258,474 Shares in Blue Owl Technology Finance Corp. $OTF Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of Blue Owl Technology Finance Corp. (NYSE:OTF) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 258,474 shares of the company’s stock, valued at approximately $3,202,000.

Several other institutional investors have also recently modified their holdings of OTF. Orange County Employees Retirement System acquired a new position in shares of Blue Owl Technology Finance in the fourth quarter worth $116,497,000. Capricorn Investment Group LLC purchased a new position in Blue Owl Technology Finance during the fourth quarter worth approximately $78,915,000. Rivernorth Capital Management LLC boosted its holdings in Blue Owl Technology Finance by 374.2% in the fourth quarter. Rivernorth Capital Management LLC now owns 1,934,726 shares of the company’s stock valued at $28,131,000 after acquiring an additional 1,526,695 shares during the last quarter. Franklin Resources Inc. lifted its stake 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 valued at $25,507,000 after purchasing an additional 1,753,127 shares in the last quarter. Finally, Caz Investments LP lifted its position in Blue Owl Technology Finance by 72.2% during the fourth quarter. Caz Investments LP now owns 1,159,339 shares of the company’s stock valued at $16,857,000 after buying an additional 486,172 shares in the last quarter.

Blue Owl Technology Finance Trading Up 1.0%

Shares of NYSE OTF opened at $10.38 on Thursday. The firm’s fifty day moving average price is $10.75. The company has a market cap of $4.80 billion and a price-to-earnings ratio of 11.54. Blue Owl Technology Finance Corp. has a 1 year low of $10.08 and a 1 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). The business had revenue of $222.12 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 previous year, the business posted $0.41 EPS. On average, analysts predict that Blue Owl Technology Finance Corp. will post 1.26 EPS for the current year.

Blue Owl Technology Finance Increases Dividend

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

Insider Transactions at Blue Owl Technology Finance

In other news, Director Chris Temple bought 7,000 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were bought at an average cost of $10.71 per share, with a total value of $74,970.00. Following the purchase, the director directly owned 12,000 shares in the company, valued at $128,520. This trade represents a 140.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Melissa Weiler purchased 10,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director directly owned 10,000 shares of the company’s stock, valued at $109,000. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 18,000 shares of company stock worth $194,710 in the last three months. 0.05% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

OTF has been the topic of a number of recent research reports. Truist Financial reduced their price objective on Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Zacks Research upgraded shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 10th. Keefe, Bruyette & Woods decreased their target price on Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating for the company in a research report on Tuesday, May 12th. Wells Fargo & Company decreased 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 report on Friday, May 8th. Finally, Citizens Jmp reduced their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 22nd. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.40.

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.