Melissa Weiler Purchases 10,000 Shares of Blue Owl Technology Finance (NYSE:OTF) Stock

Key Points

• Insider buying: Blue Owl Technology Finance director Melissa Weiler bought 10,000 shares at $10.90 each, spending $109,000 and increasing her stake to 10,000 shares.
• Dividend boost: The company raised its quarterly dividend to $0.35 per share, or $1.40 annualized, which implies a 12.6% yield.
• Mixed operating outlook: OTF shares rose 2.4% to $11.16, but the company recently missed quarterly EPS estimates and analysts now have a consensus Hold rating with an average price target of $14.00.

Blue Owl Technology Finance Corp. (NYSE:OTF - Get Free Report) Director Melissa Weiler acquired 10,000 shares of the firm's stock in a transaction dated Wednesday, May 13th. The stock was bought at an average price of $10.90 per share, for a total transaction of $109,000.00. Following the acquisition, the director owned 10,000 shares of the company's stock, valued at approximately $109,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.

Blue Owl Technology Finance Trading Up 2.4%

Shares of OTF traded up $0.27 during trading hours on Thursday, hitting $11.16. The company had a trading volume of 1,706,814 shares, compared to its average volume of 2,154,956. The firm has a market cap of $5.16 billion and a price-to-earnings ratio of 12.39. The company's 50 day moving average is $11.70. Blue Owl Technology Finance Corp. has a 52-week low of $10.67 and a 52-week high of $21.62.

Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.02). The company had revenue of $325.94 million during the quarter. Blue Owl Technology Finance had a return on equity of 7.43% and a net margin of 32.78%.During the same quarter in the prior year, the company posted $0.41 EPS. On average, equities research analysts forecast that Blue Owl Technology Finance Corp. will post 1.12 earnings per share for the current fiscal year.

Blue Owl Technology Finance declared that its Board of Directors has initiated a share repurchase plan on Wednesday, February 18th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 5.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Blue Owl Technology Finance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.35 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 12.6%. This is a boost from Blue Owl Technology Finance's previous quarterly dividend of $0.05. Blue Owl Technology Finance's dividend payout ratio (DPR) is presently 155.56%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. NewEdge Wealth LLC grew its holdings in shares of Blue Owl Technology Finance by 3.3% during the 4th quarter. NewEdge Wealth LLC now owns 69,925 shares of the company's stock worth $1,017,000 after acquiring an additional 2,218 shares during the period. Lido Advisors LLC grew its holdings in shares of Blue Owl Technology Finance by 22.6% during the 4th quarter. Lido Advisors LLC now owns 14,545 shares of the company's stock worth $208,000 after acquiring an additional 2,683 shares during the period. Newbridge Financial Services Group Inc. purchased a new position in shares of Blue Owl Technology Finance during the 4th quarter worth approximately $44,000. Kestra Advisory Services LLC grew its holdings in shares of Blue Owl Technology Finance by 39.1% during the 1st quarter. Kestra Advisory Services LLC now owns 12,241 shares of the company's stock worth $152,000 after acquiring an additional 3,443 shares during the period. Finally, Blair William & Co. IL grew its holdings in shares of Blue Owl Technology Finance by 41.4% during the 4th quarter. Blair William & Co. IL now owns 14,807 shares of the company's stock worth $215,000 after acquiring an additional 4,334 shares during the period.

Analysts Set New Price Targets

A number of research analysts recently issued reports on OTF shares. Zacks Research downgraded Blue Owl Technology Finance from a "hold" rating to a "strong sell" rating in a report on Tuesday. Wells Fargo & Company reduced their price target on Blue Owl Technology Finance from $13.00 to $12.00 and set an "overweight" rating on the stock in a report on Friday, May 8th. Keefe, Bruyette & Woods reduced their price target on Blue Owl Technology Finance from $13.00 to $12.00 and set a "market perform" rating on the stock in a report on Tuesday. Truist Financial reduced their price target on Blue Owl Technology Finance from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Monday, February 23rd. Finally, Citizens Jmp reduced their price target on Blue Owl Technology Finance from $17.00 to $16.00 and set a "market outperform" rating on the stock in a report on Wednesday, April 22nd. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Blue Owl Technology Finance presently has a consensus rating of "Hold" and an average price target of $14.00.

Blue Owl Technology Finance Company 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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