PVG Asset Management Corp Buys New Position in Blue Owl Technology Finance Corp. $OTF

PVG Asset Management Corp bought a new position in shares of Blue Owl Technology Finance Corp. (NYSE:OTF) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 62,156 shares of the company’s stock, valued at approximately $770,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OTF. California State Teachers Retirement System acquired a new stake in Blue Owl Technology Finance in the 1st quarter valued at about $250,556,000. Orange County Employees Retirement System acquired a new position in shares of Blue Owl Technology Finance in the 4th quarter worth approximately $116,497,000. Capricorn Investment Group LLC acquired a new position in shares of Blue Owl Technology Finance in the 4th quarter worth approximately $78,915,000. Rivernorth Capital Management LLC raised its holdings in shares of Blue Owl Technology Finance by 12.5% in the 1st quarter. Rivernorth Capital Management LLC now owns 2,176,269 shares of the company’s stock worth $26,964,000 after purchasing an additional 241,543 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Blue Owl Technology Finance by 155,006.8% in the 4th quarter. Franklin Resources Inc. now owns 1,754,258 shares of the company’s stock worth $25,507,000 after purchasing an additional 1,753,127 shares in the last quarter.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on OTF. Keefe, Bruyette & Woods reduced their target price on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating for the company in a report on Tuesday, May 12th. Royal Bank Of Canada cut their price objective on Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Monday, May 18th. Wells Fargo & Company decreased their target price 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. Zacks Research raised Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. Finally, Citizens Jmp reduced their target price on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating for the company in a report on Wednesday, April 22nd. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Blue Owl Technology Finance has a consensus rating of “Moderate Buy” and an average price target of $13.40.

Blue Owl Technology Finance Price Performance

Shares of OTF opened at $9.98 on Monday. The company has a 50-day moving average of $10.55 and a two-hundred day moving average of $11.54. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of 11.09 and a beta of -0.86. Blue Owl Technology Finance Corp. has a one year low of $9.75 and a one year high of $15.82.

Blue Owl Technology Finance (NYSE:OTF) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.29 EPS 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 previous year, the business posted $0.41 EPS. Analysts anticipate that Blue Owl Technology Finance Corp. will post 1.26 earnings per share for the current year.

Blue Owl Technology Finance Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 14.0%. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Tuesday, June 30th. Blue Owl Technology Finance’s payout ratio is 155.56%.

Insiders Place Their Bets

In other Blue Owl Technology Finance news, Director Chris Temple acquired 7,000 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was purchased at an average cost of $10.71 per share, for a total transaction of $74,970.00. Following the transaction, the director owned 12,000 shares of the company’s stock, valued at $128,520. The trade was a 140.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Melissa Weiler bought 10,000 shares of the stock in a transaction on Wednesday, May 13th. The shares were acquired at an average cost of $10.90 per share, for a total transaction of $109,000.00. Following the purchase, the director owned 10,000 shares in the company, valued at approximately $109,000. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 18,000 shares of company stock worth $194,710 in the last quarter. 0.05% of the stock is currently owned by corporate insiders.

Blue Owl Technology Finance 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.