Rivernorth Capital Management LLC Boosts Position in Blue Owl Technology Finance Corp. $OTF

Rivernorth Capital Management LLC raised its holdings in Blue Owl Technology Finance Corp. (NYSE:OTF) by 12.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,176,269 shares of the company’s stock after purchasing an additional 241,543 shares during the quarter. Blue Owl Technology Finance accounts for approximately 1.4% of Rivernorth Capital Management LLC’s investment portfolio, making the stock its 11th biggest holding. Rivernorth Capital Management LLC owned 0.47% of Blue Owl Technology Finance worth $26,964,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Newbridge Financial Services Group Inc. purchased a new stake in shares of Blue Owl Technology Finance in the fourth quarter worth about $44,000. Clearstead Advisors LLC acquired a new position in Blue Owl Technology Finance in the fourth quarter valued at approximately $124,000. Abel Hall LLC purchased a new stake in Blue Owl Technology Finance in the 1st quarter worth approximately $124,000. Kestra Advisory Services LLC acquired a new stake in shares of Blue Owl Technology Finance during the 4th quarter worth approximately $128,000. Finally, Cornerstone Partners Capital Management LLC purchased a new position in shares of Blue Owl Technology Finance during the 4th quarter valued at approximately $146,000.

Wall Street Analysts Forecast Growth

Several analysts recently commented on OTF shares. Royal Bank Of Canada dropped their price target on shares of 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 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. Citizens Jmp reduced their price target 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. Wells Fargo & Company lowered their price target on Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Finally, Truist Financial cut their price objective on Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Blue Owl Technology Finance has an average rating of “Moderate Buy” and a consensus price target of $13.40.

Blue Owl Technology Finance Stock Down 0.0%

OTF opened at $10.06 on Wednesday. The company has a market cap of $4.66 billion and a PE ratio of 11.18. Blue Owl Technology Finance Corp. has a twelve month low of $9.78 and a twelve month high of $15.82. The company has a 50-day moving average price of $10.59 and a 200 day moving average price of $11.63.

Blue Owl Technology Finance (NYSE:OTF) last posted its quarterly earnings data 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). Blue Owl Technology Finance had a return on equity of 7.43% and a net margin of 32.78%.The firm had revenue of $222.12 million during the quarter. During the same quarter last year, the firm posted $0.41 EPS. As a group, sell-side analysts expect that Blue Owl Technology Finance Corp. will post 1.26 earnings per share for the current year.

Blue Owl Technology Finance Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.40 annualized dividend and a yield of 13.9%. This is an increase from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s dividend payout ratio is currently 155.56%.

Insider Buying and Selling at Blue Owl Technology Finance

In other Blue Owl Technology Finance news, Director Chris Temple bought 7,000 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was acquired at an average price of $10.71 per share, with a total value of $74,970.00. Following the completion of the acquisition, the director directly owned 12,000 shares of the company’s stock, valued at $128,520. This represents a 140.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Melissa Weiler bought 10,000 shares of Blue Owl Technology Finance stock in a transaction dated Wednesday, May 13th. The stock was acquired at an average price of $10.90 per share, with a total value of $109,000.00. Following the completion of the transaction, the director directly owned 10,000 shares of the company’s stock, valued at approximately $109,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders purchased 18,000 shares of company stock valued at $194,710. 0.05% of the stock is 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.