Blue Owl Technology Finance (NYSE:OTF) Downgraded to “Strong Sell” Rating by Zacks Research

Zacks Research downgraded shares of Blue Owl Technology Finance (NYSE:OTF) from a hold rating to a strong sell rating in a report released on Tuesday morning,Zacks.com reports.

Other analysts have also issued research reports about the company. Keefe, Bruyette & Woods cut their price objective on Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating on the stock in a research report on Tuesday. Wells Fargo & Company cut their price objective 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. Citizens Jmp cut their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating on the stock in a research report on Wednesday, April 22nd. Finally, Truist Financial cut their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Blue Owl Technology Finance has an average rating of “Hold” and a consensus price target of $14.00.

Blue Owl Technology Finance Stock Up 1.4%

Blue Owl Technology Finance stock opened at $10.88 on Tuesday. Blue Owl Technology Finance has a twelve month low of $10.67 and a twelve month high of $21.62. The stock’s fifty day moving average is $11.70. The stock has a market capitalization of $5.03 billion and a price-to-earnings ratio of 12.08.

Blue Owl Technology Finance (NYSE:OTF) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $325.94 million for the quarter. During the same quarter in the prior year, the company earned $0.41 earnings per share. On average, equities research analysts expect that Blue Owl Technology Finance will post 1.12 EPS for the current year.

Blue Owl Technology Finance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.35 per share. This is a positive change from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 12.9%. Blue Owl Technology Finance’s dividend payout ratio (DPR) is presently 155.56%.

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

Insider Transactions at Blue Owl Technology Finance

In other Blue Owl Technology Finance news, Director Chris Temple purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was bought at an average cost of $11.49 per share, with a total value of $57,450.00. Following the acquisition, the director directly owned 5,000 shares of the company’s stock, valued at approximately $57,450. This represents a ? increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders bought 7,000 shares of company stock worth $79,630. 0.05% of the stock is owned by insiders.

Institutional Trading of Blue Owl Technology Finance

Institutional investors have recently bought and sold shares of the business. Newbridge Financial Services Group Inc. purchased a new stake in Blue Owl Technology Finance during the 4th quarter worth about $44,000. Clearstead Advisors LLC purchased a new stake in Blue Owl Technology Finance during the 4th quarter worth about $124,000. Abel Hall LLC purchased a new stake in Blue Owl Technology Finance during the 1st quarter worth about $124,000. Kestra Advisory Services LLC purchased a new position in shares of Blue Owl Technology Finance during the fourth quarter worth about $128,000. Finally, Cornerstone Partners Capital Management LLC purchased a new position in shares of Blue Owl Technology Finance during the fourth quarter worth about $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.