Insider Buying: Blue Owl Technology Finance (NYSE:OTF) Director Purchases $109,000.00 in Stock

Blue Owl Technology Finance Corp. (NYSE:OTF) Director Melissa Weiler bought 10,000 shares of the firm’s stock in a transaction 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. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Blue Owl Technology Finance Price Performance

Shares of Blue Owl Technology Finance stock opened at $11.14 on Friday. The stock has a market capitalization of $5.15 billion and a PE ratio of 12.38. Blue Owl Technology Finance Corp. has a 52-week low of $10.67 and a 52-week high of $21.62. The business has a 50-day moving average price of $11.67.

Blue Owl Technology Finance (NYSE:OTF) last issued its earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.02). The firm 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 period in the previous year, the business earned $0.41 earnings per share. On average, 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 12.6%. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Tuesday, June 30th. Blue Owl Technology Finance’s dividend payout ratio is presently 155.56%.

Blue Owl Technology Finance declared that its Board of Directors has initiated a stock repurchase program on Wednesday, February 18th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to purchase up to 5.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

OTF has been the subject of a number of research analyst reports. Wells Fargo & Company reduced their price target on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Zacks Research lowered shares of Blue Owl Technology Finance from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Truist Financial reduced their price target on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. Keefe, Bruyette & Woods reduced their price target on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating for the company in a research note on Tuesday, May 12th. Finally, Citizens Jmp reduced their price target on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 22nd. Three investment 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 currently has an average rating of “Hold” and a consensus price target of $14.00.

Institutional Trading of Blue Owl Technology Finance

A number of large investors have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. bought a new stake in Blue Owl Technology Finance during the fourth quarter valued at approximately $44,000. Clearstead Advisors LLC bought a new stake in Blue Owl Technology Finance during the fourth quarter valued at approximately $124,000. Kestra Advisory Services LLC bought a new stake in Blue Owl Technology Finance during the fourth quarter valued at approximately $128,000. Abel Hall LLC bought a new stake in Blue Owl Technology Finance during the first quarter valued at approximately $124,000. Finally, Cornerstone Partners Capital Management LLC bought a new stake in Blue Owl Technology Finance during the fourth quarter valued at approximately $146,000.

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.