Sumitomo Mitsui Trust Group Inc. Takes Position in Blue Owl Technology Finance Corp. $OTF

Key Points

• Sumitomo Mitsui Trust Group disclosed a new first-quarter position in Blue Owl Technology Finance, buying 258,474 shares worth about $3.2 million. The stake represented 0.06% of the company at quarter-end.
• Several insiders bought shares recently, including Director Melissa Weiler and Director Chris Temple, with insiders purchasing 18,000 shares total over the last 90 days. Insider ownership now stands at 0.05%.
• Blue Owl Technology Finance reported Q1 EPS of $0.29, missing estimates, but it recently boosted its quarterly dividend to $0.35 per share, implying a 13.5% annualized yield. Analysts currently rate the stock a Moderate Buy with a consensus price target of $13.40.

Sumitomo Mitsui Trust Group Inc. purchased a new position in Blue Owl Technology Finance Corp. (NYSE:OTF - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 258,474 shares of the company's stock, valued at approximately $3,202,000. Sumitomo Mitsui Trust Group Inc. owned 0.06% of Blue Owl Technology Finance at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. acquired a new stake in Blue Owl Technology Finance during the fourth quarter worth about $44,000. Clearstead Advisors LLC purchased a new stake in Blue Owl Technology Finance in the 4th quarter worth $124,000. Abel Hall LLC purchased a new stake in shares of Blue Owl Technology Finance during the first quarter worth about $124,000. Kestra Advisory Services LLC purchased a new stake in Blue Owl Technology Finance during the 4th quarter worth approximately $128,000. Finally, Cornerstone Partners Capital Management LLC purchased a new stake in shares of Blue Owl Technology Finance during the fourth quarter worth approximately $146,000.

Insider Activity at Blue Owl Technology Finance

In other news, Director Melissa Weiler purchased 10,000 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average cost of $10.90 per share, with a total value of $109,000.00. Following the completion of the acquisition, the director directly owned 10,000 shares of the company's stock, valued at approximately $109,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Chris Temple bought 7,000 shares of the business's stock in a transaction dated Friday, May 22nd. The shares were acquired at an average cost of $10.71 per share, with a total value of $74,970.00. Following the completion of the purchase, the director owned 12,000 shares in the company, valued at approximately $128,520. This represents a 140.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 18,000 shares of company stock valued at $194,710 in the last 90 days. Company insiders own 0.05% of the company's stock.

Blue Owl Technology Finance Price Performance

OTF opened at $10.38 on Thursday. The firm has a market capitalization of $4.80 billion and a PE ratio of 11.54. Blue Owl Technology Finance Corp. has a one year low of $10.08 and a one year high of $15.82. The business's 50-day moving average price is $10.75.

Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.02). Blue Owl Technology Finance had a net margin of 32.78% and a return on equity of 7.43%. The firm had revenue of $222.12 million during the quarter. During the same period in the prior year, the firm earned $0.41 earnings per share. As a group, equities research analysts forecast that Blue Owl Technology Finance Corp. will post 1.26 earnings per share for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.35 dividend. This is a boost from Blue Owl Technology Finance's previous quarterly dividend of $0.05. The ex-dividend date was Tuesday, June 30th. This represents a $1.40 annualized dividend and a yield of 13.5%. Blue Owl Technology Finance's payout ratio is presently 155.56%.

Wall Street Analyst Weigh In

OTF has been the subject of several research reports. Truist Financial dropped their price objective on shares of Blue Owl Technology Finance from $16.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, May 19th. Zacks Research raised Blue Owl Technology Finance from a "strong sell" rating to a "hold" rating in a research report on Wednesday, June 10th. Royal Bank Of Canada cut their target price on Blue Owl Technology Finance from $14.00 to $12.00 and set a "sector perform" rating on the stock in a research report on Monday, May 18th. Keefe, Bruyette & Woods cut 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 note on Tuesday, May 12th. Finally, Citizens Jmp cut their price objective on 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 three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.40.

About Blue Owl Technology Finance

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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