% to 10,750 shares worth about $134,000.
• Blue Owl Capital reported weaker-than-expected quarterly results, posting EPS of $0.31 versus the $0.35 estimate and revenue of $391 million versus expectations of $422.02 million.
• The company also cut its dividend to $0.31 per quarter, while analysts remain mixed with an average “Moderate Buy” rating and a $13.00 target price.

Steel Grove Capital Advisors LLC lessened its position in shares of Blue Owl Capital Corporation (NYSE:OBDC - Free Report) by 93.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,750 shares of the company's stock after selling 163,450 shares during the period. Steel Grove Capital Advisors LLC's holdings in Blue Owl Capital were worth $134,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd bought a new position in shares of Blue Owl Capital in the 3rd quarter worth $1,208,000. Van ECK Associates Corp increased its holdings in shares of Blue Owl Capital by 6.0% in the 3rd quarter. Van ECK Associates Corp now owns 13,364,378 shares of the company's stock worth $170,663,000 after buying an additional 757,203 shares during the last quarter. Caz Investments LP bought a new position in shares of Blue Owl Capital in the 3rd quarter worth $14,357,000. Border to Coast Pensions Partnership Ltd grew its holdings in shares of Blue Owl Capital by 19.2% during the 3rd quarter. Border to Coast Pensions Partnership Ltd now owns 1,550,000 shares of the company's stock valued at $19,793,000 after purchasing an additional 250,000 shares during the last quarter. Finally, Tectonic Advisors LLC grew its holdings in shares of Blue Owl Capital by 13.0% during the 4th quarter. Tectonic Advisors LLC now owns 1,043,827 shares of the company's stock valued at $12,975,000 after purchasing an additional 119,798 shares during the last quarter. Institutional investors own 42.83% of the company's stock.

Blue Owl Capital Trading Up 0.0%

Shares of OBDC opened at $11.19 on Thursday. The stock has a market capitalization of $5.55 billion, a P/E ratio of 15.99 and a beta of 0.64. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.18. The firm has a fifty day simple moving average of $11.23 and a two-hundred day simple moving average of $11.88. Blue Owl Capital Corporation has a twelve month low of $10.52 and a twelve month high of $15.19.

Blue Owl Capital (NYSE:OBDC - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.04). Blue Owl Capital had a return on equity of 9.76% and a net margin of 20.21%.The company had revenue of $391.00 million during the quarter, compared to analysts' expectations of $422.02 million. On average, research analysts anticipate that Blue Owl Capital Corporation will post 1.27 EPS for the current year.

Blue Owl Capital announced that its board has approved a stock buyback program on Wednesday, February 18th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to purchase up to 5.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Blue Owl Capital Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 11.1%. The ex-dividend date of this dividend is Tuesday, June 30th. Blue Owl Capital's dividend payout ratio (DPR) is currently 211.43%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Wall Street Zen lowered shares of Blue Owl Capital from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Wells Fargo & Company reduced their target price 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. Truist Financial reduced their target price on shares of Blue Owl Capital from $15.00 to $13.00 and set a "buy" rating on the stock in a report on Tuesday, May 19th. Keefe, Bruyette & Woods reduced their target price on shares of 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, Zacks Research raised shares of Blue Owl Capital from a "strong sell" rating to a "hold" rating in a report on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Blue Owl Capital currently has an average rating of "Moderate Buy" and an average target price of $13.00.

Blue Owl Capital Profile

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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